NEW YORK: US Gulf Coast gasoline cash differentials dropped on Tuesday, traders said, as refiners tried to sell in the region after the product started trading on Colonial Pipeline’s 28th cycle for delivery at New York Harbor.
M2 conventional gasoline fell 2.25 cents, trading 8 cents lower than the gasoline futures benchmark on the New York Mercantile Exchange, market participants said.
A2 CBOB gasoline fell 0.9 cent, trading 13.5 cents per gallon below futures, traders said. Gulf Coast 62-grade ultra-low sulfur diesel fell 0.10 cent, trading 4.88 cents per gallon below the ultra-low sulfur diesel futures contract on the NYMEX.?
Chicago ULSD fell half a cent, trading 7 cents per gallon above diesel futures.
Elsewhere in the Midwest, Group 3 V-grade gasoline fell 1.5 cents, trading 7 cents lower than the benchmark.
Group 3 diesel fell half a cent, trading 3.25 cents higher than the benchmark. In New York Harbor, diesel gained 0.05 cent to trade flat with futures, traders said.
US gasoline inventories fell last week by 5.3 million barrels and distillate stocks fell by 3.5 million barrels, according to two market sources, citing American Petroleum Institute figures.
The RBOB futures contract on NYMEX rose 4.97 cents to settle at $2.1512 a gallon on Tuesday?.
NYMEX ultra-low sulfur diesel futures rose 4.69 cents to settle at $1.9988 a gallon on Tuesday.
Renewable fuel (D6) credits for 2021 traded at $1.61 each on Tuesday, up from $1.55 in the previous session, traders said.