Midwest Oil Products mostly Lower in Light Midday Trade
BURLINGTON, Vt. (DTN) -- Spot market gasoline prices are mixed and diesel
fuel prices down sharply at midday in Midwest cash trading arenas, tracking a
pullback in RBOB and ULSD oil futures traded on the New York Mercantile
The recent surge in paper prices that has driven crude oil futures easily
through the $50 bbl plateau and oil products to hefty gains has stalled this
morning in front of the late day release of U.S. oil supply data covering the
week of Sept. 22 that has prompted light profit taking by noncommercial futures
speculators. A moderate build in domestic crude oil stocks and drawdowns of 1.0
to 2.0 million bbl in finished oil product reserves is the consensus call by of
market analysts contacted by DTN.
October RBOB futures at midday were 1.49cts lower trading $1.7071 gallon,
and the November contract was off 1.28cts at $1.6546 gallon. October ULSD
futures were posting a 2.21cts loss trading $1.8342 gallon, and November
futures were 2.05cts lower on the session trading $1.8290 gallon at last
November WTI crude oil futures at press time were down $0.32 printing $51.90
Chicago CBOB has gained 150pts in basis trading at a 5.0cts November RBOB
futures premium for first cycle October delivery into the Buckeye Complex that
bumps spot price up 0.22cts to $1.7046 gallon.
Suboctane V-grade in Group 3 has eased 50pts in cash differential rated at a
0.5cts October futures discount that trims implied spot price 1.99cts below its
Monday DTN closing market range to $1.7021 gallon for prompt offline Magellan
Pipeline delivered supply.
Chicago ultra-low sulfur diesel fuel has backpedaled 2.05cts to a notional
$1.8490 gallon, assessed 2.0cts over the November futures print for generic
first cycle October pipeline delivery.
X-grade ULSD in the Group is talked either side of a 2.5cts October futures
premium for prompt offline Magellan Pipeline offtake that trims implied spot
price by 1.96cts to $1.8592 gallon.
G.Bud deGorgue, 1.802.524.1784, firstname.lastname@example.org, www.dtn.com. (c) 2017
DTN. All rights reserved.