PNW Sub-octane Premium Basis Spikes by 10cts on High Demand

MIAMI, FL (DTN) — Pacific Northwest Sub-octane premium basis surged by 10cts on Wednesday (3/25) to a 30.5cts premium over May NYMEX RBOB futures, after a bid was heard in the market at a 30ct premium.

The move was driven by firm demand, with the basis pegged at a 20.5cts premium to May futures contract in the previous trading session on Tuesday (3/24).

This movement comes as Refining utilization in the West Coast (PADD 5) rose to 82.2% in the week ending March 20 from 79.8% the prior week, according to the most recent data from Energy Information Administration.