Midwest Gasoline Basis Tumbles on NYMEX Rally


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Midwest CBOB differentials tumbled Wednesday (5/6) on 
pressure from rallying gasoline futures on NYMEX, although the downside was 
mitigated somewhat by federal data this week indicating a six-month low in 
regional gasoline stocks.

   The CBOB basis in Chicago fell 22cts to stand at a discount of 14cts a 
gallon to June NYMEX gasoline.

   On the Buckeye Storage Complex, the differential for CBOB slid 12cts to rest 
at 0.5cts discount to the NYMEX benchmark. On the Wolverine pipeline, it lost 
18cts to stand at merc levels.

   The basis for Group 3 suboctane gasoline, meanwhile, shed 1.5cts to rest at 
a discount of 11.5cts to June NYMEX gasoline.

   The markdowns reversed the higher basis seen last week for Midwest gasoline 
and came amid inventory data from the U.S. Energy Information Administration 
(EIA) this week pointing to stockpiles at a near six-month low.

   Gasoline balances in the PADD 2 region fell by 600,000 bbl to 45.6 million 
bbl for the week ended May 8, the EIA reported on Wednesday (5/16). This was 
below the 48.4 million bbl recorded in the same week of last year and marked 
the lowest since the week ended Nov. 28, 2025, when inventories stood at 44.9 
million bbl.




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