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Gulf Coast, NYH Spot Product Prices Soar on Futures Spike
5/19 4:54 PM
Gulf Coast, NYH Spot Product Prices Soar on Futures Spike BURLINGTON, Vt. (DTN) -- Spot market oil product prices at the Texas Gulf Coast and in New York Harbor headed sharply higher on Friday fueled by a surge in New York Mercantile Exchange oil product futures. Cash trading was active at the Gulf and thin in the Harbor ahead of the weekend break. Futures market speculators continued to place wagers on the ability of leaders of the Organization of Petroleum Exporting countries to convince OPEC and non-OPEC oil ministers the current slate of production cuts need to be extended thru the first quarter of 2018 to produce the intended result of returning crude oil supply to balance with demand, while supporting crude oil prices. The groups are scheduled to meet next May 25 for approval of the extended output cut proposal. U.S. oil drillers added 8 oil rigs to producing status this week that brought the active total to a count of 720, according to oil services company, Baker Hughes, Inc. The addition marks the 18th consecutive week in which rigs were returned to service. Since the start of the year, the drilling/exploration industry has added 195 oil rigs that brings the active count to the highest since April, 2015. June NYMEX RBOB futures soared 4.6cts to $1.6523 gallon at settlement this afternoon, and posted a 7.62cts advance for the week. ULSD futures for NYMEX delivery rallied 9.04cts this week that included a 3.74cts rally to $1.5827 gallon a settlement today. The June West Texas Intermediate crude oil contract ended the day $0.98cts in the plus column at $50.33 bbl, and ended the week up $2.49 bbl. Gulf Coast M2 9.0-lb. unleaded regular sold at a 6.5cts futures discount for shipment on Colonial Pipeline's 30th cycle that powered spot price up 4.85cts to $1.5873 gallon, and V2 unleaded premium ramped up 4.6cts to $1.7673 gallon indexed at an 18cts regrade, F1 7.8-lb. RBOB climbed 5cts higher to $1.6313 gallon changing hands at a 2.1cts MERC discount for prompt cycle CPL transit, and H1 PBOB climbed 3.6cts to $1.7873 gallon on a 30th cycle CPL deal closed at a 13.5cts MERC premium. A2 9.0-lb. CBOB rallied 4.85cts to $1.5298 gallon trading at a 12.25cts futures discount for 30th cycle CPL consignment. D2 high-octane CBOB was priced at a 19cts regrade moving flat price 6.1cts above its day prior closing range to $1.7198 gallon. New York Harbor 9.0-lb. F2 RBOB traded at MERC level to prompt barge and for prompt cycle Buckeye Pipeline transport that boosted spot price by 4.85cts to $1.6523 gallon, and CBOB surged 75pts in basis and 5.35cts in spot price to $1.5548 gallon trading for prompt BPL transit 9.75cts below the June RBOB futures print. H2 PBOB was talked at a 14.5cts futures premium and premium CBOB 14.75cts over the MERC for prompt trade. Gulf Coast 62-grade ultra low sulfur diesel fuel sold in front of 29th cycle CPL tender deadlines at a 3.6cts futures discount that vaulted spot price 4.09cts above its Thursday DTN closing market range to $1.5467 gallon. New York Harbor ultra low sulfur diesel fuel rode the rally in futures up 4.24cts to a notional $1.5752 gallon rated at 0.75cts MERC discount with options for prompt barge or BPL transport. G. Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.schneider-electric.com. (c) 2017 Schneider Electric. All rights reserved.