Spot product prices swung sharply upward in the week to June 29, on firm demand ahead of the travel-heavy Fourth of July holiday. Strengthening benchmarks also lent support to the cash market. In the Midwest, gasoline prices jumped. Differentials diverged early in the week in the region's two markets, with the Chicago hub strengthening as trading for delivery into the Buckeye Pipeline complex began for the first cycle for July, but the Group Three hub falling on Monday to its lowest since early May. On Tuesday, however, differentials in the Chicago market began to pull back as refinery buying interest edged down, before buying picked up again late in the period, traders said. On the Gulf and West Coasts, gasoline prices posted steep gains. Also, in the New York Harbor (NYH), gasoline and RBOB prices were underpinned by firm demand for summer-grade fuel.
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