Gulf CBOB Basis Strengthens as Region's Oversupply Erased
11/20 2:29 PM
Gulf CBOB Basis Strengthens as Region's Oversupply Erased CRANBURY, N.J. (DTN) -- Basis for gasoline grades in the Gulf Coast spot market improved Friday afternoon, with CBOB strengthening 90 points to a 4cts discount to January RBOB futures on the New York Mercantile Exchange after stock levels in PADD 3 fell below year ago mid-November. At 80.094 million bbl as of Nov. 13, PADD 3 gasoline inventory moved 562,000 bbl below year ago while a modest 0.4% above the five-year average, data from the Energy Information Administration shows. Inventory levels in the region began the fourth quarter 6% above both year-ago and the five-year average. Refiners throttled back yields to offset lost demand amid the coronavirus pandemic, with Gulf Coast refiners averaging a 73.7% run rate during the first half of the fourth quarter compared with an 88.4% run rate during the comparable year-ago period. Brian L. Milne, 1.402.255.8020, brian.milne@dtn.com, www.dtn.com. (c) Copyright 2020 DTN, LLC. All rights reserved.
 
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