Midwest Spot Oil Product Prices Little Changed at Midday
BURLINGTON, Vt. (DTN) -- Spot market oil product prices in the nation's
heartland are little changed at midday Tuesday fueled by a mixed price oil
futures trading session on the New York Mercantile Exchange.
Cash business has been active in Group 3 and focused on gasoline in the
Chicago market this morning.
Lacking significant market moving news, oil traders are bracing for the late
afternoon release of weekly oil supply statistics by the American Petroleum
Institute. Pundits predict API numbers will show a 3.6 million bbl crude oil
drawdown, a 1.75 million bbl decline in middle distillates and just under 1
million bbl in domestic gasoline storage levels.
The more definitive supply data from the U.S. Energy Information
Administration is scheduled for release on Wednesday morning.
December NYMEX ULSD futures were down a fractional 0.19cts trading $1.9302
gallon at midday, with the frontline RBOB contract climbing 1.05cts to $1.7543
January West Texas Intermediate crude futures moved to the spot month slot
and were up $0.31 in positive territory printing $56.73 bbl at press time.
X-grade ultra low sulfur diesel fuel in Group 3 has eased 0.44cts to $1.8652
gallon trading 6.25cts and 6.5cts below the December ULSD futures print for
prompt Magellan Pipeline delivery.
Chicago ultra low sulfur diesel fuel has moved 0.31cts above its Monday DTN
closing market rating to an implied $1.9602 gallon priced at a 3cts futures
premium for third cycle November delivery into the Buckeye Complex.
V-grade suboctane regular in Group 3 has ramped up 0.55cts to $1.6943 gallon
trading for prompt cycle MPL delivered supply at a 6cts December futures
Chicago 15.0-lb. CBOB has eased a penny in basis trading for prompt delivery
into the BCX at an 8.5cts MERC discount that leaves spot price little changed
at $1.6693 gallon.
G. Bud deGorgue, 1.802.524.1784, email@example.com, www.dtn.com. (c) 2017
DTN. All rights reserved.