LA Cash Gasoline Basis Weaken as PADD 5 Stocks 18wks High
12/11 4:54 PM
LA Cash Gasoline Basis Weaken as PADD 5 Stocks 18wks High OAKHURST, N.J. (DTN) --- Cash gasoline basis in the Los Angeles basin eased Wednesday amid growing inventories, sources said. The Energy Information Administration this morning reported West Coast PADD 5 gasoline supplies rose for a fifth straight week, up 1.557 million bbl to an 18-week high at 31.149 million bbl in the week-ended Dec. 6. December CARBOB in the basin was offered at a 5cts discount to January New York Mercantile Exchange RBOB futures after trading at that level. Bids were indexed at 7cts discounts. January CARBOB traded earlier at parity to February RBOB futures, down from a 2cts premium the prior session while February CARBOB was offered at an 18cts premium to the March RBOB contract. On the diesel side of discussion, December CARB ULSD in the basin was valued at a 10cts discount to January ULSD futures. Prompt ULSD was indexed on par with the state mandated blend. EIA data show a sixth consecutive weekly gain in PADD 5 distillate stocks, up 495,000 bbl to 12.436 million bbl last week, the highest level since the end of September. December LAX pipeline jet fuel was bid 2cts over the MERC with offers at 2.5cts futures premiums. Dawn Gallagher, 1.732.531.4451, ,
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