Gasoline Leads Rack Market While ULSD Slips


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- Gasoline led U.S. wholesale rack markets Monday 
(9/21), rising nationally while ultra-low sulfur diesel (ULSD) edged down as 
crude oil and refined-product futures declined on hopes for renewed diplomatic 
engagement with Iran.

   Nationwide conventional unleaded gasoline rack prices averaged $3.6708 
gallon, up 2.11cts from the previous trading session's $3.6497 gallon, 
according to DTN data.

   ULSD rack prices averaged $5.4580 gallon, down 1.44cts from $5.4724 gallon 
in the previous trading session.

   The mixed rack performance came as crude oil futures fell for a fourth 
consecutive session. NYMEX WTI traded near $96.23 bbl Monday morning, down more 
than $4 on the day, as markets weighed prospects for diplomatic discussions 
with Iran during this week's United Nations General Assembly.

   Downstream futures also declined. Front-month New York Harbor ULSD fell 
about 13.67cts to $4.9211 gallon, while RBOB gasoline dropped roughly 3.19cts 
to $3.4957 gallon.

   Refining margins continued to provide stronger support for distillates 
despite the futures pullback. The diesel crack fell about $1.64 but remained 
above $110 bbl at $110.48, while the gasoline crack rose $2.78 to around $50.64 
bbl.

   ULSD racks fell in four of the five PADDs. West Coast values posted the 
largest decline, dropping 5.14cts to $5.9030 gallon. Gulf Coast prices fell 
2.31cts to $5.3330 gallon, Rocky Mountain values declined 1.40cts to $5.5753 
gallon and Midwest ULSD slipped 0.97ct to $5.4603 gallon. East Coast prices 
increased 0.72ct to $5.3002 gallon.

   PADD 5 maintained the widest ULSD premium to the national average at 
44.50cts, while PADD 1 held the largest discount at 15.78cts.

   Gasoline racks were mixed regionally despite the higher national average. 
West Coast values posted the largest increase, rising 5.46cts to $4.5197 
gallon, followed by Gulf Coast prices, which gained 4.51cts to $3.5394 gallon. 
East Coast gasoline rose 4.32cts to $3.3965 gallon and Rocky Mountain values 
increased 3.03cts to $4.2519 gallon. Midwest prices fell 5.17cts to $3.4724 
gallon.

   PADD 5 maintained the largest gasoline premium to the national average at 
84.89cts, while PADD 1 held the widest discount at 27.43cts.

    




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