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West Coast Spot Product Prices Drop on Futures Selloff
7/21 4:38 PM
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 the market. 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 gallon. 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 gallon. 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, dawn.gallagher@dtn.com, www.dtn.com. (c) 2017 DTN. All rights reserved.