Chicago CBOB Up 18cts as Futures Slump on U.S. Election


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) - The spot basis for Chicago CBOB rebounded by 18cts 
Wednesday (11/4), narrowing to 15cts gallon its discount against the December 
NYMEX RBOB contract, as physical fuel prices in the Midwest bucked the selloff 
across energy futures.

   On the Buckeye Complex, CBOB advanced 6cts to settle at a 15cts gallon 
discount to December futures. Wolverine CBOB held unchanged at a 10cts 
discount. In the Midcontinent, Group 3 CBOB basis edged up 0.75ct to a 20.5cts 
discount.

   Physical market participants reported muted trade activity on the session as 
buyers processed the broader futures market retreat following Tuesday's U.S. 
midterm elections, where Democrats wrested control of Senate from ruling 
Republicans.  NYMEX December RBOB gasoline futures fell $0.2069, or 7.05%, to 
settle at $2.7286 gallon, after an eight-month low at $2.7131.

   "There is plenty of product now, refining capacity is increasing, and if 
physical buyers didn't have to do something today, they figure it will probably 
be cheaper tomorrow," a Midwest fuels trader told DTN.  

    




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