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DAILY
GASOLINE
New York Waterborne
87 M
87 A
83.7 RBOB
89 Conv
89 RFG
91.3 RBOB
93 R
93 D
Boston Waterborne
87 A
New York Barge
87 M Prompt
87 M Any Mar
87 A Prompt
87 A Any Mar
83.7 RBOB Prompt
83.7 RBOB Any Mar
89 Conv Prompt
89 RFG Prompt
93 R Prompt
93 D Prompt
91.3 RBOB Prompt
Buckeye
87 M
83.7 RBOB
89 Conv
93 R
91.3 RBOB
Laurel
87 Conv
89 Conv
93 Conv
Differential
Price
Delta
Apr
Apr
Apr
-4.63/-2.63
-4.75/-2.75
-4.50/-2.50
Apr
Apr
Apr
+9.05/+11.05
+9.05/+11.05
+8.75/+10.75
164.63/166.63
164.50/166.50
164.75/166.75
169.41/171.41
169.23/171.23
178.30/180.30
178.30/180.30
178.00/180.00
+6.26
+7.01
+5.96
+6.43
+6.75
+6.76
+6.76
+6.26
GASOLINE
Apr
-4.25/-2.25
Apr
Apr
Apr
Apr
Apr
Apr
-4.00/-3.50
-4.25/-4.00
-5.00/-3.00
-5.00/-3.00
-4.00/-3.50
-4.25/-3.75
Apr
Apr
Apr
+9.50/+10.50
+9.00/+10.00
+9.50/+10.50
Apr
Apr
-4.00/-3.25
-4.00/-3.50
Apr
Apr
+9.50/+10.50
+9.50/+10.50
Apr
-3.50/-2.75
Apr
+10.00/+11.00
165.00/167.00
+7.01
165.25/165.75
165.00/165.25
164.25/166.25
164.25/166.25
165.25/165.75
165.00/165.50
169.98/170.65
169.15/170.80
178.75/179.75
178.25/179.25
178.75/179.75
+6.13
+6.38
+7.01
+7.01
+5.76
+5.91
+6.36
+6.75
+6.76
+6.26
+6.76
165.25/166.00
165.25/165.75
169.98/170.81
178.75/179.75
178.75/179.75
+6.01
+5.76
+6.27
+6.76
+6.76
165.75/166.50
170.48/171.31
179.25/180.25
+6.01
+6.27
+6.76
/USG
Page 1 of 7
15-Dec 29-Dec
12-Jan
26-Jan
9-Feb
23-Feb
ATLANTIC COAST: Gasoline differentials in New York weakened on Thursday even as the April RFG Nymex futures gained
7/USG. Conventional gasoline values traded almost flat until the
end of the month for most of the day. 87 conventional M4 traded a
number of times at April Nymex -4.00 for prompt as well as ratable
March barrels. Towards the afternoon, a blender sold 25,000 bl of
M4 available 10 March to a refiner at April Nymex -3.75 fob New
York Harbor. Later, the same refiner bought 15,000 bl of M4 available 4-7 March on the Buckeye pipeline's cycle 052e from a major
at April Nymex -3.25 fob New York Harbor. Rbob values moved in
tandem with conventional gasoline values. 83.7 Rbob F4 available
mid-March as well as by 9 March traded at April Nymex -3.75 fob
New York Harbor. A blender was also heard selling a 65,000 bl of
F4 to a trader at April Nymex -3.50 fob New York Harbor. There
was little discussion heard for 87 RFG A4. A4 bids on
HoustonStreet were seen first at April Nymex -5.50 and then at
April Nymex -4.50, but no trades were completed. High-octane
gasoline grades continued to see few offers and no bids.
GULF COAST: RVP changes gave rise to large volumes of conventional gasoline traded on regrades in the Gulf coast. On
Thursday, 11.5 RVP became the standard on the Colonial Pipeline
for the prompt cycle. The upcoming cycle will coincide with a
more stringent RVP standard of 9 RVP. On the 15th cycle the outdated 87 conventional M4 with 13.5 RVP was still trading, with
deals done at April Nymex +2.25 and April Nymex +2.60. 87 conventional M3 with RVP of 11.5 traded on the 15th cycle between
April Nymex +3.80 and April Nymex +4.50, with a deal done as
well at April Nymex +4.00. A 15th cycle M3 trade was reportedly
done as low as April Nymex +3.50, but was not confirmed. On the
16th cycle, 87 conventional M2 with RVP of 9 traded at April
Nymex +6.00. 16th cycle M2 traded for 200,000 bl at M3 +2.00.
Another 125,000 bl of M2 traded on the 17th cycle, again at M3
+2.00. 87 RFG A4 was still talked around M3 +4.50. 93 RFG D3
was talked between A3 +14.00 and A3 +15.00. High octane 93
conventional V2 continued its ascent, trading on the 16th cycle at
M2 +14.00. Low sulphur 87 conventional W3 weakened to trade
twice on the 15th cycle at M3 +1.75.
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US Products
US Gulf Coast Waterborne
87 M
Apr
87 A
Apr
89 Conv
93 V
Apr
Colonial
87 M Cycle 15
87 M Cycle 16
87 A Cycle 15
87 A Cycle 16
87 W Cycle 15
87 W Cycle 16
89 Conv
93 V Cycle 15
93 V Cycle 16
93 D Cycle 15
93 D Cycle 16
02 March 2006
+4.30/+5.00
+8.90/+9.40
+19.15/+20.15
Apr
Apr
87 M
87 M
87 M
87 M
+3.80/+4.50
+6.00/+6.75
+4.25/+4.75
+4.25/+4.75
+1.50/+2.00
+1.50/+2.00
87 M
87 M
87 M
87 M
+14.50/+15.50
+14.50/+15.50
+18.25/+19.75
+18.25/+19.75
+9.23
+9.23
+10.29
+12.23
173.05/173.75
175.25/176.00
177.65/178.15
179.88/180.38
174.90/175.40
177.13/177.63
178.25/179.05
187.90/188.90
190.13/191.13
191.65/193.15
193.88/195.38
+7.16
+6.88
+7.16
+6.81
+10.29
+10.16
-11.21
-12.54
+10.00/+11.00
+10.00/+11.00
+6.75/+7.00
179.25/180.25
179.25/180.25
186.50/186.75
+7.51
#N/A
+6.88
Apr
Apr
+9.25/+9.75
+9.50/+10.00
178.50/179.00
178.75/179.25
179.29/179.79
180.75/181.25
181.00/181.50
181.25/181.75
181.50/182.00
+5.88
+6.13
+6.06
+6.38
+6.63
+6.13
+6.38
87
87
87
87
San Francisco
85 CARBOB (Mar)
89.5 CARBOB (Mar) 85
+2.00/+2.50
+2.00/+2.50
+2.50/+3.00
+2.50/+3.00
+2.25
+2.60
Colonial M3
15th Cycle
M4+2.00 50
15th Cycle
15th Cycle
15th Cycle
15th Cycle
+3.80
+4.00
+4.50
+4.50
+6.50/+8.50
188.25/189.25
193.05/194.05
195.25/197.25
+9.01
+8.61
+9.01
+6.50/+8.50
184.25/185.25
191.25/193.25
+10.01
+10.01
181.75/182.75
+6.51
000
50
25
25
25
25
25
Colonial M2
16th Cycle
+6.00
16th Cycle
M3+2.00 200
17th Cycle
M3+2.00 125
Colonial V2
16th Cycle
Apr
Apr
87 N
Los Angeles
85 CARBOB (Mar)
85 CARBOB (Apr)
89.5 CARBOB (Mar) 85
Portland
87 Conv (Mar)
173.55/174.25
178.15/178.65
178.75/179.55
188.40/189.40
50
M3+1.75 25
M3+1.75 150
Colonial 86
14th Cycle
+0.75
15th Cycle
.
.
+9.50
+9.50
+9.85
+10.00
+10.25
+11.00
000
50
50
25
25
25
25
50
+9.50
Chicago HILO
Mar CYc2
+7.40
Group Three X
Ppt
+11.00
10
M2+14.00 25
Colonial W3
15th Cycle
15th Cycle
Colonial 74
14th Cycle
14th Cycle
Colonial Jet 54
15th Cycle
15th Cycle
15th Cycle
15th Cycle
15th Cycle
15th Cycle
+9.75
+10.50
25
25
+9.50
50
Group Three X5
Ppt
X-8.00
Chicago LSD
Mar Cyc1
Mar Cyc1
+7.75
+8.00
Mar Cyc2
Mar Cyc2
+9.25
+9.50
Mar Cyc3
Mar Cyc3
+9.50
+10.00
DISTILLATES
ATLANTIC COAST: Diesel in New York strengthened substantially as differentials were pushed upwards by an illiquid market and
stronger Gulf coast values. Only one diesel trade was heard done on
Thursday, for a 35,000 bl barge loading 5 March at April Nymex
Page 2 of 7
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US Products
02 March 2006
DISTILLATES
Differential
Price
Delta
-0.15/+0.20
+15.05/+15.40
+14.80/+15.15
180.34/180.69
195.54/195.89
195.29/195.64
+5.70
+7.80
+7.67
Boston Waterborne
No2 Oil
Apr
+0.35/+0.70
180.84/181.19
+5.70
Apr
Apr
Apr
Apr
Apr
Apr
-0.65/-0.30
-0.65/-0.25
+14.50/+15.00
+14.50/+15.00
+11.50/+12.00
+14.00/+15.00
179.84/180.19
179.84/180.24
194.99/195.49
194.99/195.49
191.99/192.49
194.49/195.49
+5.70
+4.73
+7.83
+6.83
+6.08
+7.58
Buckeye
No2 Oil
LS Diesel
Jet 54
Jet 55
Apr
Apr
Apr
Apr
-0.65/-0.30
+14.50/+15.00
+11.50/+12.00
+14.00/+15.00
179.84/180.19
194.99/195.49
191.99/192.49
194.49/195.49
+5.76
+7.83
+5.71
+7.58
Laurel
No2 Oil
Jet 54
Apr
Apr
-0.55/-0.20
+11.50/+12.00
179.94/180.29
191.99/192.49
+5.61
+5.46
+1.00/+1.50
+10.00/+11.00
+10.00/+11.50
+10.50/+12.00
181.49/181.99
190.49/191.49
190.49/191.99
190.99/192.49
+5.83
+6.83
+7.16
+7.16
Colonial
No2 Oil Cycle 14
No2 Oil Cycle 15
LS Diesel Cycle 14
LS Diesel Cycle 15
Jet 54 Cycle 15
Jet 54 Cycle 16
Jet 55 Cycle 15
Jet 55 Cycle 16
+0.50/+1.00
+0.50/+1.00
+9.50/+10.50
+9.75/+10.75
+9.50/+11.00
+9.75/+11.25
+10.00/+11.50
+10.25/+11.75
180.99/181.49
180.99/181.49
189.99/190.99
190.24/191.24
189.99/191.49
190.24/191.74
190.49/191.99
190.74/192.24
+5.83
+5.83
+6.83
+6.86
+7.18
+7.33
+7.53
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Houston / NY Arbitrage
No2 Oil
LS Diesel
Jet 54
-3.99
+1.66
-1.79
Group 3
LS Diesel X Prompt
LS Diesel X Any Mar
Diesel X5 Prompt
Jet Q Prompt
Apr
Apr
LSD X
Apr
+10.75/+11.25
+11.00/+11.50
-8.25/-7.75
+13.25/+13.75
191.24/191.74
191.49/191.99
183.24/183.74
193.74/194.24
+5.83
+5.83
Chicago
No2 Oil Prompt
LS Diesel 1st Mar
LS Diesel 2nd Mar
Jet 1st Mar
Jet 2nd Mar
LSD
Apr
Apr
Apr
Apr
-3.50/-3.25
+7.75/+8.00
+9.25/+9.50
+9.25/+9.75
+9.25/+9.75
184.87/185.12
188.24/188.49
189.74/189.99
189.74/190.24
189.74/190.24
+7.71
+7.71
+9.21
+6.83
+6.83
FEEDSTOCKS/BLENDSTOCKS
+5.83
Page 3 of 7
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US Products
San Francisco
Carb Diesel (Mar)
EPA Diesel (Mar)
Jet (Mar)
Apr
Apr
+14.00/+15.00
203.49/204.49
202.49/203.49
194.49/195.49
+5.33
+4.33
+4.83
+13.00/+14.00
202.49/203.49
201.49/202.49
193.49/194.49
+5.33
+4.33
+4.83
211.49/213.49
+10.33
Portland
LS Diesel (Mar)
WTI
WTI
WTI
WTI
WTI
WTI
70:30 Formula
Gulf Coast
175.43/176.07
+8.21
-3.50/-3.00
552.00/552.50
+3.00
MTBE Barge
Houston
New York
Apr
Apr
+22.00/+24.00
+10.00/+15.00
191.25/193.25
179.25/184.25
+6.01
-3.49
Alkylate
New York
Houston
Apr
87 M
+46.00/+48.00
+42.00/+43.50
215.25/217.25
215.40/216.90
+7.01
+9.23
245.00/249.00
235.00/240.00
250.00/255.00
-2.00
-1.50
-5.00
Ethanol
New York
Chicago
Los Angeles
54.00/54.50
50.50/51.00
49.50/50.00
48.50/49.00
46.75/47.25
46.50/47.00
+0.75
+0.75
+0.50
+0.50
47.25/47.75
47.00/47.50
+1.00
+1.25
47.95/48.05
48.65/48.75
49.45/49.55
+0.20
+0.55
+0.55
Page 4 of 7
NAPHTHA: Sporadic trading activity was noted in naphtha markets as a brief spike in buying interest tapered off. A trader reportedly sold 210,000 bl of Talara N+A naphtha from Peru to a major
at unleaded 87 conventional gasoline -3.25. The Talara barrels are
due to load 10-12 March. A refiner was heard offering N+A naphtha with light front end out of Garyville at a 0.25c/USG discount to
publication-related prices. The barrels were still available as of
early Thursday. Mongstat 43-44 N+A naphtha from Norway for 1520 March loading also remained on offer. Paraffinic naphtha barges
were heard readily available, at prices as low as unleaded gasoline 9.00 or April Nymex gasoline -20.00. A refiner reportedly offered
Aruban light straight run barrels, with no takers as yet. Sluggish
natural gasoline prices of late had further pushed back paraffinic
naphtha demand. Natural gasoline prices edged up 0.50c/USG to
finish at 135.50c/USG on Thursday.
OCTANES/OXYGENATES: Blendstock values relative to gasoline came under additional pressure, with both ethanol and MTBE
values slipping lower. Healthy finished gasoline stocks and a lull in
the sense of panic about the rapid phase-out of MTBE may have
contributed to the pressure on blendstock prices. Buying interest in
March MTBE emerged in the Gulf coast, with bids heard around
192.00, but no deals could be confirmed. In New York Harbor, spot
MTBE for March was talked between April Nymex +10.00 and
April Nymex +15.00, a large decline in the premium over gasoline.
Ethanol in New York Harbor was heard offered at 245.00, where a
deal was done on Wednesday. On the west coast, ethanol was
talked around 255.00, while Chicago spot ethanol was talked as
TOTAL US GASOLINE IMPORTS
Total US Gasoline Imports
1,700
1,500
+2.27/+2.69
+5.00/+5.42
-0.36/-0.15
+1.43/+1.64
-3.30/-3.09
-2.56/-2.14
'000 b/d
Los Angeles
Carb Diesel (Mar)
EPA Diesel (Mar)
Jet (Mar)
02 March 2006
1,300
1,100
900
700
500
27Dec
47.10/47.20
48.60/48.70
+1.10
+2.65
24Feb
24Apr
Average Imports
22Jun
20Aug
18Oct
16Dec
13Feb
4 week average
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US Products
02 March 2006
BUNKER FUEL
New York
Houston
Los Angeles
Portland
Seattle
180 CST
328.00/332.00
315.00/320.00
348.00/352.00
373.00/377.00
363.00/368.00
+6.00
380 CST
309.00/313.00
300.00/305.00
333.00/337.00
343.00/347.00
333.00/338.00
+6.00
x
NYMEX
87 RFG New York Gasoline
Apr
May
Jun
169.25
174.05
177.20
+7.01
+6.61
+6.16
87 RFG Crack
Apr
+7.72
May
+8.03
Jun
+8.37
186.25
188.75
191.25
+6.26
+5.76
+5.26
RBOB Crack
Apr
+14.87
May
+14.21
Jun
+14.28
180.49
182.24
183.49
+5.83
+5.78
+5.38
63.36
65.07
66.05
+1.39
+1.45
+1.39
6.760
6.960
+0.03
+0.02
BTU Value
14.16
8.57
7.64
7.51
2.95
/USG
22.00
17.00
7.00
Page 5 of 7
US WEST COAST
12.00
2.00
1-Dec
9-Feb
23-Feb
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US Products
02 March 2006
The details of our methodology are available at www.argusmediagroup.com or by calling any Argus office.
mn bl
Stocks
4-week average
refiners in the state produced an average of more than 1mn bl of reformulated gasoline in the week ended 24 February. The data indicated that
refinery turnarounds and unexpected outages have had little impact on
the west coast market. Rbob production is nearly 2pc higher than a year
ago although inventories are about 8.8pc below levels at the same time
last year. California diesel production jumped by 31.5pc from the previous week and inventories also posted a strong gain. A 96,500 b/d refinery
in California that shut briefly over the weekend because of a catalytic
cracker outage was back in operation. A 149,000 b/d California refinery
which was taken offline partially in February will likely remain shut for
at least another month, traders estimate. The shutdown has caused some
tightness in premium gasoline grades and diesel. Gasoline is heard to be
tight in Arizona and Las Vegas, which could potentially have an impact
on west coast values, but the market has not shown any reaction yet.
March 85 Carbob gasoline in Los Angeles traded actively in a range of
April Nymex +19.00 and April Nymex +20.00. April 85 Carbob traded at
May Nymex +19.00. San Francisco 85 Carbob prices firmed and
widened the discount to Los Angeles to 4c/USG. March deals were heard
done around April Nymex +15.50. Portland conventional gasoline traded
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US Products
02 March 2006
Price
Apr
Apr
Apr
Apr
Apr
-4.00/-3.50
-4.00/-3.75
-4.00/-3.75
-4.00/-3.75
-4.25/-4.00
165.25/165.75
165.25/165.50
165.25/165.50
165.25/165.50
165.00/165.25
Apr
Apr
Apr
Apr
Apr
-5.00/-3.00
-5.00/-3.00
-5.00/-3.00
-5.00/-3.00
-5.00/-3.00
Apr
Apr
Apr
Apr
Apr
-4.00/-3.50
-4.00/-3.50
-4.00/-3.50
-4.00/-3.50
-4.25/-3.75
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
Apr
+9.50/+10.50
+9.40/+10.40
+9.30/+10.30
+9.20/+10.20
+9.00/+10.00
+9.00/+10.00
+9.00/+10.00
+9.00/+10.00
+9.50/+10.50
+9.40/+10.40
+9.30/+10.30
+9.20/+10.20
+3.80/+4.50
+6.00/+6.75
+6.50/+7.25
+7.00/+7.75
Delta
Differential
+6.13
+6.01
+6.26
+6.51
+6.38
Apr
Apr
Apr
Apr
Apr
164.25/166.25
164.25/166.25
164.25/166.25
164.25/166.25
164.25/166.25
+7.01
+7.01
+7.01
+7.01
+7.01
165.25/165.75
165.25/165.75
165.25/165.75
165.25/165.75
165.00/165.50
+5.76
+5.86
+5.96
+6.06
+5.91
178.75/179.75
178.65/179.65
178.55/179.55
178.45/179.45
178.25/179.25
178.25/179.25
178.25/179.25
178.25/179.25
178.75/179.75
178.65/179.65
178.55/179.55
178.45/179.45
173.05/173.75
175.25/176.00
175.75/176.50
176.25/177.00
+6.76
+6.76
+6.76
+6.76
+6.26
+6.26
+6.26
+6.26
+6.76
+6.76
+6.76
+6.76
+7.16
+6.88
+7.38
Price
-0.65/-0.30
-0.65/-0.25
-0.65/-0.25
-0.65/-0.25
-0.65/-0.25
Delta
179.84/180.19
179.84/180.24
179.84/180.24
179.84/180.24
179.84/180.24
+5.70
+5.48
+5.23
+4.98
+4.73
Apr
Apr
Apr
Apr
Apr
+14.50/+15.00 194.99/195.49
+14.50/+15.00 194.99/195.49
+14.50/+15.00 194.99/195.49
+14.50/+15.00 194.99/195.49
+14.50/+15.00 194.99/195.49
+7.83
+7.58
+7.33
+7.08
+6.83
Apr
Apr
Apr
Apr
+11.50/+12.00 191.99/192.49
+11.50/+12.00 191.99/192.49
+11.50/+12.00 191.99/192.49
+11.50/+12.00 191.99/192.49
+6.08
+5.83
+5.58
+5.33
Apr
Apr
Apr
Apr
+14.00/+15.00 194.49/195.49
+14.00/+15.00 194.49/195.49
+14.00/+15.00 194.49/195.49
+14.00/+15.00 194.49/195.49
+7.58
+7.46
+7.21
+6.96
Apr
Apr
Apr
Apr
LS Diesel Colonial
Cycle 14
Cycle 15
Cycle 16
Cycle 17
Jet 54 Colonial
Cycle 15
Cycle 16
Cycle 17
Cycle 18
+0.50/+1.00
+0.50/+1.00
+0.50/+1.00
+0.50/+1.00
180.99/181.49
180.99/181.49
180.99/181.49
180.99/181.49
+5.83
+5.83
+5.83
+5.83
Apr
Apr
Apr
Apr
+9.50/+10.50 189.99/190.99
+9.75/+10.75 190.24/191.24
+10.00/+11.00 190.49/191.49
+10.25/+11.25 190.74/191.74
+6.83
+6.86
+6.88
+6.91
Apr
Apr
Apr
Apr
+9.50/+11.00 189.99/191.49
+9.75/+11.25 190.24/191.74
+10.00/+11.50 190.49/191.99
+10.25/+11.75 190.74/192.24
+7.18
+7.33
+7.46
Page 7 of 7
BUSINESS DEVELOPMENT
Daniel Massey (713) 968 0000, X107
email: Daniel.Massey@argusmediagroup.com
SUPPORT
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email: Zachary.Rhonheimer@argusmediagroup.com
SALES
Karen Johnson, Houston (713) 968-0000, x122
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email: sales@argusmediagroup.com
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