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Markets

US Cash Products-Chicago gasoline rises on refiner demand

Chicago CBOB gasoline gained 1.5 cents, trading 7.5 cents per gallon below gasoline futures on the New York Mercant
20 May 2020
  • Chicago CBOB gasoline gained 1.5 cents, trading 7.5 cents per gallon below gasoline futures on the New York Mercantile Exchange, traders said.
  • US Gulf Coast M2 conventional gasoline fell three quarters of a cent, trading 13.5 cents lower than futures, market participants said.
  • US gasoline stocks rose by 2.8 million barrels last week, the Energy Information Administration said on Wednesday, compared with analysts' expectations in a Reuters poll for a 2.1 million-barrel drop.

NEW YORK: Chicago gasoline cash differentials rose on Wednesday after refiners actively sought to buy in the region, traders said.

Chicago CBOB gasoline gained 1.5 cents, trading 7.5 cents per gallon below gasoline futures on the New York Mercantile Exchange, traders said.

Chicago ultra-low sulfur diesel gained a penny, trading 14 cents per gallon below diesel futures.

Elsewhere in the Midwest, Group 3 diesel fell 3 cents, trading 11 cents lower than the benchmark.

US Gulf Coast M2 conventional gasoline fell three quarters of a cent, trading 13.5 cents lower than futures, market participants said.

A2 CBOB gasoline fell three quarters of a cent, trading 14.5 cents per gallon below futures, traders said.

US gasoline stocks rose by 2.8 million barrels last week, the Energy Information Administration said on Wednesday, compared with analysts' expectations in a Reuters poll for a 2.1 million-barrel drop.

Distillate stockpiles rose by 3.8 million barrels, versus expectations for a 1.4 million-barrel rise, the EIA data showed.

Refinery crude runs rose by 520,000 barrels in the last week, EIA data showed. Refinery utilization rates rose by 1.5 percentage points.

The RBOB futures contract on NYMEX fell 0.14 cent to settle at $1.0438 a gallon on Wednesday.

NYMEX ultra-low sulfur diesel futures rose 1.7 cents to settle at $0.9906 a gallon on Wednesday.

Renewable fuel (D6) credits for 2020 traded at 38 cents each on Wednesday, down from 37.5 cents in the previous session, traders said.

Biomass-based (D4) credits traded at 53.5 cents each, down from 54 cents each previously, traders said.