CBOB Basis in the USGC Weakens on Ample Supplies

HOUSTON TX (DTN) — CBOB basis in the U.S. Gulf Coast spot market on Tuesday (10/14) weakened by 5.50cts to a 7.25cts discount to November futures on the New York Mercantile Exchange amid ample supplies.

Weaker basis follows a weekly build in PADD 3 states gasoline inventory during the week ended September 26, with regional stock levels rising week-on-week by 1.5 million barrels to 79.8 million barrels, although the volume was below the 80.6 million barrels reported in the same week of last year, according to data from the Energy Information Administration. The region reported 33,000 bpd of imported gasoline, compared to zero imports the previous week and it was above the 22,000 bpd recorded in the prior year, EIA data showed.