USWC Gasoline Basis Jumps on Futures Rollover


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- California gasoline basis jumped Friday (8/21), with 
Los Angeles CARBOB regular climbing 35.50cts and San Francisco CARBOB regular 
rising 29cts as the market rolled from September to October NYMEX RBOB futures.

   Los Angeles CARBOB regular was heard traded at a 54cts premium to October 
NYMEX RBOB futures, its highest level since May 4, when it was assessed at a 
56cts premium, according to DTN Energy data.

   San Francisco CARBOB regular was heard traded at a 50cts premium to October 
NYMEX RBOB futures, the strongest since June 3, when it was assessed at a 77cts 
premium, DTN Energy data showed.

   "The sharp increase is mainly related to the rollover from September to 
October futures," a source familiar with the West Coast gasoline market said. 
"With the futures curve in strong backwardation, rolling the basis against the 
lower-priced October contract mechanically increases the differential."

   The basis jump outpaced the increase in physical prices. Los Angeles CARBOB 
regular spot prices rose 11.53cts to $3.4432 gallon, while San Francisco CARBOB 
regular increased 5.06cts to $3.6135 gallon, according to DTN Energy data, 
supporting the view that much of Friday's basis increase reflected the futures 
rollover.

    




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