US Group 3 ultra low sulfur diesel cash market differentials lost 1.5 cents/gal Friday, as shippers at or near their maximum inventory on the Magellan Pipeline looked to dump barrels, sources said. Platts assessed ULSD at June NYMEX heating oil contract minus 1.5 cents/gal, down from even to the NYMEX on Thursday. Differentials lost ground last week as heavy rains and flooding struck parts of Oklahoma, causing further delays to the spring planting season. Differentials have remained soft all winter, compared with historic levels, on healthy stockpiles. "We're drowning in distillates," said one source.
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