Midwest Basis Spikes After BP Whiting Outage


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- Midwest refined product basis surged Tuesday (4/28), 
with sharp increases across ULSD and gasoline markets, as supply concerns 
lifted prompt values after a weekend power outage at BP Whiting Refinery.

   Chicago ULSD basis was assessed at a 48cts premium to May NYMEX ULSD 
futures, climbing 60.50cts on the session, with similar moves seen across the 
Buckeye Complex and Wolverine pipeline, according to DTN Energy data.

   Chicago CBOB gasoline basis also moved higher, rising 18cts to a 25cts 
premium to NYMEX RBOB futures, while Buckeye and Wolverine gasoline basis 
increased by 17cts on the day.

   In the Group 3 market, ULSD, commonly referred to as "X," strengthened by 
15cts to a 6cts discount, while jet fuel, known as "Q," rose 14cts to a 30cts 
discount.

   Over the weekend, BP's 440,000-bpd Whiting refinery experienced a brief 
power outage that led to the shutdown of a processing unit and flaring activity.

   "Although it's not yet clear what the full impact will be, it's already 
adding pressure to refined products," a source familiar with Midwest trading 
said. "You've also got planned maintenance at the Marathon Robinson Refinery, 
which has been underway since mid-March, tightening supply further."

   In a statement, BP said the outage occurred the night of April 26 due to a 
systems-related power interruption and was not the result of operator actions. 
Power has since been restored and operations are stable, the company said.




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