PNW ULSD Basis Jumps 10cts on Stronger Bids


   
Kristina Davis
DTN Refined Fuels Market Reporter

   MIAMI, FL (DTN) -- Pacific Northwest ultra-low sulfur diesel (ULSD) basis 
strengthened sharply Thursday (5/28), climbing 10cts to a 20.5cts premium over 
July NYMEX ULSD futures contract, as firm buying interest and tightening 
regional supply supported the market.

Bids for PNW ULSD basis were heard this morning at a 20cts premium, above the 
assessment level from the previous session Wednesday (5/27), when the basis was 
pegged at a 10.5cts premium over the front-month NYMEX ULSD futures contract. 
Meanwhile, offers for the same product were heard ranging from a 29cts premium 
to a 35cts premium, with no deals reported at such levels.

Upward pressure on ULSD basis values in the Pacific Northwest has been driven 
by the supply shortages affecting the US West Coast after Valero and Phillips 
66 shutdown two refineries in the region, coupled with planned turnarounds by 
PBF and other operators ahead the summer high-demand season. 




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