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Los Angeles Spot Gasoline Gain in Dull Trade with Futures
2/16 4:41 PM
Los Angeles Spot Gasoline Gain in Dull Trade with Futures OAKHURST, N.J. (DTN) --- Spot gasoline prices in Los Angeles ticked higher Friday afternoon in muted trade action as a dip in basis was negated by continued gain by New York Mercantile Exchange March RBOB futures. Benchmark oil futures rose for a third session, supported by stronger equities, expectations for increased demand and federal data released midweek showing oil supplies at the NYMEX delivery point in Cushing dropped for an eight week. The better than 3.6 million bbl drop in Cushing crude stockpiles surpassed an expected 2.0 million bbl draw. NYMEX March RBOB futures settled 1.51cts higher at $1.7509 gallon and the March ULSD contract rose 1.88cts to $1.9104 gallon settlement. NYMEX spot month West Texas Intermediate crude futures rose 34cts to settle at $61.68 bbl while the Intercontinental Exchange April Brent contract settled 51cts higher at $64.84 bbl. February CARBOB in the basin was indexed 10.0cts by 15.0cts over the print in dull buying interest ahead pipeline scheduling for the fourth cycle late next week. Yesterday, the fuel was talked at a 13.0cts premium. With the gain on the print, spot price rose just over a penny to $1.8759 gallon. L.A. March CARBOB was bid 3.0cts below April RBOB futures with offers pegged at futures parity. On the diesel side of the market, sources pegged March CARB ULSD in the basin at a 2.0cts by 3.5cts futures premium with the fuel reportedly trading earlier at a 3.0cts premium. Assessed last at $1.9359 gallon, spot price added almost 1.5cts from the February value a day ago. In the San Francisco Bay, February CARB ULSD was indexed flat by a 1.0cts futures premium, rising 2.38cts to $1.9154 gallon. In the Pacific Northwest, February ULSD held at a 6.0cts futures premium, tracking the print nearly 2.0cts higher to $1.9704 gallon. Trade sources pegged prompt suboctane in the region at a 10.0cts premium to March RBOB futures versus 11.0cts a day ago. Spot price added 0.51cts to $1.8508 gallon. Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.dtn.com. (c) 2018 DTN. All rights reserved.