June 5, 2012 / 8:22 PM / 5 years ago

US Cash Products-Chicago diesel dips on cycle change

 * Group Three gasoline at highest level since Sep. 2011
 * Gulf gasoline pares gains a day after refinery issue
 * Harbor distillates trading slightly higher

 (Updates throughout)	
 NEW YORK, June 5 (Reuters) - Chicago ultra-low sulfur diesel fell about 4.00
cents a gallon on Tuesday after it switched to a new cycle, traders said.	
 Chicago ULSD traded at 13.00/15.00 cents over the July heating oil futures
contract on the New York Mercantile Exchange (NYMEX), erasing its gains from
this week.	
 Chicago CBOB gasoline rose 2.00 cents a gallon to 21.00 cents over NYMEX
RBOB gasoline futures after the switch, building on a rally triggered by 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. 	
 Group Three gasoline rallied, tracing Chicago's gains and adding to Monday's
4.75-cent uptick, and traded at 8.00/9.00 cents over NYMEX July RBOB gasoline
futures, its highest level since September 2011 and 3.00 cents higher than
Monday's levels.	
 On the Gulf Coast, gasoline differentials see-sawed on Tuesday.
Differentials started the day weaker, then rebounded to be even with Monday's
gains on news that the newly commissioned crude distillation unit at Motiva
Enterprises' 600,000 barrels-per-day (bpd) refinery in Port Arthur, Texas, was
still out of production for repairs to a leaking valve. 	
 The unit was taken out of production on Monday, lifting conventional M2
differentials up by 2.00 cents per gallon and A2 CBOB up by 3.25 cents per
gallon.	
 Tuesday both weakened early in the day, then rebounded to Monday's levels of
10.25 and 9.50 cents, respectively, under July RBOB futures on the NYMEX. By
day's end differentials for both retreated again, M2 by 0.50 cent to 10.00 cents
under, and A2 by 0.75 cent to 11.00 cents under, traders said.	
 Gulf ULSD differentials ended the day down by half a cent per gallon at
3.00/3.50 cents over July NYMEX heating oil futures as its latest five-day
lifting cycle scheduled to move on the Colonial Pipeline.	
  In the New York Harbor, F2 RBOB gasoline rose 1.50 cents a gallon to
9.50/10.00 cents over futures, with July barrels strong thanks to summer demand,
according to traders. F2 gasoline for any-month delivery was seen a cent a
gallon higher at 2.50/3.50 cents over. 	
 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  -10.25  -9.75   -0.50
 61-grade ULSD *                 Cycle 32    JUL HO     3.00    3.50   -0.50
 54-grade jet fuel               Cycle 33    JUL HO     4.50    5.50   -0.50 
 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   9.50   10.00    1.50
                              Any-Month   JUL RBOB   2.50    3.50    1.00
 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     9.50   10.00    0.50
                              Any-Month   JUL HO     9.25    9.75    0.25
  MIDWEST <0#P-G3> <0#P-MC>                                                
 Chicago CBOB gasoline           Cycle 2     JUL RBOB  20.00   22.00    2.00
 Chicago ULSD                    Cycle 2     JUL HO    13.00   15.00   -4.00
 Group Three gasoline                        JUL RBOB   8.00    9.00    3.00
 Group Three ULSD                            JUL HO     4.00    4.50    0.50
 	
	
 (Reporting by Kristen Hays and Selam Gebrekidan;editing by Sofina Mirza-Reid)	
 

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