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West Coast Spot Product Prices Gain with Futures Rally
5/19 4:43 PM
West Coast Spot Product Prices Gain with Futures Rally OAKHURST, N.J. (DTN) --- Spot gasoline and ULSD prices along the West Coast rose Friday afternoon, supported by rallying New York Mercantile Exchange RBOB and ULSD futures. Cash basis were mixed in California and Pacific Northwest trade markets in lackluster pre-weekend trade. Oil futures rallied with NYMEX West Texas Intermediate crude oil settling above $50 for the first time in a month as Organization Exporting Countries members and 11 non-members are expected to agree next week to extend output cuts, potentially until March 2018. NYMEX June RBOB futures rallied 4.6cts to settle at $1.6523 gallon while the June ULSD contract jumped 3.74cts to settle at $1.5827 gallon. NYMEX June West Texas Intermediate crude oil futures rose nearly $1 to settle at $50.33 bbl and the July IntercontinentalExchange Brent contract rallied $1.10 to $50.67 gallon. Sources pegged offers for May CARBOB in the Los Angeles basin at 25.0cts futures premiums, edging up 0.60cts to $1.8923 gallon. Premium CARBOB was pegged at 16.0cts by 18.0cts bid/ask over the regular CARBOB while suboctane maintained a 4.5cts discount to the CARBOB. Bay area prompt CARBOB held at a 47.5cts premium to June RBOB futures, tracking the print up over 4.5cts to $2.1273 gallon. Premium CARBOB held at a 25.0cts regrade to the regular CARBOB. Prompt suboctane in Pacific Northwest was assessed 10.0cts by 15.0cts over the print, up 1.10cts at $1.7773 gallon. On the diesel side, May ULSD in the Pacific Northwest was pegged 12.5cts over June ULSD, up 3.74cts at $1.7077 gallon. Bay area prompt CARB ULSD maintained a 6.5cts premium to June ULSD futures, tracking the MERC up 3.74cts to $1.6477 gallon. In the basin, June CARB ULSD was assessed at a 5.0cts premium to July futures. Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.schneider-electric.com. (c) 2017 Schneider Electric. All rights reserved.