PNW Sub-Octane Regular Basis Jumps 9cts on Firm Demand

MIAMI, FL (DTN) – Basis of February Pacific Northwest sub-octane regular surged 9cts on Monday (2/2) to a 5.5cts premium over March NYMEX RBOB futures, driven by firm demand due to limited supplies.
The basis had been pegged at a 3.5cts discount to March NYMEX RBOB futures contract in the previous trading session, marking its largest one-day jump since late December. 

Early Monday, bids for PNW sub-octane regular were heard talked  at a 5cts premium to the same benchmark, reflecting a notable increase in buying interest across the region caused by supply tightness. 

Refining utilization in the West Coast (PADD 5) dropped to 81.7% in the week ending January 23 from 82.2% the prior week, according to most recent data from Energy Information Administration.