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'
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
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
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
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
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
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
G.Bud deGorgue, 1.802.524.1784, email@example.com, www.dtn.com. (c) 2017
DTN. All rights reserved.