January 27, 2018 / 2:44 AM / in 4 months

Midwest gasoline strengthens ahead of weekend

NEW YORK (Reuters) - U.S. gasoline in the Group 3 region of the Midwest strengthened on Friday as wholesalers scrambled to have adequate supplies ahead of the weekend, while prices in the Chicago area pulled back slightly on Friday, traders said.

Gasoline for prompt delivery in the Group 3 portion of the Midwest rose 1.75 cents per gallon, rising to a premium of 1.00 cents per gallon above gasoline futures on the New York Mercantile Exchange, traders said. At the same time, Chicago gasoline retreated slightly as refiners were seen selling, and Thursday’s 2-cent bid-ask spread began to narrow with sellers lowering their prices slightly, traders said.

Gasoline in the New York Harbor market and Gulf Coast market were little changed in thin volumes on the day, traders said.

Prices of renewable fuel (D6) credits for 2017 traded between 63 and 63.5 cents each on Friday, down slightly from 66 and 67 cents on Thursday, traders said.

Reporting by Jessica Resnick-Ault; Additional reporting by Jarrett Renshaw; Editing by Leslie Adler

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