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Midwest Gasoline Rally Stalls after Hectic Trading Week
3/22 4:40 PM
Midwest Gasoline Rally Stalls after Hectic Trading Week BURLINGTON, Vt. (DTN) -- Chicago spot gasoline prices soared 16.32cts gallon this week and in excess of 8.0cts in Oklahoma Group 3 in rallies that ran out of steam in front of the weekend trading hiatus on a moderate breakdown in cash differentials Friday afternoon. Heartland diesel fuel prices tumbled on a better than 2.0cts downturn in benchmark April ULSD oil futures on the New York Mercantile Exchange. Physical trading was on the light side to close the week in both Midwest markets. Crude futures took a nearly dollar dive on disappointing economic news that also sent U.S. equity markets plummeting over 1.75% at the close of trading this afternoon. Fears of an economic slowdown and diminishing demand for crude and oil products generated profit taking in all but the April RBOB futures contract at settlement. April RBOB futures edged 0.56cts into positive territory to $1.9259 gallon at settlement, and posted a 6.82cts gain on the week. Front month ULSD futures backpedaled 2.12cts to $1.9659 gallon at the regular session close, and ended the week marginally lower. May crude oil futures closed a volatile week of paper trading down $0.94 at $59.04 bbl, and climbed $0.72 bbl during the week. The number of rigs drilling for oil in the United States declined for the fifth consecutive week, down nine to an 824 11-month low, oil futures provider Baker Hughes reported this afternoon. Chicago 9.0-lb. suboctane regular was reported sold for third cycle March Wolverine Pipeline delivery at a 3.5cts April futures premium that trimmed spot price 0.94cts to $1.9609 gallon. RBOB remained 6.0cts over CBOB and PBOB at a 28.0cts CBOB premium. Group V-grade 8.5-lb. CBOB dropped 175pts in basis trading at a 5.25cts MERC discount for offline Magellan Pipeline delivery that pared spot price by 1.19cts to $1.8734 gallon, and 13.5-lb. was heard sold 6.5cts below the April RBOB futures print. Premium A-grade unleaded eased a penny to a 24.0cts regrade backing spot price down 2.19cts to $2.1134 gallon. X-grade ultra-low sulfur diesel fuel in Group 3 posted a 1.97cts loss at $1.9834 gallon, trading 1.75cts over the frontline futures print for prompt Magellan Pipeline supply. Chicago ULSD dropped to a 0.5cts MERC premium for Wolverine Pipeline offtake backing flat price down 3.12cts to a notional $1.9709 gallon. G. Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.dtn.com. (c) 2019 DTN. All rights reserved.