Chicago CBOB Basis DN 13.5cts Despite PADD 2 Gasoline Draw


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- The basis for Chicago CBOB weakened 13.5cts gallon 
against the NYMEX benchmark Wednesday (9/23), ignoring a regional inventory 
draw that pulled Midwest gasoline stockpiles lower.

   Chicago CBOB basis slid by 13.5cts to a  26cts discount against the October 
NYMEX RBOB futures contract, compared to a 12.5cts discount reported on Tuesday 
(9/22), DTN price data showed.

   Buckeye CBOB basis fell 15cts to a 25cts discount against the same 
benchmark, widening from a 10cts discount in the prior session. Wolverine CBOB 
basis declined 11cts to a 21cts discount versus the October NYMEX RBOB futures 
contract, compared with a 10cts discount on Tuesday.

   Meanwhile, Group 3 CBOB basis slipped 11cts to a 7.5cts discount against the 
same benchmark, reversing Tuesday's 4cts premium.

   NYMEX October RBOB, meanwhile, advanced 11.41cts to settle at $3.5870 
gallon, providing underlying support to futures trade.

   The cash market weakness for CBOB came despite the U.S. Energy Information 
Administration reported PADD 2 motor gasoline stocks fell 500,000 bbl to 43.6 
million bbl during the week ended September 18. Regional gasoline imports 
decreased by 11,000 bpd on the week to average 7,000 bpd, the EIA data showed.




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