USGC CBOB Basis Dip on Record Stocks Build W-o-W


   
Maria Eugenia Garcia
DTN Energy Editor

   HOUSTON, TX (DTN) -- Basis for CBOB at the Houston origin for the Colonial 
Pipeline in the Gulf Coast spot market weakened a sharp 400 points to a 
12.75cts discount to February RBOB futures on the New York Mercantile Exchange 
Wednesday (1/7) afternoon.

   The weakening basis was driven by a weekly record inventory build of 2.3 
million bbl, reaching 93.3 million bbl during the week ended January 2, as 
reported by the Energy Information Administration on Wednesday.

   This was the highest weekly build since January 24,2020 when stocks reached 
95.781 million bbl, the same data showed. Gasoline stocks were also 7.9 million 
bbl higher than the volume seen during the same week of last year.




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