Midwest Gasoline Basis Dip on Thin Trading


   
Maria Eugenia Garcia
DTN Energy Editor

   HOUSTON, TX (DTN) -- Midwest gasoline basis weakened in the spot market 
trading on Thursday (8/20) as thin volumes reflected a market awaiting clarity 
on the restart timeline for the Explorer Pipeline, which was shut following an 
explosion earlier this week.

   CBOB regular basis was assessed at a 13cts discount to September NYMEX RBOB 
futures contract on the West Shore Pipeline in Wisconsin, based on price 
indications talked at that level. This was 6cts below the previous trading 
session.

   The same grade at the Buckeye Storage Complex in northern Indiana, and on 
the eastbound Wolverine Pipeline from the complex to Michigan was assessed at a 
10cts discount to the same benchmark. The assessment was 3cts weaker than 
Wednesday's close.

   Meanwhile, Group 3 sub-octane gasoline basis narrowed to a 2.50cts premium 
over the September NYMEX RBOB contract, retreating 5cts from the prior trading 
session.

   The softness came despite a 100,000 bbl build in motor gasoline stockpiles 
for the week ended August 4, when inventories reached 43.1 million bbl, 
according to the U.S. Energy Information Administration most recent Weekly 
Petroleum Status Report. Stocks remained 2.6 million bbl below from the 45.7 
million bbl recorded during the corresponding week of last year.

    




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