Distillate differentials gained Monday morning as the NYMEX May heating oil basis contract fell 2.49 cents/gal. The NYMEX heating oil contract dipped to $3.1160/gal just after 11 a.m. EDT, from $3.1409/gal at 3:15 p.m. EDT Friday.
The US Atlantic Coast distillate cash differentials were up slightly early in the trading day. Ultra low sulfur diesel differentials for New York barge were talked 55 points higher at May plus 6.00 cents/gal. Platts assessed ULSD barge at May plus 5.45 cents/gal Friday.
Jet fuel differentials for barge were up 30 points at plus 10.00 cents/gal, while heating oil had an uptick of 10 points to minus 50 points/gal.
US Gulf Coast distillate differentials were also heard valued slightly higher. US Gulf Coast ULSD was heard trading at plus 5.25 cents/gal, about 50 points/gal higher than Friday's assessment at plus 4.75 cents/gal. Market sources reported little activity throughout the morning as ULSD began trading on a new Colonial Pipeline shipping cycle.
US Gulf Coast jet fuel was heard offered at plus 5 cents/gal, 20 points higher than Friday's assessment at 4.8 cents/gal.
Differentials in the US Midwest were mixed by mid-morning, with conventional unleaded gasoline in Chicago heard from minus 10.00 cents/gal to minus 8.00 cents/gal, down from Friday's assessment of minus 7.50 cents/gal. Group 3 conventional unleaded gasoline was heard up after Friday's assessment of minus 21.75 cents/gal, with a bid heard at minus 21.00 cents/gal.
ULSD in Chicago is unmoved thus far from Friday's assessment of minus 8.75 cents/gal, with spot generic ULSD talked at from minus 10.00 cents/gal to minus 6.00 cents/gal in a thin market. Group 3 ULSD is unchanged, as well, from plus 2.50 cents/gal on Friday, with the market at plus 2.00 cents/gal by plus 3.00 cents/gal.
