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Midwest Spot Market Oil Products Posting Losses Midday
3/22 12:39 PM
Midwest Spot Market Oil Products Posting Losses Midday BURLINGTON, Vt. (DTN) -- Open market gasoline and diesel fuel prices in Midwest trading zones are mired in the loss column ahead of the weekend trading break thanks to a selloff in New York Mercantile Exchange oil futures. Bulk trading has been light, with interest in offline gasoline supply generating deals in both heartland markets. Further sluggishness in U.S. manufacturing and a deepening contraction in Eurozone manufacturing, especially in the German sector, regenerated widespread fears of an economic slowdown and growth concerns that had a negative impact on crude oil and oil product futures prices. April RBOB futures on the NYMEX were down 1.35cts trading $1.9068 gallon at midday, and spot month ULSD futures have plunged 4.53cts to $1.9418 gallon, hit with a steady barrage of pre-weekend book squaring. Crude oil futures for May NYMEX delivery were posting a $1.48 loss printing $58.50 bbl at press time. Chicago suboctane regular has tumbled 200pts in basis trading at a 3.0cts futures premium for third cycle March delivery into the Buckeye Complex that moves spot price 3.35cts below its Thursday DTN closing market range to $1.9368 gallon. Group 3 V-grade 8.5-lb. CBOB has traded for a second day 3.5cts below the April futures print that trims flat price by 1.38cts to $1.8715 gallon for offline Magellan Pipeline supply. X-grade ultra-low sulfur diesel fuel in Group 3 has tumbled 4.63cts to an implied $1.9568 gallon, priced at a 1.5cts futures premium for prompt MPL delivery. Chicago ULSD has retreated 4.53cts to a notional $1.9568 gallon, assessed for third cycle March Wolverine Pipeline specific deliver 1.5cts over the April futures print. G. Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.dtn.com. (c) 2019 DTN. All rights reserved.