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Gulf Coast, NYH Oil Products Post Week-ending Losses
7/21 4:57 PM
Gulf Coast, NYH Oil Products Post Week-ending Losses BURLINGTON, Vt. (DTN) -- Spot market finished oil product prices in New York Harbor and at the Texas Gulf Coast plunged Friday afternoon as pre-weekend profit taking and book-squaring sent New York Mercantile Exchange oil futures into steep tailspins at today's formal session close. Open market trading was dominated by sellers that restricted trading volumes in both East of the Rockies cash trading arenas. Houston-based oil services firm, Baker Hughes, Inc. reported U.S. oil drillers reduced active oil rigs by a single unit this week that set the total count at 764. Drillers have added an average 5.2 oil rigs per week over the last 10 weeks, and have boosted the year-over-year count by 393, according to Baker Hughes' data. U.S. crude oil production last week increased by 32,000 bpd and now ranges 11% above 2016 output at 9.429 million bbl, Energy Information Administration data shows. August NYMEX RBOB futures took a 4.29cts dive to $1.5633 gallon at settlement this afternoon, and for the week inched up 0.28cts. ULSD futures for August MERC delivery tumbled 2.84cts to $1.5152 gallon at today's formal session close, and closed the week virtually unchanged. September West Texas Intermediate crude oil futures ended the week down $0.77 bbl that included a $1.15 retreat to $45.77 bbl at settlement this afternoon. Gulf Coast conventional M2 9.0-lb. unleaded regular toppled 4.24cts to $1.5058 gallon trading at a 5.75cts futures discount for shipment on Colonial Pipeline's 42nd cycle, and V2 unleaded premium was assessed at a 10.0cts regrade. A2 CBOB fell 3.79cts below its Thursday DTN closing market posting to an implied $1.4433 gallon rated at a 12.0cts August futures discount, and D2 high-octane CBOB retained an 18.75cts regrade for 42nd cycle CPL consignment. F1 7.8-lb. RBOB was notionally rated at a 3.4cts MERC discount that trimmed spot price by 3.94cts to $1.5293 gallon, and H1 PBOB was tagged at a 16.5cts regrade. F2 RBOB in New York Harbor was the only game in town for a third straight cash trading session, with spot price plummeting 4.59cts to $1.5803 gallon on a deal booked for prompt Buckeye Pipeline transport at a 1.70cts MERC premium. H2 PBOB was heard offered prompt 17.0cts over the August futures print. Harbor 9.0-lb. CBOB was offered for cycle 211e Buckeye shipment at an 8.35cts futures discount, and PCBOB 11.75cts over the MERC for Buckeye shipment into the Pennsylvania market. Gulf Coast ultra low sulfur 62-grade diesel fuel posted a 2.84cts loss at $1.4792 gallon trading at a 3.60cts August futures discount for 42nd cycle CPL transport. New York Harbor ULSD was offered 0.25cts over the MERC for offline 39th cycle CPL delivery that trimmed spot price by 2.84cts to a notional $1.5152 gallon. G.Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.dtn.com. (c) 2017 DTN. All rights reserved.