PNW Sub-Octane Basis Dips on New Month Roll


   
Kristina Davis
DTN Refined Fuels Market Reporter

   MIAMI, FL (DTN) -- Pacific Northwest sub-octane regular gasoline basis 
weakened Wednesday (7/1), slipping by 5cts as the market transitioned into the 
new trading month amid steady supply/demand balance.

An offer was heard flat to August NYMEX RBOB futures, bringing the Pacific 
Northwest sub-octane regular gasoline basis to a discount of 0.5cts, down 5cts 
from Tuesday's (6/30) last assessed level. The basis was last seen at a 0.5cts 
discount on June 24, according to DTN data.

Regional gasoline market sentiment has remained soft in recent weeks as no 
significant refinery flaring events or unplanned outages have been reported 
across the U.S. West Coast, reducing concerns over potential supply disruptions 
that had supported basis values earlier this spring.

Motor gasoline inventories in the PADD 5 region increased for the sixth 
consecutive week, climbing by 300,000 bbl to 29.2 million bbl during the week 
ended June 26, the EIA's Weekly Petroleum Status Report showed. Year-on-year, 
gasoline stocks in the region were 700,000 bbl lower.

The product's imports increased by 97,000 bpd to 165,000 bpd last week but were 
85,000 bpd lower than the same week last year. The continued inventory build, 
coupled with higher imports and steady refinery operations, has helped keep 
regional gasoline supply concerns in check.




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