West Coast Spot Product Prices Drop on Futures Selloff
OAKHURST, N.J. (DTN) --- Spot refined product prices along the West Coast
slumped Friday afternoon in overall limited trade, coming under pressure from
the sharp drop by New York Mercantile Exchange RBOB and ULSD futures.
NYMEX oil futures tumbled on profit taking as Organization of Petroleum
Exporting Countries and non-OPEC members prepare to meet in Russia beginning
this weekend. Concerns that compliance with pledged cuts is slipping weighed on
NYMEX August RBOB futures plunged 4.29cts to $1.5633 gallon settlement with
the September contract down 3.78ctss to $1.5342 gallon settlement. August ULSD
futures settled down 2.84cts at $1.5152 gallon and September futures settled
2.78ctslower at $1.52 gallon.
NYMEX September West Texas Intermediate crude oil futures slid $1.15 to
settle at $45.77 bbl with the September IntercontinentalExchange Brent contract
off $1.24 at $48.06 bbl.
Sources reported July CARBOB in Los Angeles at a 9.5cts futures premium on
the final day for pipeline scheduling, a loss of 3.29cts on the day to $1.6583
August CARBOB in the basin traded from 16.0cts down to 13.75cts premiums to
September RBOB contract, sources said.
On the diesel side, August CARB ULSD in L.A. was talked 4.25cts over the
September ULSD contract, down over 2.75cts to $1.5625 gallon. Prompt ULSD for
export out-of-state maintained parity with the state mandated fuel.
San Francisco Bay August CARB ULSD was talked at a 4.25cts premium to
September ULSD futures, down 2.11cts from the July value a day ago at $1.5625
August CARBOB in the Bay was pegged at a 15.0cts futures premium, down over
1.5cts from the July value the prior session.
Sources reported bids for prompt suboctane in the Pacific Northwest at
6.5cts premiums to the print.
Dawn Gallagher, 1.732.531.4451, firstname.lastname@example.org, www.dtn.com. (c)
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