US Cash Products -Gasoline up on refinery outages

NEW YORK, Aug 14 (Reuters) - Gasoline edged up on Thursday in the U.S. Gulf Coast, New York Harbor and parts of the Midwest following news of refinery outages or works but also compensating for lower futures, traders said.

Valero said it shut a 110,000 barrel-per-day crude unit at its refinery in Corpus Christi, Texas, due to a snag and the unit was expected to be down for several days. [ID:nN14441829]

Valero also said a 45,000 bpd hydrocracker was in start-up at its Port Arthur, Texas refinery after overhaul. [ID:nN14478210] Conoco has started maintenance on a hydrodesulferizer at its 153,000 bpd Borger, Texas refinery to Aug. 24. [ID:nN13358146]

The only cash market east of the Rockies where gasoline differentials retreated Thursday was Chicago following the return of Marathon's 222,000-bpd Catlettsburg, Kentucky refinery. [ID:nN13338334]

According to government statistics released on Wednesday, U.S. gasoline inventories plunged much more that forecast last week, falling by 6.4 million barrels to 202.8 million barrels. Still, experts say supplies remain comfortable due to weak demand for the motor fuel as a result of high pump prices.

In the last three weeks supplies have dropped by a total of more than 14 million barrels or 6.6 percent, Stephen Schork, editor of the Schork Report in Philadelphia, said in a report.

"That is large, but in light of the peculiar build through most of July, the recent purge has only managed to pull inventories back to the seasonal mean," Schork added.

NYMEX crude and products were in the red, with September crude down more than $3 at $113 per barrel. [O/N]

For a list of refinery outages, click [REF/US]

U.S. GULF COAST <0#P-USG>

Scheduling cycle 47 M2 conventional gasoline traded at 1.25 over September RBOB futures, moving back up about0.75 cent after loses on Wednesday.

Cycle 48 M2 gasoline traded at 0.50 cent over the board.

Ultra-low sulfur diesel 61-grade traded at 4.15 cents over the September heating oil contract, within Wednesday's range.

NEW YORK HARBOR <0#P-NYH>

Ultra low sulfur diesel was said bid at 6.75 cents over the benchmark September futures with offers at 7.25 cents over, up from around 6.50 cents over a day earlier.

Heating oil was reported a little firmer at 3.00 cents under futures.

Jet fuel was set about two cents lower at 6.00 cents over.

Gasolines were a little firmer, with prompt conventional M2 quoted at about 3.00 cents under the September print, up about half a cent, traders said. Any month barrels were valued a tad lower at about 4.50 cents under.

F2 reformulated was seen at about 1.25 cent over, a little firmer while premium V2 added about a cent to around 17 cents over.

MIDWEST <0#P-G3> <0#P-MC>

Group Three gasoline traded at 9.50 cents over September RBOB futures, up about half a cent from Wednesday levels.

In Chicago, cycle 2 gasoline dropped at least 4 cents, pegged at 21/24 cents over the September RBOB benchmark.

In Group Three ultra-low sulfur diesel edged up about 0.75 cent, pegged at 9.25 cents over September heating oil futures.

Chicago ultra-low sulfur diesel was flat at 5.50 cents over the September heating oil board, while low sulfur diesel was pegged at 0.50 cent over futures. (Reporting by Haitham Haddadin and Rebekah Kebede)