US spot prices were mixed as stocks tighten again

摘要

Spot product prices were a mixed bag in the week to April 26,with middle distillates mosdy down and gasoline up in some regions.Keeping a floor under the market,meanwhile,was an ongoing shortening of the supply side.Gasoline sentiment was bolstered by another week of bullish inventory data,especially as stocks posted a larger-than-expected draw.Inventories dropped 2.2MM bbl to 225.8MM bbl,down for the 10th straight week and hitting the lowest since Nov.2018.Analysts had anticipated a smaller draw to the tune of 1.0MM bbl.In the Midwest,differentials in the Chicago and Group Three hubs skidded during the first half of the period,amid subdued trading.Chicago differentials settled at a five-week low on Wednesday,ahead of Thursday's shift to the June front-month contract,and on Thursday,differentials surged as trading commenced against the June contract and as trading started for the first cycle for May delivery on the Buckeye complex.In the Group Three hub,differentials skidded for 10 straight sessions by Thursday and prices came under pressure from refinery selling;the market steadied on Friday.Prices in the Chicago hub ended up on the week.