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Gulf Coast, NYH Spot Oil Products Ease on Futures Retreat
9/26 11:35 AM
Gulf Coast, NYH Spot Oil Products Ease on Futures Retreat BURLINGTON, Vt. (DTN) -- Spot market gasoline and diesel fuel prices at the Texas Gulf Coast and in New York Harbor are posting losses Tuesday in flat cash trading, pressured by profit taking on the New York Mercantile Exchange that has backed benchmark RBOB and ULSD futures prices into losing territory at midday. A general lack of fresh market moving news has turned focus to the late afternoon release of weekly petroleum statistics by the American Petroleum Institute for short-term market direction, and futures market speculators have chosen the profit taking route and await the outcome of the API tally. Analysts surveyed by DTN indicate a 1.0 million bbl build in domestic crude oil stocks, and 1.5 to 2.5 million bbl drawdowns in finished oil product supplies are in the cards for the report covering the week-ended Sept. 22. The more definitive statistics from the U.S. Energy Information Administration are scheduled for release on Wednesday morning. October ULSD futures were down 2.09cts trading $1.8354 gallon late morning, and the November MERC contract was 1.89cts lower on the session at $1.8306 gallon. Frontline RBOB futures were down 1.3cts printing $1.7090 gallon at last check, and November futures were posting a 1.21cts loss at $1.6553 gallon. Crude oil for November NYMEX delivery was $0.37 lower trading $51.85 bbl at press time. Gulf Coast 62-grade ultra-low sulfur diesel fuel has tumbled 1.89cts to a notional $1.7841 gallon, bid 4.65cts below the November futures print in front of 56th cycle late day Colonial Pipeline scheduling deadlines. New York Harbor ULSD has backtracked 1.69cts to an implied $1.8419 gallon, offered for prompt barge or Buckeye Pipeline transit at a 0.65cts October futures premium. Gulf Coast 11.5-lb. M3 regular no lead faces CPL 55th cycle tender deadlines late day and has eased 0.71cts to $1.7078 gallon, changing hands at a 5.25cts November RBOB futures premium. Little interest has been shown for prompt F4 13.5-lb. RBOB in New York Harbor, with buyers targeting far dated positions. Ratable October RBOB sold at a 3.1cts November futures premium, and November rates at a 1.55cts MERC premium versus the December futures print, according to Harbor sources. G.Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.dtn.com. (c) 2017 DTN. All rights reserved.