Chicago CBOB Basis Rises 9.5cts to Merc Level


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Chicago CBOB spot basis jumped 9.5cts on the day to 
lead Midwest gasoline cash markets broadly higher across regional pipeline 
hubs, while Midcontinent values weakened.

   Chicago CBOB basis surged 9.5cts to trade flat to the November NYMEX RBOB 
contract.

   In eastern pipeline markets, Buckeye Complex CBOB strengthened 2.5cts to a 
5cts gallon discount to October futures, while Wolverine CBOB rose 4.5cts to a 
3cts gallon discount.

   Bucking gains across the pipeline markets, Group 3 CBOB fell 9cts to a 13cts 
gallon discount to the November NYMEX RBOB contract.

   Physical basis strengthened as market participants squared positions ahead 
of the prompt NYMEX October RBOB contract expiration. November WTI crude 
futures also rose $0.19 to settle at $92.60 bbl.

   Regional spot strength came despite a modest draw in Midwest motor gasoline 
inventories. EIA data for the week ended September 18 showed PADD 2 gasoline 
stocks fell 500,000 bbl to 43.6 million bbl, 3.4 million bbl below the previous 
year.

   Inbound supply into the Midwest also tightened during the reporting week. 
Regional gasoline imports fell 11,000 bpd to 7,000 bpd, while refinery crude 
runs dropped 439,000 bpd to 3.802 million bpd.

    




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