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Gulf Coast, NYH Spot Oil Products Climb to Close Week
4/20 5:27 PM
Gulf Coast, NYH Spot Oil Products Climb to Close Week BURLINGTON, Vt. (DTN) -- Spot market gasoline and diesel fuel prices at the Texas Gulf Coast and in New York Harbor climbed on the back of an advance in New York Mercantile Exchange oil futures Friday to close the trading week on a positive note. Business was active for gasoline in both bulk market trading arenas this afternoon. Baker Hughes reported U.S. oil drillers activated five oil rigs this week that set the bar at a better-than-three year high at an 820 count. The oil service firm's data sets second quarter activation at 23 rigs, and to a positive 73-unit year-to-date increase. So far this year there are 132 more working oil rigs versus the comparable 2017 period. Domestic crude oil production increased by 15,000 bpd last week to a record rate of 10.540 million bpd, the U.S. Energy Information Administration reported in its weekly data on Wednesday, while crude oil supply fell by 1.1 million bbl. The U.S. increased exports of domestic crude oil by 544,000 bpd and reduced imports by 720,000 bpd. Output is 1.3 million bpd above the comparable week in 2017, and 13.9% higher year-over-year reflective of the latest four-week average. The May crude oil futures contract expired at the close of formal session trading this afternoon posting a $0.09 advance to $68.38 bbl, and June WTI paper settled up a fraction at $68.40 bbl. May ULSD futures closed regular session trading 1.36cts higher at $2.1230 gallon to close the week up 2.28cts. NYMEX RBOB futures ramped up 1.85cts to $2.0959 gallon at settlement, and for the week climbed 3.05cts. Gulf Coast 9.0-lb. M2 conventional regular no lead gained 75pts in basis trading at a 6.75cts futures discount for shipment on Colonial Pipeline's 23rd cycle that lifted spot price 2.6cts above its Thursday DTN closing market assessment to $2.0284 gallon. A2 9.0-lb CBOB ramped up 2.35cts to $1.9659 gallon, changing hands at a 13.0cts MERC discount for prompt cycle CPL transit. F1 VOC-controlled RBOB was assessed at a 3.5cts futures discount at an implied $2.0609 gallon, and H1 PBOB was bid up to an 11.6cts futures premium where its traded for 23rd cycle CPL shipment vaulting spot price up 4.45cts to $2.2119 gallon. Summer grade F2 9.0-lb. RBOB in New York Harbor was reported sold for April 25 barge lifting at a penny futures discount that boosted spot price 2.0cts to $2.0859 gallon. CBOB sold at a 9.0cts MERC discount into Buckeye Pipeline batch 123e that moved spot price 1.85cts higher to $2.0059 gallon. PBOB was rated at a 12.25cts futures premium, and 9.0-lb. high octane CBOB 9.0cts over the May futures print for prompt cycle Buckeye Pipeline transport. Ultra-low sulfur 62-grade diesel fuel at the Gulf posted a 1.31cts advance to $2.740 gallon, trading for 24th cycle Colonial Pipeline transport 4.90cts below the May ULSD futures print. ULSD in the Harbor climbed 1.36cts to a notional $2.1305 gallon, offered for offline Colonial Pipeline delivery at a penny futures premium. G.Bud deGorgue, 1.802.524.1784, www.dtn.com. (c) 2018 DTN. All rights reserved.