PNW Sub-Octane Basis Extends Losses on Offers


   
Kristina Davis
DTN Refined Fuels Market Reporter

   MIAMI, FL (DTN) -- Pacific Northwest Portland sub-octane regular gasoline 
basis weakened further Wednesday (7/1), falling by a total of 10cts on the day 
as successive offers reflected continued softness in the regional gasoline 
market amid ample supplies.
An offer was heard earlier in the session  flat to August NYMEX RBOB futures, 
bringing the Pacific Northwest Portland sub-octane regular gasoline basis to a 
discount of 0.5cts, down 5cts from Tuesday's (6/30) last assessed level. Later 
in the afternoon, another offer was heard at a 5cts discount to August NYMEX 
RBOB futures, moving the basis down an additional 5cts to a discount of 5.5cts. 
The basis was last seen at this level on June 23 2026, according to DTN data.

Regional gasoline market sentiment has remained soft in recent weeks there has 
been no refinery flaring events or unplanned outages have been reported across 
the U.S. West Coast, reducing concerns over potential supply disruptions that 
had supported basis values earlier this spring.

Motor gasoline inventories in the PADD 5 region increased for the sixth 
consecutive week, climbing by 300,000 bbl to 29.2 million bbl during the week 
ended June 26, the EIA's Weekly Petroleum Status Report showed. Year-on-year, 
gasoline stocks in the region were 700,000 bbl lower.

PADD 5 gasoline imports increased by 97,000 bpd to 165,000 bpd last week but 
were 85,000 bpd lower than the same week last year. The continued inventory 
build, coupled with higher imports and steady refinery operations, has helped 
keep regional gasoline supply concerns in check.




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