NEW YORK, July 16 (Reuters) - Cash differentials for diesel rose in the New York Harbor spot market on Wednesday due to a partial outage at the Phillips 66 Bayway refinery in Linden, New Jersey, traders said.
The 258,500-barrel-per-day refinery was partially shut after rainstorms in the region caused a power outage at the plant, three sources familiar with the matter said. Phillips 66 confirmed the outage but did not provide additional details.
Diesel for delivery in New York Harbor ULSD-DIFF-NYH gained 3.75 cents to 5 cents above the ultra-low sulfur diesel futures benchmark HOc1 on the New York Mercantile Exchange, traders said.
M2 conventional gasoline RU-DIFF-NYH fell 1.25 cents in the Harbor, to 0.75 cent per gallon above the RBOB gasoline futures benchmark RBc1, traders said.
U.S. Gulf Coast M2 conventional gasoline RU-DIFF-USG was unchanged, while A2 CBOB gasoline CBOB-DIFF-USG fell a quarter of a cent to 18.75 cents below futures, traders said.
Gulf Coast 62-grade ULSD ULSD-DIFF-USG was unchanged.
Chicago ULSD ULSD-DIFF-MC gained half a cent to 8.5 cents below diesel futures.
Elsewhere in the Midwest, Group 3 V-grade gasoline RUV-DIFF-G3 gained quarter of a cent, trading 12.75 cents lower than the benchmark.
Group 3 diesel ULSD-DIFF-G3 fell quarter of a cent to 3.5 cents lower than the benchmark.
U.S. gasoline stocks USOILG=ECI rose by 3.4 million barrels in the week ended July 11 to 232.87 million barrels, the Energy Information Administration said on Wednesday. That compared with analysts' expectations in a Reuters poll for a 1 million-barrel drop.
Distillate stockpiles USOILD=ECI, which include diesel and heating oil, rose by 4.2 million barrels last week to 106.97 million barrels, versus expectations for a 199,000-barrel rise, the EIA data showed.
Refinery crude runs USOICR=ECI fell by 157,000 barrels, while utilization rates USOIRU=ECI fell by 0.8 percentage points, the data showed.
Gasoline futures fell 2.56 cents to settle at $2.144 a gallon, and ULSD futures dropped 1.37 cents to close at $2.3915.
U.S. renewable credit generation rose in June from the prior month, data from the Environmental Protection Agency showed on Wednesday. Still, credit prices marched higher, with traders citing a deficit of RINs despite the increase in generation last month.
Renewable fuel (D6) credits RIN-D6-US for 2025 traded at around 115 cents each, up from between 112 cents and 113 cents each previously, traders said.
Biomass-based (D4) credits RIN-D4-US traded at around 122 cents each, up from between 118.5 cents and 120 cents each previously, they said.
Latest day | |||||
Timing | NYMEX Contract | Bid | Offer | Change | |
U.S. GULF COAST <0#P-USG, PPIM> * Scheduling | |||||
A3 CBOB gasoline CBOB-DIFF-USG | Cycle 42 | August RBOB | -19.00 | -18.50 | -0.25 |
M4 conventional gasoline RU-DIFF-USG | Cycle 42 | August RBOB | -9.25 | -8.75 | -0.00 |
62-grade ULSD ULSD-DIFF-USG | Cycle 42 | August HO | -8.00 | -7.50 | -0.00 |
54-grade jet fuel JET-DIFF-USG | Cycle 42 | August HO | -18.00 | -17.50 | -0.00 |
Heating oil HO-DIFF-USG | Cycle 42 | August HO | -22.50 | -22.00 | -0.00 |
NEW YORK HARBOR <0#P-NYH, PPIL> | Bid | Offer | Change | ||
M2 conventional gasoline RU-DIFF-NYH | Prompt | August RBOB | 0.50 | 1.00 | -1.25 |
F1 RBOB RBOB-DIFF-NYH | Prompt | August RBOB | -1.50 | -1.00 | -0.00 |
ULSD ULSD-DIFF-NYH | Prompt | August HO | 4.75 | 5.25 | 3.75 |
Heating oil HO-DIFF-NYH | Prompt | August HO | -10.25 | -9.25 | -0.00 |
Jet fuel JET-DIFF-NYH | Prompt | August HO | -15.25 | -14.75 | -0.00 |
MIDWEST 0#P-G3, 0#P-MC, IHPROD/MIDCO | Bid | Offer | Change | ||
Chicago CBOB gasoline CBOB-DIFF-MC | Cycle 3 | August RBOB | -10.25 | -9.75 | -0.00 |
Chicago ULSD ULSD-DIFF-MC | Cycle 3 | August HO | -8.75 | -8.25 | 0.50 |
Group Three gasoline RUV-DIFF-G3 | August RBOB | -13.00 | -12.50 | 0.25 | |
Group Three ULSD ULSD-DIFF-G3 | August HO | -3.75 | -3.25 | -0.25 |
(Reporting by Shariq Khan in New York; Editing by Jamie Freed)
((Shariq.Khan@thomsonreuters.com; Twitter/X: @shariqrtrs; Office: (646) 261-7893;))
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