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Midwest Spot Gasoline Prices Post EIA Data Related Losses
12/12 4:36 PM
Midwest Spot Gasoline Prices Post EIA Data Related Losses BURLINGTON, Vt. (DTN) -- Spot oil product prices in Chicago and Oklahoma Group 3 headed mostly lower Wednesday on a late session downside reversal in benchmark RBOB futures on the New York Mercantile Exchange while the ULSD contract erased most of an early session rally. Futures prices rallied after the release of mostly bearish federal oil data as paper market traders turned to a surge in U.S. equities and a retreat in the U.S. dollar index that suggested economic strength. Concern over world economic growth resurfaced and reversed the rally, as traders worried about oil demand in 2019, especially during the first quarter when global oil demand is weakest. January NYMEX ULSD futures eked out a 0.38cts advance settling at $1.8509 gallon, and spot month RBOB futures pivoted off a $1.4732 session high and settled down 1.94cts at $1.4204 gallon. January WTI futures rallied early to a $52.88 bbl intraday high and closed formal session trading down $0.50 at $51.15 bbl. Chicago 15.0-lb. suboctane regular sold for second cycle December delivery into the Buckeye Complex at a 10.0cts January futures discount that pared spot price by 3.19cts to $1.3204 gallon. RBOB remained at a 4.0cts CBOB premium and PBOB 29.5cts over suboctane CBOB. V-grade 15.0-lb. regular CBOB in the Group fell 0.94cts below its Tuesday DTN closing market posting to $1.3554 gallon, changing hands 6.5cts below the January futures print for prompt offline Magellan Pipeline delivery, and premium A-grade unleaded was assessed at a 17.0cts regrade at $1.5254 gallon. Chicago diesel fuel toppled 3.37cts to a notional $1.6909 gallon, assessed at 16.0cts MERC discount for third cycle deliveries off the Badger and West Shore pipeline systems. X-grade ULSD in the Group climbed 1.33cts to $1.7704 gallon on a deal closed at an 8.05cts January futures discount for prompt offline Magellan Pipeline delivery. G.Bud deGorgue, 1.802.524.1784, www.dtn.com. (c) 2018 DTN. All rights reserved.