US spot gasoline sinks as differentials widen.

摘要

Gasoline sentiment remained buoyed by firm demand and sinking stocks. The US EIA's weekly inventory report on Wednesday showed that gasoline inventories fell 1.7MM bbl to 216.3MM bbl, marking a 2015 low. Analysts had forecasted a small build in gasoline stocks. In the Midwest, differentials in the Group Three hub fell back from a spike in the previous week, as refinery buying, which had triggered the differential surge, appeared to have evaporated. Differentials in the West Coast's California markets trekked down from recent surges, but strength remained amid firm demand and tight stocks. A fuel crunch in Mexico also bolstered prices on the US West Coast, as traders worked an arb to send shipments from the US West Coast to the Mexican West Coast. Furthermore, strength on the US West Coast opened an unusual arb window to send barrels from the US Gulf Coast, where inventories were higher, to Vancouver, Canada, traders noted. At least two cargoes were booked through the window, for a combined 533K bbl. Several more shipments were booked to bring Asian gasoline to the US West Coast to help relieve the tightness, industry sources reported at the start of the period. In the New York Harbor (NYH), gasoline and RBOB prices found support from a tightening market, as the PADD 1 region accounted for the lion's share (1.3MM bbl) of the national stockdraw. However, strong US demand and falling inventories, including the PADD 1 stockdraw, have helped keep the transatlantic arbitrage window wide open, resulting in a flurry of shipments from Europe heading to the US East Coast. Meanwhile a July 23 power outage at Phillips 66's 247K-b/d Belle Chasse, Louisiana refinery provided support on the Gulf Coast. The company said that it was in the process of restarting units on Friday, July 24.