Config.
Marché
Rapport
Unité

COT Gulf Coast CBOB vs RBOB

Période
Échelle

As-of mardi · close vendredi · source CFTC

Long vs Short

Long et short en % d’OI (catégorie focus)

Δ 4 semaines

Variation du net vs le rapport d’il y a 4 semaines

Cette semaine

Catégorie Long Short Spreading Net Δ Long Δ Short Δ Net % OI long % OI short

Historique

Gasoline spread · NYMEX

What is Gulf CBOB vs RBOB?

Gulf CBOB / NY RBOB gap

Satellite of RBOB Gasoline (NY Harbor, NYMEX)

A long means…

Exposure to a rise in Gulf Coast CBOB (Platts) versus New York RBOB — Gulf conventional relative to harbor reformulated, not a long in “US gasoline”.

What is this?

CBOB, Conventional Blendstock for Oxygenate Blending, is conventional gasoline blendstock meant to take about 10% ethanol at the terminal. On the Gulf, Platts assesses Colonial A2 grade (summer vapor pressure); the future subtracts NYMEX RBOB, the reformulated blendstock in New York Harbor. Two qualities, two places: pipeline conventional versus harbor reformulated.

Colonial refiners and merchants hedge Gulf gasoline versus the East Coast. This is not New York RBOB, nor “US gasoline”.

Pitfalls

  • CBOB = conventional, RBOB = reformulated.
  • Spread, not outright RB.
  • Size unverified.

Univers LIX

Le positionnement n’est pas le risque

Le COT décrit qui est positionné. Le LIX décrit le niveau de risque de marché — 12 indicateurs, hors COT.