US Cash Products-Group 3 gasoline, diesel rise after refinery fire

ReutersJan 22, 2025 11:38 PM

NEW YORK, Jan 22 (Reuters) - Cash differentials for gasoline and diesel rose in the U.S. Midwest's Group 3 spot market on Wednesday after a fire broke out at CVR Energy's CVI.N Coffeyville refinery in Kansas on Tuesday, traders said.

CVR said late on Tuesday the fire had been extinguished. Still, market sources expect it will take some time to bring the impacted unit back to normal operating conditions, keeping the gasoline market tight in the region.

Group 3 V-grade gasoline RUV-DIFF-G3 gained 3 cents to trade 6 cents below the RBOB gasoline futures benchmark RBc1 on the New York Mercantile Exchange, traders said. Group 3 X-grade diesel ULSD-DIFF-G3 was 4 cents higher at 22 cents under ultra-low sulfur diesel futures HOc1, they said.

Elsewhere in the Midwest, Chicago ULSD ULSD-DIFF-MC fell 6 cents after a refinery sold it 40 cents below diesel futures, market participants said. Chicago CBOB gasoline CBOB-DIFF-MC was unchanged.

U.S. Gulf Coast M4 conventional gasoline RU-DIFF-USG fell 2 cents to a cent below futures, and A4 CBOB gasoline CBOB-DIFF-USG fell three quarters of a cent to 10 cents under, traders said.

Gulf Coast 62-grade ULSD ULSD-DIFF-USG fell 2.5 cents to 4.75 cents below futures.

In New York Harbor, M4 conventional gasoline RU-DIFF-NYH gained a quarter of a cent to 9.5 cents above futures, traders said. Diesel ULSD-DIFF-NYH gained a cent to 2 cents above futures, they said.

Crude oil futures eased to a one-week low amid uncertainty surrounding U.S. President Donald Trump's plans to levy duties on imports from trading partners. U.S. crude and fuel stockpiles are also expected to have risen last week, market sources said citing figures from the American Petroleum Institute. O/R API/S

Gasoline futures fell 2.65 cents to settle at $2.0578 a gallon, while ULSD futures fell 7.39 cents to $2.4842.

Renewable fuel (D6) credits RIN-D6-US for 2024 traded down from 71 cents to 70 cents each, after trading up from 70 cents to 71 cents each in the previous session, traders said. The 2025 credits traded at 71.5 cents and 71 cents each, same as Wednesday.

Biomass-based (D4) credits for 2024 RIN-D4-US traded at 70.5 cents each, compared to between 70 cents and 70.5 cents each in the previous session, traders said. The 2025 credits were at 74 cents each, compared to 74 cents and 74.5 cents each in the previous session.

			Latest day
	Timing	NYMEX Contract	Bid	Offer	Change
U.S. GULF COAST <0#P-USG, PPIM> Scheduling
A4 CBOB gasoline CBOB-DIFF-USG	Cycle 7	February RBOB	-10.25	-9.75	-0.75
M4 conventional gasoline RU-DIFF-USG	Cycle 7	February RBOB	-1.25	-0.75	-2.00
62-grade ULSD ULSD-DIFF-USG	Cycle 7	February HO	-5.00	-4.50	-2.50
54-grade jet fuel JET-DIFF-USG	Cycle 7	February HO	-8.25	-7.75	2.75
Heating oil HO-DIFF-USG	Cycle 7	February HO	-16.50	-14.00	2.75

NEW YORK HARBOR <0#P-NYH, PPIL>			Bid	Offer	Change
M4 conventional gasoline RU-DIFF-NYH	Prompt	February RBOB	9.00	10.00	0.25
F4 RBOB RBOB-DIFF-NYH	Prompt	February RBOB	-2.00	-1.75	0.00
ULSD ULSD-DIFF-NYH	Prompt	February HO	1.50	2.50	1.00
Heating oil HO-DIFF-NYH	Prompt	February HO	-6.00	-5.50	0.75
Jet fuel JET-DIFF-NYH	Prompt	February HO	-7.00	-5.00	3.00

MIDWEST 0#P-G3, 0#P-MC, IHPROD/MIDCO			Bid	Offer	Change

Chicago CBOB gasoline CBOB-DIFF-MC	Cycle 2	February RBOB	-0.25	0.25	0.00
Chicago ULSD ULSD-DIFF-MC	Cycle 2	February HO	-40.25	-39.75	-6.00
Group Three gasoline RUV-DIFF-G3		February RBOB	-6.25	-5.75	3.00
Group Three ULSD ULSD-DIFF-G3		February HO	-22.25	-21.75	4.00

(Reporting by Shariq Khan in New York; Editing by Nia Williams)

((Shariq.Khan@thomsonreuters.com; Twitter/X: @shariqrtrs; Office: (646) 261-7893;))

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