Chicago CBOB Basis Gains on Refinery Fire, Pipeline Timing
11/24 12:44 PM
Chicago CBOB Basis Gains on Refinery Fire, Pipeline Timing CRANBURY, N.J. (DTN) -- Basis for CBOB in the trifurcated Chicago markets strengthened a sharp 300 points to a 12cts discount to December RBOB futures on the New York Mercantile Exchange, with the three unique markets talked at parity. CBOB basis strengthened following a fire at a gasoline producing unit at PBF Energy's 172,800 bpd Toledo refinery in Ohio, on Tuesday. PBF has yet to respond to a request from DTN seeking comment on the status of the gasoline unit, and current operations to the Ohio refinery. Prompt trading is still for cycle 3 pipeline timing, although buying interest for cycle 1 is also lending basis support for prompt barrels. While noting the strengthening basis for cycle 1, buyers still want the lower bids for cycle 3, limiting overall trade activity. Gasoline stocks in PADD 2 Midwest increased 463,000 bbl to 44.263 million bbl as of Nov. 19, according to data from the Energy Information Administration released this morning, although the deficit against the three-year average widened for the fourth week, now at 4 million bbl or 8.3%. Brian L. Milne, 1.402.255.8020,, (c) Copyright 2021 DTN, LLC. All rights reserved.