opis full-day refined spots report · line space on colonial pipeline's line 1 - the main...

RVP Notice: Starting Friday, May 1, the New York Harbor Barge, New York Harbor Cargo, Boston Cargo, Buckeye Pipeline and Laurel Pipeline markets will no longer show supplemental 13.5-lb. RVP gasoline assessments.

4/28/2020 - Though WTI prices settled lower today, prices were well above the lows established this morning, while refined products were moving higher on the day. Morning selling took the June WTI contract as low as $10.07/bbl, but the low levels were never really threatened the rest of the day as the contract settled at $12.34/bbl, a loss of 44cts. The July contract was off by a similar amount, settling at $17.60/bbl, though at one point the spread between the first two months was quickly approaching $7/bbl. The heavy early selling, sources believe, is tied to noncommercial interests like the USO ETF and others rolling out of the June contract well ahead of schedule. After-hours trading has seen WTI jump by some 90cts, to $13.27/bbl as the API reported a build that was less than 10 million bbl and a Cushing build inside of 2.5 million bbl. June and July Brent futures were moving in opposite directions today, helping to narrow the spread between the two months to just over $2/bbl. June Brent did slump to less than $19, bottoming at $18.73/bbl before recovering to $20.46/bbl settle and gaining 47cts. The more liquid July contract realized a 33ct loss, to $22.74/bbl. Refined product futures were up to varying degrees as May ULSD posted some of the better gains across product futures. May ULSD gained 2.04cts, settling at 63.08cts/gal, while May RBOB settled at 66.72cts/gal, up 1.89cts. Front-month RBOB still holds a premium to the May ULSD contract of about 3.65cts, but the spread narrowed slightly with some unwinding of the "buy RBOB-sell ULSD" trade. At the beginning of the month, ULSD was worth 38.5cts more than RBOB. June futures were on the rise for both ULSD and RBOB. June RBOB picked up 1.91cts to settle at 70.4cts/gal. At one point, June RBOB was closing in on 74cts/gal. The June ULSD contract managed to pick up just 0.72cts, to settle at 71.08cts/gal. Since settlement, RBOB has shot higher by more than 2cts after API reported a draw in gasoline supplies that totaled more than 1 million bbl. At 4:55 p.m. Eastern time, May RBOB was up 2.46cts, at 69.18cts/gal, with June up 2.22cts, at 72.62cts/gal. ULSD futures were also on the rise, but gains were smaller, and that helped push June RBOB ahead of ULSD with May ULSD last trading at 63.75cts/gal, up 0.67cts, and June at 71.83cts/gal, a gain of 0.75cts/gal. --Reporting by Denton Cinquegrana, [email protected]; Editing by Barbara Chuck, [email protected]

IN GASOLINE U.S. GULF COAST spot gasoline prices primarily edged higher by upward of a penny on Tuesday, following an overnight timing shift where Cycle 27 rolled forward to prompt. CBOB for newly prompt Cycle 27 delivery most recently changed hands at 16cts/gal below

WTI FINISHES LOWER, SHOOTS HIGHER AFTER HOURS

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Table of Contents

NYMEX Prices ..............................Basis Snapshot ............................Cash Price Snapshot ...................CBOT Prices ................................Ethanol Prices .............................RIN Values ..................................Biodiesel .....................................Gulf Coast ................................GC Waterborne ........................Blending Components .................NY Harbor Barge ......................Linden Junction ......................Buckeye & Laurel ....................NY Harbor Cargo .....................Boston .....................................Chicago Comprehensive .......Buckeye Complex ..................Wolverine Pipeline ................West Shore/Badger Pipeline...Group 3 ......................................DOE Data ....................................Contact Us ..................................Methodology ..............................In the News .................................

1 1 2 2 2 2 2

3, 5 4, 5

4 6, 8 6, 8 6, 8 7, 8 7, 8

9, 11 9, 11 9, 11 9, 11

1012141414

ULSD (cts/gal)

Month Price Change

MAY 63.08 2.04

JUN 71.08 0.72

JUL 77.45 0.14

RBOB Unleaded (cts/gal)

Month Price Change

MAY 66.72 1.89

JUN 70.40 1.91

JUL 73.26 1.86

WTI Crude Oil ($/bbl)

Month Price Change

JUN 12.34 (0.44)

JUL 17.60 (0.48)

AUG 21.17 (0.25)

NYMEX at Settlement

April 28, 2020

Gulf CoastProductCBOB*Pre CBOBReg Unl**Pre Unl**RBOBPre RBOB

Low High Mean(16.75) (15.75) (16.250)(6.50) (5.50) (6.000)

(14.25) (13.60) (13.925)(4.50) (3.85) (4.175)(7.50) (6.50) (7.000)2.75 3.75 3.250

Snapshot of Key Full-Day East of the Rockies Prompt Spot Basis Range (cts/gal) - Complete Display InsideNew York Harbor Barge Group 3 Chicago Comprehensive

Low High Mean(4.25) (3.25) (3.750)11.00 12.00 11.500(5.50) (4.50) (5.000)9.25 10.25 9.750

(4.00) (3.50) (3.750)11.00 12.00 11.500

Low High Mean(11.50) (10.50) (11.000)

-- -- -- -- -- ---- -- -- -- -- --4.50 5.50 5.000-- -- -- -- -- ---- -- -- -- -- --

Low High Mean(10.00) (6.50) (8.250)

-- -- -- -- -- ---- -- -- -- -- --

19.00 22.50 20.750(1.75) 1.75 0.00029.50 33.00 31.250

Gulf CoastULSDULSHOHS No2Jet 54

(16.00) (15.65) (15.825)(20.35) (20.00) (20.175)(35.50) (34.50) (35.000)(34.50) (33.75) (34.125)

Linden Junction Group 3 Chicago Comprehensive(9.00) (8.00) (8.500)(11.00) (10.00) (10.500)(20.00) (19.00) (19.500)(34.50) (33.50) (34.000)

0.75 1.00 0.875-- -- -- -- -- ---- -- -- -- -- --

(14.00) (13.00) (13.500)

(14.00) (9.50) (11.750)-- -- -- -- -- ---- -- -- -- -- --

(20.50) (19.50) (20.000)* In the Group 3 market, CBOB represents the Sub-octane price.** In New York Harbor Barge, Reg & Pre Unl are representative of Linden Junction barrels.

© Copyright by Oil Price Information Service (OPIS) by IHS Markit, 2099 Gaither Road 5th Floor, Rockville, MD 20850. The Full-Day Refined Spots Report is published each business day. OPIS does not guarantee the accuracy of these prices. Reproduction of this report without permission is prohibited. To order copies or a limited copyright waiver, contact OPIS Customer Service at 888.301.2645 (U.S. only), +1 301.284.2000 or [email protected].

( Continued on Page 13 )

June NYMEX RBOB futures, narrowing the discount by 0.88cts/gal compared to Monday's closing mean differential. Deals were also heard and confirmed earlier today between 15.75-16.75ct/gal Merc discounts. Working alongside futures gains, outright mean prices were yanked into the black by 2.535cts/gal, at 54.15cts/gal at day's end. Cycle 27 conventional gasoline transacted between 13.60-14.25ct/gal Merc discounts, ending at the high end of that range. Those activities lifted basis levels by 1.78cts/gal versus yesterday's mean. Outright mean prices reached higher by 3.36cts/gal, at 56.475cts/gal at the close of the session. Prompt Cycle 27 RBOB was talked around 7cts/gal below the screen, widening spot discounts by 0.75cts/gal compared to yesterday's ending mean differential. Outright mean prices climbed to 63.40cts/gal, an uptick of 1.16cts/gal at closing. Premium RBOB was discussed at about a 3.25ct/gal Merc premium, placing outright mean prices at 73.65cts/gal at day's end. Line space on Colonial Pipeline's Line 1 - the main gasoline line - was last talked right around a 1.75ct discount to pipeline tariffs, 0.25cts weaker than yesterday's mean. NEW YORK HARBOR gasoline spot prices stepped higher during today's session, lifted by futures strength. Basis differentials held steady or weakened, cutting into those Merc-based advances, but leaving outright values in positive territory. Prompt barge and Buckeye RBOB VOC-controlled prices regained some ground after yesterday's declines, approaching, but not reaching, the six-week highs seen on Friday. Mean prices climbed 1.64cts/gal, to 62.97cts/gal, while trade discounts widened by 0.25cts/gal, to 3.75cts/gal beneath the May NYMEX RBOB futures contract. April any timing barrels - which represent end-month April levels - were talked in a relatively narrow range on either side of this same differential today. Looking ahead, the forward curve remained in contango, with supplies gaining in value over time. May 10 RBOB VOC-controlled barrels were discussed at least 1.50cts/gal stronger than April any timing supplies today. CBOB 7.8-lb. RVP gasoline for prompt barge and Buckeye loading was last gauged even to RBOB VOC-controlled material, amid hushed physical trade. Prompt Buckeye 9.0-lb. RVP gasoline held steady at a 6.50ct/gal Merc discount, with an offer out in the marketplace at minus 6cts/gal to the May screen today. Mean cash prices advanced 1.89cts/gal, to 60.22cts/gal. Offline Colonial Pipeline prompt Cycle 22 RBOB VOC-controlled gasoline saw trade discounts widen by 1.50cts/gal today, with unrestricted barrels talked on either side of this same differential. The weaker basis

( Continued from Page 1 )OPIS Biofuel Pricing at a Glance

Market LowNew York Barge 96.00New York In Tank Transfer 96.00Gulf Coast Barge 98.00Dallas Rail 99.50Tampa Rail 110.00Chicago 92.50Chicago Rule 11 88.00Chicago Dead Prompt 92.50

OPIS Ethanol Prompt Prices (cts/gal)High98.5098.50

100.00108.00116.0092.9090.0092.90

Change0.7500.7500.0002.7500.5000.9000.5000.900

RIN Type Year LowCorn Ethanol 2018 21.00Corn Ethanol 2019 27.50Corn Ethanol 2020 35.50Biodiesel 2018 42.50Biodiesel 2019 54.00Biodiesel 2020 50.50Cellulosic 2018 98.00Cellulosic 2019 98.00Cellulosic 2020 98.00Adv. Biofuel 2018 41.50Adv. Biofuel 2019 53.00Adv. Biofuel 2020 49.50

OPIS U.S. RIN Values (cts/RIN)High22.5029.5037.0045.0056.5053.0099.0099.0099.0045.0056.5053.00

Change1.0001.0001.0000.7500.7500.7500.0000.0000.0000.7500.7500.750

CBOT Preliminary SettlementsProduct Month Price ChangeEthanol ($/gal) MAY 0.9110 (0.0240)Ethanol ($/gal) JUN 0.9390 (0.0080)Soybean Oil (cts/lb) MAY 25.30 0.31Soybean Oil (cts/lb) JUL 25.77 0.30Corn (cts/bushel) MAY 302.75 (2.75)Corn (cts/bushel) JUL 312.00 (1.25)

Market LowNew York 250.00Gulf Coast 242.00Chicago 257.00

OPIS Biodiesel (B100) Prompt Prices (cts/gal)High

269.00259.00269.00

Change2.0002.0002.000

30-Day Futures vs. Cash Ethanol Trend

Gulf CoastProductCBOB*Pre CBOBReg Unl**Pre Unl**RBOBPre RBOB

Low High Mean53.65 54.65 54.15063.90 64.90 64.40056.15 56.80 56.47565.90 66.55 66.22562.90 63.90 63.40073.15 74.15 73.650

New York Harbor Barge Group 3 Chicago ComprehensiveSnapshot of Key Full Day East of the Rockies Prompt Spot Cash Prices Ranges (cts/gal) - Complete Display Inside

Low High Mean62.47 63.47 62.97077.72 78.72 78.22061.22 62.22 61.72075.97 76.97 76.47062.72 63.22 62.97077.72 78.72 78.220

Low High Mean55.22 56.22 55.720-- -- -- -- -- ---- -- -- -- -- --

71.22 72.22 71.720-- -- -- -- -- ---- -- -- -- -- --

Low High Mean60.40 63.90 62.150-- -- -- -- -- ---- -- -- -- -- --

89.40 92.90 91.15068.65 72.15 70.40099.90 103.40 101.650

Gulf CoastULSDULSHOHS No2Jet 54

55.08 55.43 55.25550.73 51.08 50.90535.58 36.58 36.08036.58 37.33 36.955

Linden Junction Group 3 Chicago Comprehensive62.08 63.08 62.58060.08 61.08 60.58051.08 52.08 51.58036.58 37.58 37.080

63.83 64.08 63.955-- -- -- -- -- ---- -- -- -- -- --

49.08 50.08 49.580

57.08 61.58 59.330-- -- -- -- -- ---- -- -- -- -- --

50.58 51.58 51.080

* In the Group 3 market, CBOB represents the Sub-octane price.** In New York Harbor Barge, Reg & Pre Unl are representative of Linden Junction barrels.

www.opisnet.com© OPIS, an IHS Markit company of 14

· ETHANOL & BLENDSTOCKS · April 28, 2020OPIS Full-Day Refined Spots Report

OPIS U.S. Gulf Coast Spot Gasoline Prices (cts/gal)

Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-Day Wt. AvgCBOB 9.0 C27 Jun 53.65 54.65 54.40 54.150 2.535 (16.00) (16.250) 52.597 49.075 54.525Pre CBOB 9.0 C27 Jun 63.90 64.90 64.65 64.400 2.535 (5.75) (6.000) 61.822 60.891 64.400Reg Unl 9.0 C27 Jun 56.15 56.80 56.80 56.475 3.360 (13.60) (13.925) 54.637 53.874 56.385Pre Unl 9.0 C27 Jun 65.90 66.55 66.55 66.225 2.985 (3.85) (4.175) 64.592 64.114 -- --RBOB VOC C27 Jun 62.90 63.90 63.40 63.400 1.160 (7.00) (7.000) 62.172 59.440 63.400Pre RBOB VOC C27 Jun 73.15 74.15 73.65 73.650 0.410 3.25 3.250 72.272 68.678 -- --CPL Line 01 C27 -2.25 -1.25 -1.75 -1.750 (0.250) -- -- -- -- -1.575 -2.036 -- --

Prompt PricesGulf Coast

Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 9.0 C28 Jun 53.65 54.65 54.40 54.150 2.660 (16.00) (16.250) 52.622 49.202Pre CBOB 9.0 C28 Jun 63.90 64.90 64.65 64.400 2.660 (5.75) (6.000) 61.872 60.809Reg Unl 9.0 C28 Jun 56.15 56.80 56.80 56.475 2.985 (13.60) (13.925) 54.932 54.112Pre Unl 9.0 C27 Jun 65.90 66.55 66.55 66.225 2.985 (3.85) (4.175) 64.592 64.114RBOB VOC C28 Jun 62.90 63.90 63.40 63.400 1.160 (7.00) (7.000) 62.322 59.566Pre RBOB VOC C28 Jun 73.15 74.15 73.65 73.650 0.410 3.25 3.250 72.422 68.804

Prompt Plus One Cycle PricesGulf Coast

Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 9.0 C29 Jun 53.65 54.65 54.40 54.150 2.660 (16.00) (16.250) 52.672 49.392Pre CBOB 9.0 C29 Jun 63.90 64.90 64.65 64.400 2.660 (5.75) (6.000) 61.922 60.999Reg Unl 9.0 C29 Jun 56.15 56.80 56.80 56.475 2.485 (13.60) (13.925) 55.262 54.423Pre Unl 9.0 C29 Jun 65.90 66.55 66.55 66.225 2.985 (3.85) (4.175) 64.782 64.130RBOB VOC C29 Jun 62.90 63.90 63.40 63.400 1.160 (7.00) (7.000) 62.472 59.705Pre RBOB VOC C29 Jun 73.15 74.15 73.65 73.650 0.410 3.25 3.250 72.572 68.943

Prompt Plus Two Cycle PricesGulf Coast

Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 9.0 JUN Jul 55.26 56.26 55.76 55.760 2.860 (17.50) (17.500) 53.884 51.997Reg Unl 9.0 JUN Jul 57.26 58.26 57.76 57.760 1.360 (15.50) (15.500) 57.184 55.842

Ratable PricesGulf Coast


· U.S. GULF COAST CASH PRICES · April 28, 2020OPIS Full-Day Refined Spots Report

30-Day Gulf Coast Gasoline Prices

Product Timing LowMTBE Prompt 67.00Alkylate Prompt 76.15

High69.0076.80

Change 5-Day 30-Day0.000 68.700 62.5483.360 74.637 75.779

Blendstocks PricesGC WaterborneLast68.0076.80

Mean68.00076.475

OPIS U.S. Gulf Coast Spot Gasoline Prices (cts/gal)

OPIS U.S. Gulf Coast Spot-to-Rack-to-Retail Snapshot

OPIS U.S. Gulf Coast Trends

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayReg Unl 9.0 Jun 57.40 58.05 58.05 57.725 3.360 (12.35) (12.675) 55.887 55.124Pre Unl 9.0 Jun 67.15 67.80 67.80 67.475 2.985 (2.60) (2.925) 65.842 65.364

Prompt PricesGC Waterborne

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayReg Unl 9.0 Jun 57.40 58.05 58.05 57.725 2.985 (12.35) (12.675) 57.137 56.203

End Month PricesGC Waterborne

30-Day Gulf Coast Gasoline Relationships

Gasoline Diesel

Gasoline ($/gal) Price ChangeGC Spot Gasoline 0.553 0.030Basket of Racks 0.875 -0.005Retail Average 1.485 -0.005

Diesel ($/gal) Price ChangeGC Spot Diesel 0.553 0.014Basket of Racks 0.638 -0.028Retail Average 2.195 -0.011



OPIS U.S. Gulf Coast Spot Distillate Prices (cts/gal)

OPIS U.S. Gulf Coast Waterborne Spot Distillate Prices (cts/gal)

Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-Day Wt. AvgULSD C26 Jun 55.08 55.43 55.43 55.255 1.395 (15.65) (15.825) 59.740 81.807 55.32561ULSD C26 Jun 55.08 55.43 55.43 55.255 1.395 (15.65) (15.825) 59.740 81.807 55.255ULSHO C26 Jun 50.73 51.08 51.08 50.905 1.395 (20.00) (20.175) 55.430 77.640 50.905HS No2 C25 Jun 35.58 36.58 36.08 36.080 0.720 (35.00) (35.000) 39.386 61.526 -- --Kero 55 C26 Jun 45.08 45.83 45.08 45.455 (0.405) (26.00) (25.625) 50.805 68.646 -- --ULS Kero C26 Jun 50.08 50.83 50.08 50.455 (0.405) (21.00) (20.625) 55.805 73.646 -- --Jet 54 C26 Jun 36.58 37.33 36.58 36.955 (0.405) (34.50) (34.125) 42.305 60.146 36.955CPL Line 02 C26 1.00 1.50 1.25 1.250 0.000 -- -- -- -- 0.620 0.394 -- --

Prompt PricesGulf Coast

Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD C27 Jun 55.23 55.58 55.58 55.405 1.245 (15.50) (15.675) 59.925 81.79561ULSD C27 Jun 55.23 55.58 55.58 55.405 1.245 (15.50) (15.675) 59.925 81.795ULSHO C27 Jun 50.88 51.23 51.23 51.055 1.245 (19.85) (20.025) 55.615 77.628HS No2 C26 Jun 35.58 36.58 36.08 36.080 0.720 (35.00) (35.000) 39.390 61.526Kero 55 C27 Jun 45.33 45.83 45.33 45.580 (0.280) (25.75) (25.500) 50.850 68.624ULS Kero C27 Jun 50.33 50.83 50.33 50.580 (0.280) (20.75) (20.500) 55.850 73.624Jet 54 C27 Jun 36.83 37.33 36.83 37.080 (0.280) (34.25) (34.000) 42.350 60.124

Prompt Plus One Cycle PricesGulf Coast

Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD C28 Jun 55.38 55.73 55.73 55.555 1.095 (15.35) (15.525) 60.135 81.77861ULSD C28 Jun 55.38 55.73 55.73 55.555 1.095 (15.35) (15.525) 60.135 81.778ULSHO C28 Jun 51.03 51.38 51.38 51.205 1.095 (19.70) (19.875) 55.825 77.611HS No2 C27 Jun 35.58 36.58 36.08 36.080 0.720 (35.00) (35.000) 39.390 61.525Kero 55 C28 Jun 45.58 46.08 45.58 45.830 (0.030) (25.50) (25.250) 50.920 68.594ULS Kero C28 Jun 50.58 51.08 50.58 50.830 (0.030) (20.50) (20.250) 55.920 73.594Jet 54 C28 Jun 37.08 37.58 37.08 37.330 (0.030) (34.00) (33.750) 42.420 60.094

Prompt Plus Two Cycle PricesGulf Coast

Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD JUN Jul 63.20 64.20 63.70 63.700 8.340 (13.75) (13.750) 61.904 83.58861ULSD JUN Jul 63.20 64.20 63.70 63.700 8.340 (13.75) (13.750) 61.904 83.588

Ratable PricesGulf Coast

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD Jun 56.08 56.43 56.43 56.255 1.395 (14.65) (14.825) 60.740 82.807ULSHO Jun 51.73 52.08 52.08 51.905 1.395 (19.00) (19.175) 56.430 78.640LS No2 Jun 38.08 39.08 38.58 38.580 0.720 (32.50) (32.500) 41.886 64.026LS2OFF Jun 37.33 38.33 37.83 37.830 0.720 (33.25) (33.250) 41.136 63.276HS No2 Jun 36.83 37.83 37.33 37.330 0.720 (33.75) (33.750) 40.636 62.776Kero 55 Jun 46.58 47.33 46.58 46.955 (0.405) (24.50) (24.125) 52.305 70.146Jet 54 Jun 38.08 38.83 38.08 38.455 (0.405) (33.00) (32.625) 43.805 61.646

Prompt PricesGC Waterborne

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD Jun 56.68 57.03 57.03 56.855 0.245 (14.05) (14.225) 61.995 82.990ULSHO Jun 52.33 52.68 52.68 52.505 0.245 (18.40) (18.575) 57.685 78.823LS No2 Jun 37.83 38.83 38.33 38.330 0.720 (32.75) (32.750) 41.640 63.776LS2OFF Jun 37.08 38.08 37.58 37.580 0.720 (33.50) (33.500) 40.890 63.026HS No2 Jun 36.83 37.83 37.33 37.330 0.720 (33.75) (33.750) 40.640 62.776

End Month PricesGC Waterborne



OPIS U.S. Northeast Spot Gasoline Prices (cts/gal)

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 7.8 May 62.47 63.47 62.97 62.970 1.640 (3.75) (3.750) 62.304 58.788CBOB 13.5 May 59.72 60.72 60.22 60.220 1.890 (6.50) (6.500) 57.924 50.551Pre CBOB 7.8 May 77.72 78.72 78.22 78.220 1.890 11.50 11.500 74.974 73.650Pre CBOB 13.5 May 64.72 65.72 65.22 65.220 1.890 (1.50) (1.500) 63.674 65.340RBOB VOC May 62.72 63.22 62.97 62.970 1.640 (3.75) (3.750) 62.204 60.050RBOB 13.5 May 59.72 60.72 60.22 60.220 1.890 (6.50) (6.500) 57.874 50.114Pre RBOB VOC May 77.72 78.72 78.22 78.220 1.890 11.50 11.500 74.574 72.483Pre RBOB 13.5 May 66.22 67.22 66.72 66.720 1.890 0.00 0.000 64.174 64.829

Prompt PricesNew York Harbor Barge

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 7.8 May 62.47 63.47 62.97 62.970 1.640 (3.75) (3.750) 62.404 60.249Pre CBOB 7.8 May 77.72 78.72 78.22 78.220 1.890 11.50 11.500 75.074 75.149RBOB VOC May 62.72 63.22 62.97 62.970 1.640 (3.75) (3.750) 62.314 61.740Pre RBOB VOC May 77.72 78.72 78.22 78.220 1.890 11.50 11.500 74.674 73.982

End Month PricesNew York Harbor Barge

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 7.8 Jun 67.90 68.90 68.40 68.400 1.910 (2.00) (2.000) 67.282 65.751RBOB VOC Jun 67.90 68.90 68.40 68.400 1.910 (2.00) (2.000) 67.172 67.177

Ratable PricesNew York Harbor Barge

Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 9.0 C23 May 57.47 58.47 57.97 57.970 1.890 (8.75) (8.750) 56.974 53.013Reg Unl 9.0 C22 May 61.22 62.22 61.72 61.720 1.890 (5.00) (5.000) 59.924 58.019Pre Unl 9.0 C23 May 75.97 76.97 76.47 76.470 1.890 9.75 9.750 74.074 73.674RBOB VOC C22 May 63.22 64.22 63.72 63.720 0.390 (3.00) (3.000) 63.254 61.355

Prompt PricesLinden Junction

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 7.8 May 62.47 63.47 62.97 62.970 1.640 (3.75) (3.750) 62.304 58.788CBOB 9.0 May 59.72 60.72 60.22 60.220 1.890 (6.50) (6.500) 59.024 53.329CBOB 13.5 May 59.72 60.72 60.22 60.220 1.890 (6.50) (6.500) 57.924 50.551Pre CBOB 7.8 May 77.72 78.72 78.22 78.220 1.890 11.50 11.500 74.974 73.650Pre CBOB 9.0 May 69.97 70.97 70.47 70.470 1.890 3.75 3.750 69.124 69.460Pre CBOB 13.5 May 64.72 65.72 65.22 65.220 1.890 (1.50) (1.500) 63.674 65.340RBOB VOC May 62.72 63.22 62.97 62.970 1.640 (3.75) (3.750) 62.204 60.050RBOB 13.5 May 59.72 60.72 60.22 60.220 1.890 (6.50) (6.500) 57.874 50.114Pre RBOB VOC May 77.72 78.72 78.22 78.220 1.890 11.50 11.500 74.574 72.483Pre RBOB 13.5 May 66.22 67.22 66.72 66.720 1.890 0.00 0.000 64.174 64.829

Prompt PricesBuckeye

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 9.0 May 59.72 60.72 60.22 60.220 1.890 (6.50) (6.500) 59.024 53.329CBOB 13.5 May 59.72 60.72 60.22 60.220 1.890 (6.50) (6.500) 57.924 50.551Pre CBOB 9.0 May 69.97 70.97 70.47 70.470 1.890 3.75 3.750 69.124 69.460Pre CBOB 13.5 May 64.72 65.72 65.22 65.220 1.890 (1.50) (1.500) 63.674 65.340RBOB Unl VOC May 62.72 63.22 62.97 62.970 1.640 (3.75) (3.750) 62.204 60.050RBOB Unl 13.5 May 59.72 60.72 60.22 60.220 1.890 (6.50) (6.500) 57.874 50.114RBOB Pre VOC May 77.72 78.72 78.22 78.220 1.890 11.50 11.500 74.574 72.483RBOB Pre 13.5 May 66.22 67.22 66.72 66.720 1.890 0.00 0.000 64.174 64.829

Prompt PricesLaurel


· U.S. NORTHEAST CASH PRICES · April 28, 2020OPIS Full-Day Refined Spots Report

OPIS U.S. Northeast Spot Gasoline Prices (cts/gal)

OPIS U.S. Northeast Trends

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayRBOB VOC May 64.22 64.72 64.47 64.470 1.640 (2.25) (2.250) 63.704 61.550RBOB 13.5 May 61.22 62.22 61.72 61.720 1.890 (5.00) (5.000) 59.374 51.614Pre RBOB VOC May 79.22 80.22 79.72 79.720 1.890 13.00 13.000 76.074 73.983Pre RBOB 13.5 May 67.72 68.72 68.22 68.220 1.890 1.50 1.500 65.674 66.329

Prompt PricesBoston

30-Day NY Barge Gasoline Cash Prices

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayReg Unl 9.0 May 61.22 62.22 61.72 61.720 1.890 (5.00) (5.000) 59.924 57.951Reg Unl 13.5 May 59.72 60.72 60.22 60.220 1.890 (6.50) (6.500) 57.924 52.805Pre Unl 9.0 May 75.97 76.97 76.47 76.470 1.890 9.75 9.750 74.074 73.646Pre Unl 13.5 May 66.22 67.22 66.72 66.720 1.890 0.00 0.000 64.574 65.079RBOB VOC May 62.72 63.22 62.97 62.970 1.640 (3.75) (3.750) 62.204 60.050RBOB 13.5 May 59.72 60.72 60.22 60.220 1.890 (6.50) (6.500) 57.874 50.114Pre RBOB VOC May 77.72 78.72 78.22 78.220 1.890 11.50 11.500 74.574 72.483Pre RBOB 13.5 May 66.22 67.22 66.72 66.720 1.890 0.00 0.000 64.174 64.829

Prompt PricesNew York Harbor Cargo

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayReg Unl 9.0 May 61.22 62.22 61.72 61.720 1.890 (5.00) (5.000) 60.024 59.570Pre Unl 9.0 May 75.97 76.97 76.47 76.470 1.890 9.75 9.750 74.174 75.130RBOB VOC May 62.72 63.22 62.97 62.970 1.640 (3.75) (3.750) 62.314 61.740Pre RBOB VOC May 77.72 78.72 78.22 78.220 1.890 11.50 11.500 74.674 73.982

End Month PricesNew York Harbor Cargo

30-Day NY Barge Gasoline Relationships

OPIS U.S. Northeast Spot-to-Rack-to-Retail Snapshot

Gasoline Diesel

Gasoline ($/gal) Price ChangeNY Barge Spot Gasoline 0.630 0.016Basket of Racks 0.967 -0.039Retail Average 2.072 -0.003

Diesel ($/gal) Price ChangeLinden Junction Spot Diesel 0.626 0.018Basket of Racks 0.718 -0.039Retail Average 2.721 -0.011



OPIS U.S. Northeast Spot Distillate Prices (cts/gal)

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD Jun 61.83 62.83 62.33 62.330 2.290 (8.75) (8.750) 66.270 89.143ULSHO Jun 58.08 59.08 58.58 58.580 2.040 (12.50) (12.500) 62.420 85.927LSHO Jun 56.28 57.28 56.78 56.780 2.040 (14.30) (14.300) 60.770 83.199HS No2 Jun 51.08 52.08 51.58 51.580 1.290 (19.50) (19.500) 48.220 69.820Kero 55 Jun 69.83 70.83 70.33 70.330 2.040 (0.75) (0.750) 74.320 96.749ULS Kero Jun 81.33 82.33 81.83 81.830 2.040 10.75 10.750 85.820 108.249Jet 54 Jun 35.58 36.58 36.08 36.080 0.540 (35.00) (35.000) 39.970 58.796

Prompt PricesNew York Harbor Barge

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD Jun 62.83 63.83 63.33 63.330 3.290 (7.75) (7.750) 66.470 88.945ULSHO Jun 58.08 59.08 58.58 58.580 2.040 (12.50) (12.500) 62.370 85.522LSHO Jun 56.28 57.28 56.78 56.780 2.040 (14.30) (14.300) 60.770 83.199HS No2 Jun 51.08 52.08 51.58 51.580 1.290 (19.50) (19.500) 48.220 69.820Kero 55 Jun 69.83 70.83 70.33 70.330 2.040 (0.75) (0.750) 74.320 96.749ULS Kero Jun 81.33 82.33 81.83 81.830 2.040 10.75 10.750 85.820 108.249Jet 54 Jun 35.58 36.58 36.08 36.080 0.540 (35.00) (35.000) 39.970 58.796

End Month PricesNew York Harbor Barge

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD Jun 61.83 62.83 62.33 62.330 2.290 (8.75) (8.750) 66.270 89.143Jet 54 Jun 35.58 36.58 36.08 36.080 0.540 (35.00) (35.000) 39.970 58.796

Prompt PricesNew York Harbor Cargo

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD Jun 62.83 63.83 63.33 63.330 3.290 (7.75) (7.750) 66.470 88.945Jet 54 Jun 35.58 36.58 36.08 36.080 0.540 (35.00) (35.000) 39.970 58.796

End Month PricesNew York Harbor Cargo

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD Jun 61.83 62.83 62.33 62.330 2.290 (8.75) (8.750) 66.270 89.119ULSHO Jun 58.08 59.08 58.58 58.580 2.040 (12.50) (12.500) 62.420 85.927LSHO Jun 56.28 57.28 56.78 56.780 2.040 (14.30) (14.300) 60.770 83.199Kero 55 Jun 69.83 70.83 70.33 70.330 2.040 (0.75) (0.750) 74.320 96.749Jet 54 Jun 35.58 36.58 36.08 36.080 0.540 (35.00) (35.000) 39.970 58.796

Prompt PricesBuckeye

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD Jun 62.08 63.08 62.58 62.580 4.290 (8.50) (8.500) 64.920 88.124LSHO Jun 58.58 59.58 59.08 59.080 2.040 (12.00) (12.000) 63.070 84.318Jet 54 Jun 35.58 36.58 36.08 36.080 0.540 (35.00) (35.000) 39.970 58.796

Prompt PricesLaurel

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD Jun 61.83 62.83 62.33 62.330 2.290 (8.75) (8.750) 66.270 89.143

Prompt PricesBoston

Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD C23 Jun 62.08 63.08 63.08 62.580 1.790 (8.00) (8.500) 66.245 88.74963ULSD C23 Jun 62.08 63.08 63.08 62.580 1.790 (8.00) (8.500) 66.245 88.755ULSHO C23 Jun 60.08 61.08 60.58 60.580 3.040 (10.50) (10.500) 63.320 85.451LSHO C23 Jun 60.08 61.08 60.58 60.580 3.040 (10.50) (10.500) 63.320 85.451HS No2 C23 Jun 51.08 52.08 51.58 51.580 1.290 (19.50) (19.500) 48.220 69.820Jet 54 C23 Jun 36.58 37.58 37.08 37.080 (1.460) (34.00) (34.000) 41.120 58.820

Prompt PricesLinden Junction



OPIS U.S. Midwest Trends

30-Day Chicago Gasoline Prices 30-Day Chicago Gasoline Relationships

Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 9.0 May1 Jun 62.90 63.90 63.40 63.400 1.910 (7.00) (7.000) 52.342 36.051Pre Unl 9.0 May1 Jun 91.90 92.90 92.40 92.400 1.910 22.00 22.000 81.342 65.051RBOB 9.0 May1 Jun 71.15 72.15 71.65 71.650 3.160 1.25 1.250 59.292 43.991Pre RBOB 9.0 May1 Jun 102.40 103.40 102.90 102.900 1.910 32.50 32.500 91.842 75.551

Prompt PricesBuckeye Complex

Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 9.0 May1 Jun 60.40 63.40 60.40 61.900 3.410 (10.00) (8.500) 51.542 31.122Pre Unl 9.0 May1 Jun 89.40 92.40 89.40 90.900 3.410 19.00 20.500 80.542 60.122

Prompt PricesWolverine Pipeline

Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 9.0 May1 Jun 62.90 63.90 63.40 63.400 12.410 (7.00) (7.000) 41.742 27.503Pre Unl 9.0 May1 Jun 91.90 92.90 92.40 92.400 12.410 22.00 22.000 70.742 56.503RBOB 9.0 May1 Jun 71.15 72.15 71.65 71.650 3.160 1.25 1.250 50.792 35.944Pre RBOB 9.0 May1 Jun 102.40 103.40 102.90 102.900 12.410 32.50 32.500 81.242 67.003

Prompt PricesWest Shore/Badger Pipeline

Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 9.0 Jun1 Jul 58.26 59.26 58.76 58.760 7.610 (14.50) (14.500) 48.176 40.650Pre Unl 9.0 Jun1 Jul 87.26 88.26 87.76 87.760 7.610 14.50 14.500 77.176 69.650RBOB VOC Jun1 Jul 66.51 67.51 67.01 67.010 7.610 (6.25) (6.250) 55.876 48.769Pre RBOB VOC Jun1 Jul 97.76 98.76 98.26 98.260 7.610 25.00 25.000 87.676 80.150

Prompt Plus Three Cycle PricesChicago Comprehensive

Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 9.0 May3 Jun 59.90 60.90 60.40 60.400 8.410 (10.00) (10.000) 48.672 36.785Pre Unl 9.0 May3 Jun 88.90 89.90 89.40 89.400 8.410 19.00 19.000 77.672 65.785RBOB VOC May3 Jun 68.15 69.15 68.65 68.650 8.410 (1.75) (1.750) 56.372 44.904Pre RBOB VOC May3 Jun 99.40 100.40 99.90 99.900 8.410 29.50 29.500 88.172 76.285

Prompt Plus Two Cycle PricesChicago Comprehensive

Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 9.0 May2 Jun 59.90 60.90 60.40 60.400 8.410 (10.00) (10.000) 48.672 33.543Pre Unl 9.0 May2 Jun 88.90 89.90 89.40 89.400 8.410 19.00 19.000 77.672 62.543RBOB VOC May2 Jun 68.15 69.15 68.65 68.650 8.410 (1.75) (1.750) 56.372 41.662Pre RBOB VOC May2 Jun 99.40 100.40 99.90 99.900 8.410 29.50 29.500 88.172 73.043

Prompt Plus One Cycle PricesChicago Comprehensive

Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 9.0 May1 Jun 60.40 63.90 62.15 62.150 9.410 (8.25) (8.250) 46.142 31.575Pre Unl 9.0 May1 Jun 89.40 92.90 91.15 91.150 9.410 20.75 20.750 75.142 60.575RBOB VOC May1 Jun 68.65 72.15 70.40 70.400 1.910 0.00 0.000 54.842 39.932Pre RBOB VOC May1 Jun 99.90 103.40 101.65 101.650 9.410 31.25 31.250 85.642 71.075

Prompt PricesChicago Comprehensive

OPIS U.S. Midwest Spot Gasoline Prices (cts/gal)


· U.S. MIDWEST CASH PRICES · April 28, 2020OPIS Full-Day Refined Spots Report

OPIS U.S. Midwest Spot Gasoline Prices (cts/gal)

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DaySub-Oct Reg 8.5 May 55.22 56.22 55.72 55.720 1.890 (11.00) (11.000) 50.674 44.255Pre Unl 8.5 May 71.22 72.22 71.72 71.720 1.890 5.00 5.000 66.674 65.231

End Month PricesGroup 3

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DaySub-Oct Reg 8.5 May 55.22 56.22 55.72 55.720 2.390 (11.00) (11.000) 50.699 41.237Pre Unl 8.5 May 71.22 72.22 71.72 71.720 2.390 5.00 5.000 66.699 62.499

Prompt PricesGroup 3

OPIS U.S. Group 3 Trends

30-Day Group 3 Gasoline Relationships30-Day Group 3 Gasoline Prices

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD May 63.58 64.58 64.08 64.080 2.040 1.00 1.000 67.020 88.646Jet 54 May 49.08 50.08 49.58 49.580 6.040 (13.50) (13.500) 48.570 70.546

End Month PricesGroup 3

Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD May 63.83 64.08 63.83 63.955 1.915 0.75 0.875 66.970 88.634Jet 54 May 49.08 50.08 49.58 49.580 6.040 (13.50) (13.500) 48.570 70.566

Prompt PricesGroup 3



OPIS U.S. Midwest Spot Distillate Prices (cts/gal)

OPIS U.S. Midwest Trends

Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD May1 Jun 57.08 61.58 59.33 59.330 6.470 (11.75) (11.750) 52.684 76.204Jet 54 May1 Jun 50.58 51.58 51.08 51.080 8.220 (20.00) (20.000) 49.634 70.085

Prompt PricesChicago Comprehensive


Prompt Plus One Cycle PricesChicago Comprehensive


Prompt Plus Two Cycle PricesChicago Comprehensive

Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD Jun1 Jul 65.45 66.45 65.95 65.950 4.140 (11.50) (11.500) 62.394 80.621Jet 54 Jun1 Jul 50.70 51.70 51.20 51.200 8.390 (26.25) (26.250) 49.694 70.110

Prompt Plus Three Cycle PricesChicago Comprehensive

30-Day Chicago Distillate Relationships


Prompt PricesBuckeye Complex

Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD May1 Jun 58.58 59.58 59.08 59.080 7.720 (12.00) (12.000) 52.134 76.133

Prompt PricesWolverine Pipeline


Prompt PricesWest Shore/Badger Pipeline



Gulf4/15/20 (7.00)4/16/20 (7.50)4/17/20 (7.00)4/20/20 (5.28)4/21/20 (2.58)

5-Day Avg (5.87)4/22/20 (2.09)4/23/20 (2.40)4/24/20 (4.61)4/27/20 (2.59)4/28/20 (3.32)

5-Day Avg (3.00)

NYHB(17.25)(8.00)(7.75)(6.00)(4.00)(8.60)(3.50)(1.60)(2.50)(3.50)(3.75)(2.97)

Front NYMEX72.0470.5171.0766.8351.0366.3063.8464.3666.1264.8366.7265.17

Gulf(7.60)(6.68)(6.95)(7.15)(7.50)(7.18)(6.78)(7.10)(7.77)(7.18)(7.83)(7.33)

LJ(1.88)(1.18)(0.50)(0.40)(0.75)(0.94)(1.25)(1.50)(0.63)(0.25)(0.50)(0.83)

G3(0.25)(0.75)(0.25)(0.58)(0.50)(0.47)(1.00)(0.88)(0.50)1.000.87

(0.10)

Chi(21.50)(19.25)(18.50)(18.50)(19.25)(19.40)(22.00)(22.00)(16.00)(8.18)(3.75)

(14.39)

Front NYMEX91.3894.6395.6388.7872.6988.6273.1173.4564.6761.0463.0867.07

East of the Rockies Prompt Mean Differential 10-Day Trend Line (cts/gal)Ultra Low Sulfur DieselRBOB

Week Ending4/24/204/17/20

Gasoline-- --5.3

Distillate-- --3.1

Refinery Utilization Rate-- --

65.6%

2020 2019 Change1,512 2,245 -7331,569 2,337 -7681,527 2,365 -8381,895 2,298 -4031,626 2,311 -686

Total Gasoline Production (in thousand barrels/day)

Week Ending4/17/204/10/204/3/20

3/27/204 Wk Avg

East Midwest2020 2019 Change1,535 2,553 -1,0181,516 2,522 -1,0061,454 2,519 -1,0651,750 2,475 -7251,564 2,517 -954

Nation2020 2019 Change6,002 9,972 -3,9705,897 10,086 -4,1895,826 10,124 -4,2986,920 9,945 -3,0256,161 10,032 -3,871

Gulf2020 2019 Change1,782 3,293 -1,5111,718 3,346 -1,6281,706 3,271 -1,5652,085 3,286 -1,2011,823 3,299 -1,476

2020 2019 Change46.2 39.3 6.944.0 39.2 4.841.1 38.5 2.542.7 38.3 4.443.5 38.9 4.6

Total Distillates Stocks (in million barrels)*

Week Ending4/17/204/10/204/3/20

3/27/204 Wk Avg

East2020 2019 Change41.4 36.9 4.437.7 37.2 0.535.5 38.2 -2.633.0 39.6 -6.636.9 38.0 -1.1

Midwest2020 2019 Change30.2 33.6 -3.429.9 34.4 -4.529.8 34.2 -4.430.2 33.4 -3.230.0 33.9 -3.9

Nation2020 2019 Change136.9 127.0 9.9129.0 127.7 1.3122.7 128.1 -5.3122.2 128.2 -5.9127.7 127.7 0.0

Gulf

* Minus Jet Fuel

2020 2019 Change87.1 80.3 6.985.9 82.1 3.881.9 80.7 1.279.8 81.4 -1.683.7 81.1 2.6

Total Gasoline Stocks (in million barrels)

Week Ending4/17/204/10/204/3/20

3/27/204 Wk Avg

East2020 2019 Change73.9 60.1 13.871.9 59.2 12.770.5 60.3 10.265.9 63.6 2.370.6 60.8 9.8

Midwest2020 2019 Change58.5 50.6 7.960.2 51.9 8.360.5 52.3 8.357.9 53.8 4.159.3 52.1 7.2

Nation2020 2019 Change263.2 225.8 37.4262.2 228.0 34.3257.3 229.1 28.2246.8 236.8 10.0257.4 229.9 27.5

Gulf

2020 2019 Change2,967 2,942 252,885 2,716 1692,977 2,960 172,974 2,758 2162,951 2,844 107

Total Distillates Production (in thousand barrels/day)*

Week Ending4/17/204/10/204/3/20

3/27/204 Wk Avg

East Midwest2020 2019 Change996 1,083 -87976 1,071 -95

1,026 1,024 21,021 1,033 -121,005 1,053 -48

Nation2020 2019 Change5,007 5,064 -574,927 4,823 1044,983 5,039 -564,967 4,870 974,971 4,949 22

Gulf2020 2019 Change235 337 -102225 327 -102224 289 -65232 307 -75229 315 -86

* Minus Jet Fuel

U.S. Regional DOE Supply/Production Data

DOE's Implied Demand (in million barrels)


· BASIS & SUPPLY TRENDS · April 28, 2020OPIS Full-Day Refined Spots Report

partly countered Merc gains, as mean cash prices edged 0.39cts/gal higher, to 63.72cts/gal. Future cycles were running stronger than prompt barrels, with Cycle 25 supplies bid at a 2ct/gal discount to May RBOB futures today. In other gasoline news, Colonial Pipeline announced via shippers bulletin today that it would hold an auction for 10,000 bbl of surplus 9.0-lb. RVP premium CBOB gasoline tomorrow morning, for delivery off of Linden local lines. The company noted that all volumes must be delivered by Cycle 20 and cannot be nominated into Colonial storage. U.S. MIDWEST gasoline spot prices stepped forward on a combination of stronger futures and higher differentials, with Chicago levels seeing increases of around a dime. GROUP 3 prompt sub-octane gasoline (V-grade) basis levels bumped up 0.50cts to minus 11cts/gal against NYMEX May RBOB futures amid mostly limited cash activity. Outright prices rose 2.39cts to 55.72cts/gal, the highest level in more than a month. CHICAGO COMPREHENSIVE May Cycle 1 CBOB differentials climbed 7.50cts to minus 8.25cts/gal against June RBOB futures, the highest level since February. Chicago CBOB values built further upon the dime-plus gains seen in the prior session even as levels showed signs of fading later in the session. Outright prices climbed 9.41cts to 62.15cts/gal, the first time above the 60cts/gal threshold since mid-March. West Shore/Badger CBOB differentials notched the largest increase, gaining 10.50cts to minus 7cts under the screen. Barrels were heard traded there in the morning, advancing values from the previous session when a deal was seen at minus 25cts before bids rose to minus 10cts. Outright prices for West Shore/Badger CBOB advanced 12.41cts to 63.40cts/gal. Buckeye Complex CBOB basis levels remained at minus 7cts, even with the prior session traded level, with spot prices adding 1.91cts to 63.40cts/gal. Wolverine Pipeline CBOB values gained steam but showed signs of a slowdown later in the session. Wolverine Pipeline discounts narrowed by 1.50cts to minus 8.50cts, with a trade heard at minus 7cts before a later deal heard at minus 10cts. Wolverine Pipeline spot prices gained 3.41cts to 61.90cts/gal.

IN DISTILLATES In the U.S. GULF COAST, spot distillate prices were mixed on Tuesday, with ultra-low-sulfur diesel and high-sulfur diesel each increasing by around a penny, while jet fuel eased a bit. ULSD moved to Cycle 26 last night, and those newly prompt barrels were confirmed changing hands between 15.65-16cts/gal below June NYMEX ULSD futures, closing on the high end of that range. Today's activities lifted basis levels by 0.85cts/gal compared with yesterday's ending mean differential. Outright mean prices were yanked into the black by about 1.40cts/gal, to 55.255cts/gal, backing away from some of the recent record lows. Jet fuel for Cycle 26 delivery last transacted at 34.50cts/gal beneath the June Merc, widening the discount by 1.50cts/gal versus Monday's mean. A deal was also made at

33.75cts/gal Merc discount shortly before that trade. These activities pushed outright mean prices lower by 0.405cts/gal, to 36.955cts/gal, at fresh multidecade lows. Cycle 25 high-sulfur diesel was pegged at 35cts/gal below June futures, flat with yesterday's finishing mean differential. Moving in tandem with the Merc, outright mean prices climbed to 36.08/gal, a boost of 0.72cts/gal at day's end. Line space on Colonial Pipeline's Line 2 - the main distillate line - was talked at a 1.25cts premium to pipeline tariffs, even with Monday's close. NEW YORK HARBOR distillates spot prices finished the day in positive territory, for the most part, as cash values climbed with NYMEX buying. Distillates in the region are now trading against the June NYMEX ULSD futures contract, which has been running stronger than May ULSD futures. Trade levels softened with the reference month transition, to account for this intermonth spread. Prompt barge and Buckeye ULSD climbed 2.29cts/gal, primarily on futures strength, to a mean cash price of 62.33cts/gal. Discounts widened by 7.75cts/gal, to approximately 8.75cts/gal beneath the June ULSD futures. Looking ahead, May any timing barrels - indicating end-month May levels - were running stronger than that, at 7.75cts/gal beneath the June screen. A package deal for offline Cycle 23 and Cycle 24 ULSD traded this morning at 9cts/gal beneath the June screen. Cycle 25 material also traded at this same level. More recently, prompt Cycle 23 barrels were bid at an 8ct/gal discount to June ULSD futures, strengthening the basis relative to Tuesday morning levels. Jet fuel for prompt barge and Buckeye loading tacked on 0.54cts/gal, to 36.08cts/gal. Cash trade levels weakened by 9.50cts/gal, with supplies last valued at a 35ct/gal discount to the June screen. Buckeye supplies were offered at a 34.50ct/gal Merc discount today. Offline prompt Cycle 23 jet fuel was last valued at a 1ct/gal premium to Buckeye material. This afternoon, Colonial Pipeline announced in a shippers notice that it would auction 5,000 bbl of surplus ULSD tomorrow morning. Those barrels are available for delivery off of Linden local lines, but must be delivered by Cycle 21 and cannot be nominated into Colonial storage. U.S. MIDWEST distillate products prices notched gains across the board, with jet fuel levels rising off their lowest in more than 20 years and Group 3 diesel stepping off a historic low. GROUP 3 prompt ULSD (X-grade) differentials ticked 0.12cts lower to plus 0.88cts/gal against NYMEX May ULSD futures, with trades at plus 0.75cts after a morning trading at plus 1ct. Outright prices picked up 1.92cts to 63.96cts/gal to move off the lowest level in records to 2006. Group 3 prompt jet fuel (Q-grade) spot prices climbed 6.04cts to 49.58cts/gal, up from the lowest since June 1999, with discounts narrowing by 4cts to minus 17.50cts under the screen. CHICAGO COMPREHENSIVE May Cycle 1 ULSD basis levels climbed 5.75cts to minus 11.75cts/gal against June

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April 28, 2020OPIS Full-Day Refined Spots Report

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Refined Spots MethodologyOPIS editors track a full-day spot market, with typical hours from 9 a.m. to 5:15 p.m. Eastern Time. Deals received outside those hours are reviewed and evaluated for ranges depending on market circumstances. In order to meet publication deadlines, OPIS reserves the right to not accept deals as part of final ranges if information is sent to/received by OPIS after 5:15 p.m. Editors take an "arm's length approach" in covering the market, canvassing a broad cross-section of market participants active in trading physical barrels. Editors respect the wishes of sources to remain anonymous in their market activities, and any information received regarding parties in deals is kept confidential. OPIS reserves the right to exclude deals deemed "not reflective" of prevailing or fair market value. These deals may be mentioned in our written commentary, however. Assessing markets requires judgment on the part of our editors. Calls will be reviewed among experienced reporters and judged within the context of that day's market. Ranges are only changed in the case of clerical errors such as typos or transposition mistakes. Editors confirm and record deals meeting minimum volumes specific to each geographic market. As the majority of the refined products market is transacted on an EFP basis, we follow deals as basis to the New York Mercantile Exchange settlement. We consider fixed-price deals only if they fall within the full-day differential range based off the settled NYMEX, or to assess cash-for-cash "regrade" transactions. Ranges reflect actual transacted deals. In the case of confirmed trading followed by a shift in the market without a done deal, editors will consider the last deal recorded and weigh it in light of subsequent bids and offers. In the total absence of confirmed deals, we will use the input of the trading community to help us assess a viable "get-done" range and last value, and also consider the relationship the illiquid product may have with more actively-traded grades. Typically, the "lowest sell price" and the "highest bid price" will provide direction. For a detailed methodology, please visit www.opisnet.com/about/methodology.aspx

Executive Director - Data, Pricing & Info:Ben Brockwell+1 732.730.2519ICE IM: [email protected]

Vice President - Strategic Content:Steve Tan +65 96423267 [email protected]

Tom Kloza 732.730.2558 ICE IM: tkloza [email protected]

Executive Director - Energy Analysis:

Director- Refined Products and Renewables:Jennifer Brumback+1 727.202.6501ICE IM: [email protected]

Northeast:Rachel Stroud-Goodrich+1 301.284.2190 ICE IM: rstroudgoodrich [email protected]

Gulf Coast:Cory Wilchek+1 301.284.2110ICE IM: [email protected]

Ethanol/Biodiesel:Spencer Kelly+1 301.284.2022ICE IM: [email protected]

Midwest:Justin Schneewind +1 281.531.8192 ICE IM: jschneewind2 [email protected]

European Products:Paddy Gourlay+75 95117236ICE IM: [email protected]

West Coast:Bayan Raji +1 832.679.7227ICE IM: braji1 [email protected]

Kylee West+1 301.284.2108ICE IM: kwest [email protected]

Associate Director - US Refined Products:

Carly John+1 301.284.2114ICE IM: [email protected]

Associate Director - Refined Products & Carbon:

Lisa Street+1 832.679.7225ICE IM: [email protected]

Associate Director - RenewablesJeff Barber +1 301.284.1964 ICE IM: [email protected]

Andrew Atwal+1 301.284.1961ICE IM: [email protected]

Mayra Cruz+1 832.679.7163ICE IM: [email protected]

Asian Products:Hanwei Wu+65 [email protected]

Market News Coverage:Denton CinquegranaFrank TangBeth HeinsohnBrad AddingtonRajesh JoshiJeff BarberSteven CroninJordan GodwinPatrick NewkumetAaron Alford

Carbon Markets:

Bridget Hunsucker +1 832.679.7163 ICE IM: bhunsucker1 [email protected]

ULSD futures, with trades and buying interest indicated higher after an initially slow response after a weekend cycle change. Outright prices gained 6.47cts to 59.33cts/gal. Buckeye Complex ULSD basis levels rose 6cts to minus 10cts with a trade at that level, pushing spot prices 6.72cts higher to 61.08cts/gal. West Shore/Badger ULSD differentials added 5.50cts to minus 13.50cts on stronger bid levels, with spot prices up 6.22cts to 57.58cts/gal. Chicago May Cycle 1 jet fuel spot prices rose 8.22cts to 51.08cts/gal, rising from the lowest since June 1999, with basis levels rising 7.50cts to minus 20cts below the NYMEX.

BANK WARNS OF MORE SHORT-TERM OIL PAIN BUT SEES UPSIDE IN 2021 The current oil price decline, observes Morgan Stanley, now represents the biggest collapse in modern history. In a research report issued this morning, the bank notes a 76% drop in dated Brent over the last 112 days, exceeding the declines of 1985-86, 1998-99, 2008-09, and 2014-15. Researchers are upbeat about the prospects for an oil price recovery next year, but they retain a very sanguine view about price targets over the short term. Morgan Stanley notes that the countries currently employing social distancing measures account for over 90% of last year's demand, or approximately 92 million b/d. A global assessment of mobility is also levied -- the bank estimates that driving is down 40%-80% around the world, with the data supported by toll road figures. A "very uncertain" path of recovery remains and bank analysts emphasize the tedium of the rate of recovery. Base forecasts for Brent are $25/bbl this quarter with $30/bbl projected for 3Q2020 and $35/bbl in the fourth quarter. Analysts believe that there is mild upside to current 2021 numbers, where the calendar spread fetched about $32/bbl recently. Morgan Stanley sees a $40/bbl price in the first half of 2021 and targets $45/bbl in the final six months. Interestingly, the bank doesn't see worldwide petroleum demand moving up above 2019 numbers until the fourth quarter of 2021 when a chart shows it poking into positive territory. The bank still puts the base case for U.S. refinery utilization at 70% in the second quarter or slightly above last week's numbers. Each 5% swing accounts for about 1 million b/d of output. --Reporting by Tom Kloza, [email protected]; Editing by Michael Kelly, [email protected]


· CONTACT INFORMATION · April 28, 2020OPIS Full-Day Refined Spots Report

opis full-day refined spots report · line space on colonial pipeline's line 1 - the main...

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