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PREVIEW: Crude Futures Dip from 6mos. Highs ahead of Data
4/24 7:48 AM
PREVIEW: Crude Futures Dip from 6mos. Highs ahead of Data WASHINGTON, D.C. (DTN) -- New York Mercantile Exchange West Texas Intermediate and Intercontinental Exchange Brent crude futures slipped from six-month highs early Wednesday, as markets eyed upcoming supply figures from the Energy Information Administration, while U.S. sanctions on Iran's oil exports limit the losses. American Petroleum Institute said on Tuesday U.S. crude inventories increased by a larger-than-expected 6.86 million bbl in the week ended April 19, well above market expectations of a 500,000 bbl build. Industry data also missed estimates for crude oil products, while reporting a surprise build of 2.16 bbl in gasoline stocks and a smaller-than-expected draw in distillate inventories. EIA will release official supply figures at 10:30 AM ET. International Energy Agency said on Tuesday that markets are "adequately supplied" and that "global spare production capacity remains at comfortable levels," easing fears U.S. sanctions on Iran's oil exports have overtightened the market. Markets project nearly 1.2 million bpd of crude would be removed from the global market as a result of the latest round of U.S. sanctions on the Iranian oil industry. Trump administration announced on Monday the end of all waivers for purchases of Iranian oil beyond May 2, while investors had largely anticipated a gradual reduction in established exemptions, especially for large Asian importers, including China and India. "We are going to zero-going across the board," Secretary of State Mike Pompeo said on Tuesday. Oil futures rallied on Tuesday, with the global benchmark surging 2.9% to above $74, a new fresh six-month high, despite U.S. reassurances that Saudi Arabia and United Emirates would offset lost Iranian barrels. Geopolitical risk was also elevated by additional U.S. sanctions on another key member of OPEC, Venezuela, which target the country's central bank. An escalating civil war in Libya has also lifted the risk premium in oil prices. FUTURES at 8:15 AM ET NYMEX Contract Last Change High Low WTI June $66.17 -$0.13 $66.24 $65.77 WTI July $66.13 -$0.11 $66.19 $65.77 ULSD May $2.1097 -$0.0083 $2.1149 $2.1066 ULSD June $2.1125 -$0.0086 $2.1170 $2.1077 RBOB May $2.1043 -$0.0291 $2.1140 $2.1016 RBOB June $2.0592 -$0.0233 $2.0672 $2.0550 ICE Brent June $74.46 -$0.05 $74.60 $74.02 Brent July $73.79 -$0.10 $73.93 $73.40 SPOT PRODUCT MARKETS Spot market diesel fuel prices ranged higher for a second day Tuesday on the West Coast and east of the Rockies, and softening gasoline cash differentials resulted in losses from Los Angeles to New York Harbor. Unleaded regular at the Gulf Coast fell 0.90cts to $2.0295 gallon, trading at a 5.25cts June futures discount, and eased a fraction to $2.1391 gallon in the Harbor versus a 75pts May MERC premium. Chicago CBOB dropped a penny in basis to a 4.25cts futures discount, and eased 0.82cts to $2.0391 gallon in Group 3, bid 9.50cts below the May futures print. Los Angeles regular CARBOB backpedaled a penny in basis and 0.45cts in flat price to $2.4320 gallon, and maintained a 2.0cts L.A. discount in the San Francisco market. Suboctane regular in Portland drifted 0.82cts lower to $2.4816 gallon, rated at a 35.0cts May MERC premium. L.A. CARB ULSD rallied 1.36cts tagged 11.0cts over June futures, and was assessed at an 11.5cts May futures premium in San Francisco, bumping spot price up 0.90cts to $2.2330 gallon. Portland ULSD posted a 1.15cts advance to $2.2405 gallon. Ultra-low sulfur diesel fuel at the Gulf sold at a 5.10cts MERC discount that boosted flat price by 1.35cts to $2.0670 gallon, and moved 1.25cts higher in the Harbor priced at MERC level. Chicago diesel climbed 1.15cts to $2.1055 gallon, indexed at a 1.25cts futures discount, and matched the 1.40cts futures bounce in the Group priced at MERC parity. NEW YORK HARBOR GULF COAST Heating Oil $2.0572 Heating Oil $1.9272 ULS Heating Oil $2.0822 ULS Heating Oil $2.0352 ULSD $2.1097 ULSD $2.0587 Jet, 54-grade $2.0847 Jet, 54-grade $2.0297 Conventional Regular $2.1118 Conventional Regular $2.0518 RBOB $2.1268 Conventional Premium $2.2018 PBOB $2.3243 RBOB $2.1368 CBOB Regular $2.0093 PBOB $2.2968 CBOB Premium $2.2943 CBOB Regular $1.9918 CBOB Premium $2.1518 GROUP 3 ULSD $2.1097 CHICAGO Jet $2.0572 ULSD $2.0972 Suboctane Gasoline $2.0118 Jet $2.0697 Conventional Premium $2.2718 CBOB Regular $2.0618 Conventional Premium $2.3818 LOS ANGELES RBOB $2.2418 ULSD $2.2197 PBOB $2.5818 CARB ULSD $2.2197 Jet $2.1747 PORTLAND Conventional Regular $2.4493 ULSD $2.2322 Conventional Premium $2.6143 Jet $2.1747 CARBOB Regular $2.4543 Suboctane Gasoline $2.4543 CARBOB Premium $2.6143 Conventional Premium $2.7043 SAN FRANCISCO ULSD $2.2247 CARB ULSD $2.2247 Jet $2.1747 Conventional Regular $2.4343 Conventional Premium $2.6843 CARBOB Regular $2.4343 CARBOB Premium $2.6843 Liubov Georges, 1.646.359.4088, liubov.georges@dtn.com, www.dtn.com. (c) 2019 DTN. All rights reserved.