Chicago CBOB Basis DN 17cts Amid PADD 2 Gasoline Builds


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Midwest physical CBOB markets turned lower Wednesday 
(9/16), weighed by a drop in the Chicago basis, after federal data revealed 
regional gasoline inventories at a seven-week high.

   Chicago CBOB basis fell 17cts on the day to stand at a 19cts gallon premium 
against the October NYMEX RBOB contract.

   Eastern pipeline networks mirrored the downward pressure, with Buckeye 
Complex CBOB basis dropping 11cts to a 25cts gallon premium against October 
futures, while Wolverine CBOB basis fell 6cts to stand at a 30cts premium.

   In Midcontinent trading, Group 3 CBOB basis weakened by 5cts to an 8.5cts 
gallon premium against the benchmark.

   The physical weakness aligned with building regional supply buffers. EIA 
data showed PADD 2 motor gasoline inventories rose 900,000 bbl during the week 
ended Sept. 11 to 44.1 million bbl -- the highest level since late July -- 
despite regional refiner crude processing dropping to 4.241 million bpd.

   Physical market losses came despite modest gains in underlying futures, 
where October NYMEX RBOB advanced 1.92cts, or 0.55%, to finish at $3.4844 
gallon after rebounding from a session low of $3.3891 gallon.

    

    




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