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Midwest Spot Products Rally as Futures Extend Higher
8/19 4:52 PM
Midwest Spot Products Rally as Futures Extend Higher BURLINGTON, Vt. (DTN) -- Midwest spot market oil product prices headed higher Monday on back-to-back advances in September RBOB and ULSD oil futures on the New York Mercantile Exchange. Business was active in heartland spot markets on buying support from regional trading companies. September ULSD futures led the spike in oil product paper closing today's regular session up 2.03cts at $1.8331 gallon, followed by a 0.76cts bounce in the September RBOB contract to $1.6644 gallon at settlement. Spot month crude oil futures rallied $1.34 bbl to $56.21 bbl in light volume trading ahead of contract expiry tomorrow. Chicago ultra-low sulfur diesel fuel surged 3.03cts to $1.7921 gallon, climbing a penny in basis on a trade closed at a 4.0cts MERC discount for third cycle August delivery into the Buckeye Complex. Group 3 X-grade diesel fuel sold for prompt cycle Magellan Pipeline offtake 5.15cts below the September futures print, boosting spot price 2.13cts to $1.7816 gallon. V-grade 9.0-lb. Group 3 CBOB tightened a penny in cash differential changing hands at a 3.5cts MERC discount for prompt MPL delivered supply, moving spot price 1.76cts above its DTN Friday closing market posting to $1.6294 gallon. Suboctane 9.0-lb. regular in Chicago edged 0.51cts higher to $1.6094 gallon, trading 5.5cts below September futures for third cycle August Wolverine Pipeline specific delivery. G.Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.dtn.com. (c) 2019 DTN. All rights reserved.