West Coast Cash Gasoline Basis Firms as Stocks Drawn Down
5/15 12:32 PM
West Coast Cash Gasoline Basis Firms as Stocks Drawn Down OAKHURST, N.J. (DTN) --- Cash gasoline basis along the West Coast firmed in early discussion Wednesday supported by federal data showing PADD V gasoline supplies dropped to the lowest level in more than 1-1/2 years. Energy Information Administration data released midmorning showed PADD V gasoline stocks fell for a ninth consecutive week, down 700,000 bbl to 26.363 million bbl as of the week ended May 10, the lowest level since the first week of September 2017. Trade sources pegged May CARBOB in the Los Angeles basin at a 20.5cts premium to the June New York Mercantile Exchange RBOB contract. A day ago, the fuel was talked in a wide 14cts by 23cts premium range. June CARBOB in the basin was indexed 14.5cts by 17cts over the July RBOB contract. Prompt CARBOB in the San Francisco Bay was valued 2cts below the L.A. assessment. Pacific Northwest prompt suboctane traded 45cts over the print, compared with offers at that level the previous trade day. Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.dtn.com. (c) 2019 DTN. All rights reserved.