Buckeye CBOB Basis Drops 15cts as Midwest Gasoline Slides


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Buckeye Complex CBOB basis fell 15cts Tuesday (9/22) 
to lead broad losses across the Midwest gasoline spot market as physical supply 
constraints eased and buyers remained on the sidelines.

   With the decrease, Buckeye CBOB basis shifted to a 10cts gallon discount 
against the October NYMEX RBOB benchmark, down from a 5cts gallon premium 
recorded Monday (9/21), DTN market data showed.

   Parallel declines were recorded across neighboring Eastern pipeline systems, 
with Wolverine CBOB basis also dropping 15cts from a 5cts gallon premium on 
Monday to a 10cts gallon discount.

   Chicago CBOB basis slipped 10cts to stand at a 12.5cts gallon discount to 
October RBOB.

   In the Midcontinent, Group 3 CBOB basis joined the regional downtrend, 
dropping 9.5cts to a 3.5cts gallon premium against the same benchmark.

   Physical cash market weakness came amid gains in energy futures, where 
October NYMEX RBOB advanced $0.0203, or 0.57%, to settle at $3.4875 gallon 
after reaching an intra-day high of $3.5567 gallon.

   The pullback in cash differentials comes as regional supply distribution 
channels were disrupted last week by outages at ExxonMobil's 275,000 bpd Joliet 
refinery in Channahon, Illinois. The facility experienced a site-wide power 
failure on September 13, followed by secondary pump flooding on Thursday (9/17) 
that temporarily restricted refined product output into Chicago and surrounding 
pipeline networks.

   PADD 2 motor gasoline stocks rose 900,000 bbl during the week ended 
September 11 to 44.1 million bbl -- the highest level since late July -- 
despite regional refiner crude processing dropping to 4.241 million bpd, 
according to the Energy Information Administration (EIA). Regional refinery 
crude utilization slipped 2.6 percentage points on the week to 99%. The EIA 
will report on Wednesday (9/23) new inventory data for the week ended September 
18.




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