June 5, 2012 / 6:02 PM / 5 years ago

US Cash Products-Midwest gasoline rallies on outage, demand

 * Group Three gasoline at highest level since Sep. 2011
 * Gulf gasoline pares gains a day after refinery issue
 * Harbor distillates trading slightly higher
 NEW YORK, June 5 (Reuters) - U.S. Midwest Group Three gasoline rallied on
Tuesday, tracing Chicago's gains and adding to Monday's 4.75-cent uptick, and
traded at 8.00/9.00 cents over July RBOB gasoline futures on the New York
Mercantile Exchange (NYMEX), the highest level since September 2011 and 3.00
cents higher than Monday's levels.	
 Increased buying in the Group Three market was fueled by shortages in the
Chicago market following the shutdown of a crude distillation unit at BP Plc.'s
 405,000 barrel-per-day (bpd) Whiting, Indiana, refinery. Regional supply
constraints stoked the gasoline market's gains, traders said.	
 No restart date has been determined for the Whiting refinery unit restart,
sources told Reuters. 	
 Chicago CBOB gasoline rose a cent a gallon to 19.00 cents over futures.	
 On the Gulf Coast, gasoline differentials weakened on Tuesday, paring some
of Monday's gains on news that Motiva Enterprises had stopped operating a newly
commissioned crude distillation unit at its expanded 600,000 barrels-per-day
(bpd) refinery in Port Arthur, Texas.	
 Conventional M2 gasoline slipped a quarter cent per gallon to a bid-offer
spread of 10.00/9.50 cents under July RBOB futures on the NYMEX. Differentials
for A2 CBOB formulated for blending with 10 percent ethanol fell by 0.75 cent
per gallon to 11.25/10.75 cents under, traders said.	
 Gulf ULSD differentials held steady with multiple deals seen done within
Monday's range of 3.50/4.00 cents under as its latest five-day lifting cycle
scheduled to move on the Colonial Pipeline.	
 In the New York Harbor, F2 RBOB gasoline rose 1.75 cents a gallon to 10.00
cents over futures.	
 Harbor distillates were seen broadly higher, with ultra-low sulfur diesel up
a half cent to 7.50 cents over futures. Jet fuel rose a quarter cent to
9.25/9.75 cents over.	
 	
 For more refinery news, please go to 	
 	
                                                    Latest day      
                              Timing      NYMEX     Bid     Offer   Change
                                          Contract                  
 U.S. GULF COAST <0#P-USG>   * Scheduling                              
 M2 conventional gasoline        Cycle 33    JUL RBOB  -10.00  -9.50   -0.25
 61-grade ULSD *                 Cycle 32    JUL HO     3.50    4.00    0.00
 54-grade jet fuel               Cycle 33    JUL HO     5.00    6.00    0.00 
 Heating oil                     Cycle 33    JUL HO    -1.50   -1.00    0.00
  NEW YORK HARBOR <0#P-NYH>                                               
 M2 conventional gasoline        Prompt      JUL RBOB   0.00    2.00    0.00
                              Any-Month   JUL RBOB  -2.50   -2.00   -0.25
 F2 RBOB                         Prompt      JUL RBOB   9.75   10.25    1.75
                              Any-Month   JUL RBOB   1.50    2.50    0.00
 ULSD                            Prompt      JUL HO     7.00    8.00    0.50
                              Any-Month   JUL HO     7.00    8.00    0.25
 Heating oil                     Prompt      JUL HO    -0.25    0.25    0.25
                              Any-Month   JUL HO    -0.25    0.25    0.25
 Jet fuel                        Prompt      JUL HO     9.25    9.75    0.25
                              Any-Month   JUL HO     9.25    9.75    0.25
  MIDWEST <0#P-G3> <0#P-MC>                                               
 Chicago CBOB gasoline           Cycle 1     JUL RBOB  18.00   20.00    1.00
 Chicago ULSD                    Cycle 1     JUL HO    17.00   19.00    0.00
 Group Three gasoline                        JUL RBOB   8.00    9.00    3.00
 Group Three ULSD                            JUL HO     3.75    4.25    0.25
 	
	
 (Reporting by Selam Gebrekidan)	
 

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