SF CARBOB Rebounds after Sharp June Pullback


   
Kristina Davis
DTN Refined Fuels Market Reporter

   MIAMI, FL (DTN) -- San Francisco CARBOB gasoline basis rebounded sharply 
Thursday (6/4), recovering a portion of the losses recorded at the start of 
June,  as buying interest returned to the West Coast gasoline market.
San Francisco CARBOB basis strengthened by 32cts gallon after a trade cited by 
market participants at a 55cts premium to July NYMEX RBOB. In the prior 
session, the basis fell 54 cents to narrow its premium against the NYMEX 
benchmark to 23cts.

   The recovery comes amid significant volatility in West Coast gasoline 
markets in recent weeks, driven by refinery outages, tightening inventories and 
shifting supply balances.
Motor gasoline inventories in the PADD 5 region fell by 800,000 bbl to 27.1 
million bbl in the week ended May 29, marking the fourth consecutive weekly 
decline, according to the Energy Information Administration's Weekly Petroleum 
Status Report. Gasoline stocks were 500,000 bbl lower than the same week last 
year.
PADD 5 gasoline imports climbed by 50,000 bpd to 130,000 bpd during the week 
profiled, though imports remained 37,000 bpd below volumes reported during the 
same period last year.

   Continued drawdown in West Coast gasoline stocks has bolstered PADD 5 
pricing for the fuel despite periodic corrections in the spot market's basis.




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