Gulf Coast, NYH Oil Products Rally on Fresh Futures Bounce
BURLINGTON, Vt. (DTN) -- Gulf Coast and New York Harbor open market gasoline
prices were the beneficiaries of a second day of a technically-based advance in
New York Mercantile Exchange March RBOB futures, albeit in limited volume spot
market trading. MERC spot month ULSD futures slowed the pace of Wednesday's
torrid upside surge posting moderate gains at the close of today's formal
No significant changes in domestic or global oil market fundamentals were
noted in wire service chatter. That left the specter of increasing U.S. crude
oil output and its potential impact on the scheme to return global oil supply
and demand to a balance by year-end by the Organization of the Petroleum
Exporting Countries and various non-OPEC producers open to an ongoing debate.
March NYMEX RBOB futures rallied 2.28cts to $1.7358 gallon at today's formal
trading session close, and frontline ULSD futures posted a 0.72cts advance to
$1.8916 gallon at settlement. March WTI crude oil futures settled $0.74 higher
on the day at $61.34 bbl.
Gulf Coast M4 13.5-lb. unleaded regular ramped up 2.23cts to $1.7278 gallon,
trading for shipment on Colonial Pipeline's 11th cycle 0.8cts below the March
RBOB futures print.
A4 CBOB sold for prompt cycle CPL transport at a 4.25cts futures discount
that moved spot price 2.53cts above its Wednesday DTN closing market range to
F4 RBOB was provided a 2.28cts boost to an implied $1.6983 gallon, rated at
a 3.75cts futures discount, and H4 PBOB was bid up to a 9.0cts futures premium
that vaulted spot price 4.52cts higher to a notional $1.8258 gallon.
Gasoline line space for Colonial Pipeline's 11th cycle was rated at an
0.85cts tariff discount.
New York Harbor 15.0-lb. RBOB traded to prompt barge at a 0.55cts MERC
discount that gave spot price a 2.13cts lift to $1.7303 gallon, and sold for
any month barge lifting a penny below the March futures print.
Conventional M4 unleaded regular posted a 2.13cts advance to $1.7303 gallon,
trading for offline 6th cycle Colonial Pipeline delivery at a 4.0cts futures
CBOB was tagged at a 0.5cts MERC discount for prompt trade.
High-octane CBOB was assessed at a 16.0cts futures premium and PBOB 14.50cts
over March futures.
Gulf Coast ultra-low sulfur 62-grade diesel fuel sold in front of afternoon
11th cycle Colonial Pipeline tender deadlines at a 4.1cts futures discount that
boosted spot price by 0.97cts to $1.8506 gallon. Distillate line space for
Colonial Pipeline's 11th cycle was rated at a 0.5cts tariff discount.
New York Harbor ULSD ranged 1.07cts higher to $1.8926 gallon, reportedly
trading at a 0.01cts March futures premium with options for prompt barge or
Buckeye Pipeline transit.
G.Bud deGorgue, 1.802.524.1784, firstname.lastname@example.org, www.dtn.com. (c) 2018
DTN. All rights reserved.