Group 3 CBOB Basis Up 7.5cts as Midwest Premiums Expand


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- The cash basis for Midwest Group 3 CBOB strengthened 
for a second straight day Thursday (8/13) as persistent supply tightness 
overshadowed weakness in benchmark futures markets.

   Group 3 CBOB basis surged 7.5cts on the session to trade at a 17.5cts 
premium over September NYMEX RBOB futures.

   Chicago CBOB basis found upward momentum too, strengthening 4cts on the day 
to trade at a 3cts premium to the same futures benchmark.

   The CBOB basis for both the Buckeye Complex and Wolverine pipelines, 
meanwhile, weakened by 2cts each to also trade at a premium of 3cts against 
September RBOB.

   The changes came as NYMEX gasoline pulled back in Thursday's trade. 
September RBOB fell $0.0309, or 0.98%, to settle at $3.1228 gallon amid demand 
downgrades for oil from international energy agencies IEA and OPEC that offset 
the impact of supply blockades in the Strait of Hormuz.

   Midwest CBOB differentials are fundamentally supported by U.S. Energy 
Information Administration data released on Wednesday (8/12) that showed PADD 2 
gasoline stocks declining by 400,000 bbl to 43 million bbl during the week 
ended August 7.

   Ongoing disruptions at the Wood River refining hub and throughput limits at 
the Lamar pipeline junction have also put a floor under Midwest CBOB.

    




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