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

CVR Energy

22/01/2025 23:38

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;))