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MARKET PREVIEW: Futures Gain on Lower Cushing Crude Stocks
2/16 7:52 AM
MARKET PREVIEW: Futures Gain on Lower Cushing Crude Stocks NEW YORK (DTN) -- New York Mercantile Exchange spot-month oil futures climbed to one-week highs early Friday after finding support in risk-on appetite. Declining crude oil stocks at Cushing, Oklahoma was cited behind the overnight futures bounce. The Energy Information Administration reported midweek that crude inventories at Cushing, the delivery point for NYMEX West Texas Intermediate, plunged by a more-than-expected 3.6 million bbl to a 32.7 million bbl better than three-year low during the week-ended Feb. 9. Cushing crude stocks have fallen to 50% of their level versus a year ago, and are expected to continue falling for the rest of this month to below 30 million bbl, said Andy Lipow, president of Lipow Oil Associates in Houston. Overseas, the Organization of Petroleum Exporting Countries said in its Monthly Oil Market Report issued earlier this week that based on secondary sources, production by its 14 members averaged 32.3 million bpd in January, down 8,000 bpd versus December. "While production mainly decreased in Venezuela and Angola, partially offset by Iraq, Saudi Arabia and Libya," said the report. Venezuela's production fell by 47,000 bpd to 1.6 million bpd while Angola's output fell 11,000 bpd to 1.615 million bpd, according to the report. Saudi Arabia's output rose 23,000 bpd to 9.977 million bpd while Iraqi production increased by 30,200 bpd to 4.435 million bpd. Libyan output also improved by 21,000 bpd to 978,000 bpd. A Joint Ministerial Monitoring Committee, made up of five OPEC members and Russia, will meet this weekend to review compliance with their ongoing production cuts of 1.8 million bpd. Houston-based oil services firm Baker Hughes will also release its weekly oil rig-count report later this afternoon. Futures at 8:00 AM ET NYMEX Contract Last Change High Low WTI Mar. $61.58 $0.24 $61.89 $61.30 WTI Apr. $61.20 $0.29 $61.75 $61.17 ULSD Mar. $1.9046 $0.0130 $1.9112 $1.8929 ULSD Apr. $1.8928 $0.0138 $1.9093 $1.8902 RBOB May $1.7311 $0.0007 $1.7491 $1.7299 RBOB Apr. $1.9115 $0.0033 $1.9289 $1.9099 ICE Brent Apr. $64.76 $0.43 $64.95 $64.39 Brent May $64.44 $0.44 $64.60 $64.07 SPOT PRODUCT MARKETS Spot market finished oil product prices in primary U.S. cash trading arenas moved higher Thursday as benchmark RBOB and ULSD oil futures maintained corrective upside trajectories. Los Angeles CARBOB soared over 11cts in spot price trading at a 13cts March futures premium, this despite regional gasoline supply sits at record highs. San Francisco CARBOB improved a penny in basis and 3.28cts in spot price, and suboctane regular tracked the futures advance higher in the Pacific Northwest. Gasoline trading east of the Rockies lacked the enthusiasm seen in Los Angeles. New York Harbor and Gulf Coast RBOB prices rode the March futures rally higher, while Group 3 CBOB basis held steady at a 2.0cts futures premium, and improved a penny in Chicago rated at an 11.5cts March futures discount. CARB ULSD in LA gained 125pts in cash differential and 1.97cts in flat price, and posted a marginal gain in the Bay tagged at MERC level for prompt trade. ULSD in the PNW edged 0.47cts above its Wednesday closing range marked 6.0cts over the March print. ULSD prices in the Harbor, Gulf and Chicago marginally outpointed the 0.72cts futures bounce, and finished with a moderate 0.47cts gain in Group 3. NEW YORK HARBOR GULF COAST Heating Oil $1.7994 Heating Oil $1.6894 ULS Heating Oil $1.8244 ULS Heating Oil $1.7909 ULSD $1.9054 ULSD $1.8634 Jet, 54-grade $1.8644 Jet, 54-grade $1.8184 Conventional Regular $1.7711 Conventional Regular $1.7231 RBOB $1.7256 Conventional Premium $1.8706 PBOB $1.8761 RBOB $1.6936 CBOB Regular $1.7261 PBOB $1.8211 CBOB Premium $1.8911 CBOB Regular $1.6886 CBOB Premium $1.7961 GROUP 3 ULSD $1.8994 CHICAGO Jet $1.8769 ULSD $1.8794 Suboctane Gasoline $1.7511 Jet $1.9044 Conventional Premium $1.9674 CBOB Regular $1.6161 Conventional Premium $1.8311 LOS ANGELES RBOB $1.6811 ULSD $1.8844 PBOB $1.8911 CARB ULSD $1.9344 Jet $1.9094 Conventional Regular $1.8511 PORTLAND Conventional Premium $2.0361 ULSD $1.9644 CARBOB Regular $1.8611 Jet $1.9194 CARBOB Premium $2.0361 Suboctane Gasoline $1.8411 Conventional Premium $2.1861 SAN FRANCISCO ULSD $1.9044 CARB ULSD $1.9044 Jet $1.9094 Conventional Regular $1.7061 Conventional Premium $2.0061 CARBOB Regular $1.7511 CARBOB Premium $2.0111 George Orwel, 1.718.522.3969, george.orwel@dtn.com, www.dtn.com. (c) 2018 DTN. All rights reserved.