West Coast Spot Gasoline Basis, Prices Mixed in Thin Trade
8/15 4:40 PM
West Coast Spot Gasoline Basis, Prices Mixed in Thin Trade OAKHURST, N.J. (DTN) --- Spot gasoline prices in Los Angeles and the Pacific Northwest fell Wednesday afternoon in limited trade as weaker basis merged with a 2.1% loss by New York Mercantile Exchange RBOB futures. San Francisco Bay spot prices edged higher on stronger cash basis, sources said, with deal making thin. The Energy Information Administration reported a surprise 6.8 million bbl build in commercial crude supplies as imports jumped 1.083 million bpd during the week-ended Aug. 10. The build included a 1.6 million bbl increase in stocks at the Cushing supply hub, the first gain in 13 weeks. EIA reported gasoline supplies declined a less than expected 740,000 bbl last week as continued strong demand was met with a 3.2% increase in production while distillate fuel inventories rose a better than expected 3.6 million bbl. NYMEX September West Texas Intermediate crude slid $2.03 to settle at $65.01 bbl while the October Intercontinental Exchange October Brent crude contract fell $1.70 to $70.76 bbl settlement. NYMEX September RBOB futures dropped 3.67cts to settle at $1.9974 gallon and September ULSD futures sank 3.83cts to $2.0904 gallon settlement. EIA data showed PADD V West Coast gasoline stocks maintained the seesaw pattern seen since late June, declining 81,000 bbl during the week ended Aug. 10 to 30.288 million bbl. At the current level, stocks are about 3.7 million bbl above a year ago. August CARBOB in the Los Angeles basin traded at a 2.0cts futures discount, down 5.17cts on the day to $1.9774 gallon. September CARBOB in the basin traded 9.0cts and 9.5cts over the October RBOB contract. San Francisco Bay prompt CARBOB traded at parity to September RBOB futures, moving up 0.33cts to $1.9974 gallon. Pacific Northwest August suboctane was last bid at a 2.0cts futures discount, down nearly 4.25cts to $1.9874 gallon. On the diesel side, August ULSD in the Pacific Northwest held at a 3.5cts futures premium, down 3.83cts to $2.1254 gallon. Bay area August CARB ULSD was assessed at a 2.5cts futures premium, a loss of 4.83cts to $2.1154 gallon. L.A. prompt CARBOB traded 4.75cts over the print, down 3.83cts to $2.1379 gallon. Prompt ULSD for export out-of-state was offered at a 4.5cts futures premiums, falling 4.08cts to $2.1304 gallon. Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.dtn.com. (c) 2018 DTN. All rights reserved.