The Chicago conventional unleaded gasoline cash differential gained 7.25 cents/gal Wednesday to an assessment of NYMEX March RBOB futures minus 24.75 cents/gal, with no major refiners selling in the spot market and increased buying interest in the gasoline, market sources said.
The spot grade of conventional unleaded gasoline weakened in recent weeks on selling pressure from refiners. Without that selling pressure, along with an increase in buying interest, the cash differential for the product has risen by 40.25 cents/gal in the four days of trading since the record low of minus 65.00 cents/gal on February 15, according to Platts data.
Platts assessed the NYMEX March RBOB contract at $3.0989/gal; the NYMEX RBOB contract settled at $3.0877/gal.
"Someone was out there chasing it today," a Chicago broker said.
