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Midwest Oil Products Trading Limps into the Weekend Hiatus
9/22 4:58 PM
Midwest Oil Products Trading Limps into the Weekend Hiatus BURLINGTON, Vt. (DTN) -- Spot market gasoline in Chicago and Oklahoma Group 3 on Friday was a mere shadow of the performance produced during an active Thursday cash trading session and diesel fuel trading was tepid at best closing in on the weekend trading break, tracking a little changed New York Mercantile Exchange ULSD futures market. A technical meeting in Vienna of five members of the Organization of the Petroleum Exporting Countries and non-OPEC sympathizers produced nothing in the way of market moving commentary. Oil services company, Baker Hughes, Inc. reported this afternoon the number of active oil rigs in the United States declined by five this week to a 744 count, and marks the third straight week and the sixth week since the start of August in which the oil rig count has fallen. At 744, the number of operating U.S. oil rigs is down 12 so far in the third quarter and at a 3-1/2 month low, while up 326 from year prior. Oil drilling companies in Canada added 10 rigs this week to boost the total to 122 and 45 more in operation than year prior. October NYMEX RBOB futures rallied 2.46cts into today's formal session close to settle at $1.6684 gallon, and up a marginal 0.67cts on the week. The October ULSD futures contract posted a 0.1cts advance to $1.8163 gallon at settlement, and closed the week up 1.75cts. November WTI crude oil futures posted a $0.77 week-over-week advance that included an $0.11 bounce to $50.66 bbl at the close of today's regular trading session. Chicago went from Dodge City on Thursday to a virtual ghost town today, with trading at a near standstill following the day prior stampede of gasoline buyers. Windy City 13.5-lb. CBOB eased a penny to a 3.5cts futures discount for third cycle generic September pipeline delivery that limited spot price to a 1.46cts futures related advance to a notional $1.6334 gallon. RBOB remained priced 4.0cts over CBOB and PBOB at a 22.5cts CBOB premium. V-grade 13.5-lb. suboctane regular in Group 3 was rated at a penny futures premium for prompt Magellan Pipeline delivery moving spot price 1.71cts above its Thursday DTN closing market assessment to $1.6784 gallon, and conventional A-grade premium unleaded remained marked at a 28.0cts regrade. X-grade ultra-low sulfur diesel fuel in the Group edged 0.35cts higher to an implied $1.8438 gallon, priced at a 2.75cts MERC premium for prompt offline Magellan Pipeline delivery. Chicago ULSD posted a 0.6cts advance to a notional $1.8313 gallon, indexed at a 1.5cts October futures premium for third cycle September generic pipeline delivery. G.Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.dtn.com. (c) 2017 DTN. All rights reserved.