PNW ULSD Regular Basis Spikes by 19cts on High Demand


   
Kristina Davis
DTN Refined Fuels Market Reporter

   MIAMI, FL (DTN) -- Basis of March Pacific Northwest ULSD regular surged 
19cts on Thursday (2/26) to a 11.5cts premium over April ULSD futures, driven 
by firm demand due to limited supplies.
The basis had been pegged at an 8cts discount to April NYMEX RBOB futures 
contract in the previous trading session, now marking its highest level since 
late November when it was seen trading at 10.5ct premium. 

   Refining utilization in the West Coast (PADD 5) dropped to 81.1% in the week 
endingFebruary 20 from 87.4% the prior week, according to most recent data 
from Energy Information Administration. 

   Declining refining rates in PADD 5 are related to the recent closure of 
Phillips 139,000 bpd Los Angeles, California, refinery and the upcoming 
shutdown of Valero's 145,000 bpd, Benecia California, scheduled for late April.




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