Buckeye CBOB Plunges 85cts as Midwest Spot Rally Cools


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) - The basis for Buckeye CBOB plummeted 85cts Friday 
(10/23), after a four-year high the day prior, cooling along with slowing rally 
in NYMEX futures of the fuel.

   The premium for Buckeye CBOB stood at just 15cts gallon over the December 
NYMEX RBOB contract, versus the $1.00 gallon Thursday (10/22).

   Chicago CBOB basis fell 60cts to a 20cts gallon premium, while Wolverine 
CBOB basis dropped 43cts to a 20cts gallon premium.

   In the Midcontinent, Group 3 CBOB basis followed the broader regional 
retreat, falling 13cts to a 14.5cts gallon premium.

   "In just a day, everything pulled back, raising more questions on near-term 
direction," a Midwest fuels trader told DTN.

   Aside from the futures rally, Thursday's surge in spot values of Midwest 
gasoline was triggered partly by concerns over ongoing operational issues at 
ExxonMobil's 275,000 bpd Joliet refinery. The operator reported on Tuesday 
(10/20) a process upset that led to a flaring event. It has not issued an 
update since. 

   Friday's pullback came as the advance in gasoline futures slowed. December 
RBOB rose $0.0400 to settle at $3.2165 gallon but still posted a weekly loss of 
nearly 1%.




(c) Copyright 2026 DTN, LLC. All rights reserved.