July 25, 2012 / 7:08 PM / 5 years ago

US Cash Products-Chicago markets higher on new cycle

 * Chicago gasoline, diesel get boost on new cycle
 * Gulf gasoline markets mixed as stocks rise
 * Harbor gasoline, diesel down on higher stocks
 HOUSTON, July 25 (Reuters) - Chicago cash gasoline and ultra-low-sulfur
diesel markets rose on Wednesday as traders focused on a new cycle.
 Chicago CBOB gasoline traded at 4.50/3.50 cents under September RBOB
gasoline futures on the New York Mercantile Exchange, nearly 10 cents per gallon
higher than Tuesday's levels on the last day of the previous cycle.
 Chicago ULSD traded earlier at 12.00 cents over September NYMEX heating oil
futures, but later retreated to 9.00/11.50 cents over futures, near Tuesday's
levels also on the previous cycle.
 Both Chicago markets rallied on Tuesday after BP Plc reported a fire
in a section of its 337,000-barrels-per-day (bpd) refinery in Whiting, Indiana.
Sources close to refinery operations confirmed the fire had affected a coker at
the plant.
 BP said it was investigating the fire's cause, but declined to provide an
update on day-to-day operations.
 The September NYMEX RBOB gasoline futures contract's spread against August
futures narrowed to 7.64 cents a gallon on Wednesday afternoon.
 On the Gulf Coast, gasoline markets were steady to higher, traders said.
 A2 CBOB formulated for blending with 10 percent ethanol, which is in higher
demand under Renewable Fuel Standard requirements, gained about 1.50 cents per
gallon with deals seen at 15.00 and 14.00 cents under September RBOB futures on
the NYMEX. Conventional M2 gasoline differentials, however, held steady at 10.75
cents under.
 Gulf jet fuel was seen offered at 7.75 cents over September NYMEX heating
oil futures, up 0.75 cent from Tuesday's levels, traders said.
 Trade was quiet in the New York Harbor market with many traders out, yet
prompt conventional M2 gasoline fell to 14.50 cents a gallon under August
 Conventional gasoline for barge delivery traded at 15.50 cents under
 Harbor F2 RBOB gasoline for prompt delivery fell 2.00 cents a gallon to 3.75
cents over the August RBOB gasoline futures contract after the U.S. Energy
Information Administration's weekly inventory data release showed a
1.88-million-barrel build in East Coast gasoline stocks last week. It
had traded at 3.00 cents over earlier in the day.
 Harbor ULSD differentials fell 0.75 cent a gallon to 7.50 cents over the
August heating oil futures contract as the EIA data showed a 1.37-million-barrel
build in East Coast distillate stocks last week. Differentials later rebounded
to 8.25 cents over, flat to Tuesday levels.
 The EIA said U.S. gasoline stocks gained 4.13 million barrels last week to
210.04 million barrels, driven by increases in all three markets east of the
 The build in East Coast stocks was the largest, followed by a
1.7-million-barrel increase in the Gulf Coast region. Midwest stocks rose by
846,000 barrels.
 U.S. distillate stocks gained 1.7 million barrels to 125.24 million barrels
mostly on the East Coast build. Midwest stocks gained 470,000 barrels, while
Gulf Coast inventories rose by a slight 17,000 barrels.
 U.S. refinery utilization rose by 1 percentage point to 93 percent last
week, while the Midwest and East Coast regions logged larger increases, the EIA
 Midwest utilization rose by 5.2 percentage points to 96 percent, reflecting
post-maintenance restarts of Marathon Petroleum Corp's 
206,000-barrels-per-day refinery in Robinson, Illinois, and
Phillips 66's 198,400-bpd refinery in Ponca City, Oklahoma.
 East Coast utilization rose by 4.7 percentage points to 86.7 percent,
reflecting a unit restart at Sunoco Inc's 335,000-bpd Philadelphia
refinery, the largest in the region.
 Gulf Coast utilization fell 0.1 percentage point to 93.7 percent last week,
the EIA said.
 For more refinery news, please go to 
                                                    Latest day      
                              Timing      NYMEX     Bid     Offer   Change
 U.S. GULF COAST <0#P-USG>   * Scheduling                              
 M2 conventional gasoline        Cycle 43    RBOB      -11.00  -10.50   0.00
 61-grade ULSD                   Cycle 43     HO        4.25    4.50    0.00
 54-grade jet fuel               Cycle 43     HO        6.75    7.75    0.75 
 Heating oil                     Cycle 43     HO       -4.50   -4.00    0.00
 NEW YORK HARBOR <0#P-NYH>                                             
 M2 conventional gasoline        Prompt      RBOB      -15.00  -14.00  -3.50
                              Any-Month   RBOB      -16.00  -15.00  -15.50
 F2 RBOB                         Prompt      RBOB      3.50    4.00    -2.00
                              Any-Month   RBOB      2.75    3.25    0.00
 ULSD                            Prompt      HO        8.00    8.50    0.00
                              Any-Month   HO        7.00    8.00    -0.75
 Heating oil                     Prompt      HO        -0.25   0.25    -0.25
                              Any-Month   HO        -0.25   0.25    -0.25
 Jet fuel                        Prompt      HO        12.00   14.00   0.00
                              Any-Month   HO        12.00   14.00   0.00
 MIDWEST <0#P-G3> <0#P-MC>                                             
 Chicago CBOB gasoline           Cycle 1     RBOB      -15.00  -14.00  1.00
 Chicago ULSD                    Cycle 1     HO        9.00    10.00   0.00
 Group Three gasoline                        RBOB      -6.50   -6.25   0.50
 Group Three ULSD                            HO        10.00   10.25   0.50

 (Reporting by Kristen Hays in Houston and Selam Gebrekidan in New York; Editing
by Dale Hudson)
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