Spot gasoline in Chicago weakened the most in three weeks relative to New York futures as the region transitioned to a new delivery cycle and two Midwest refiners were returning from maintenance.
Conventional, 85-octane gasoline, or CBOB, in Chicago tumbled 5.87 cents to 6.5 cents a gallon below New York Mercantile Exchange futures at 2:38 p.m., the largest drop since Sept. 23.
“This is mostly the cycle roll,” said Steve Mosby, president of ADMO Energy LLC, a supply consultant in Kansas City, Missouri.
Conventional, 87-octane gasoline in Group 3 slid 0.75 cent to a three-month low of 12.25 cents below futures.
BP Plc’s Whiting, Indiana, refinery was returning a crude unit to normal operations after being shut for a week of unplanned maintenance, while Marathon Petroleum Corp. was restarting units at its Catlettsburg, Kentucky, plant following work in September. The two sites have a combined capacity of 660,000 barrels a day, according to data compiled by Bloomberg.
The 3-2-1 crack spread in Chicago, a rough measure of refining margins for gasoline and diesel based on West Texas Intermediate oil in Cushing, Oklahoma, dropped $1.36 to $12.22 a barrel, the third consecutive decline. The same spread in Group 3 gained 35 cents to $11.46 a barrel.
Conventional, 87-octane gasoline on the U.S. Gulf Coast slipped 1.5 cents to a discount of 9.75 cents a gallon after climbing yesterday to a six-week high. CBOB retreated 1 cent to a discount of 10 cents a gallon.