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Gulf Coast, NYH Oil Products Rally behind Futures Advance
2/14 11:40 AM
Gulf Coast, NYH Oil Products Rally behind Futures Advance BURLINGTON, Vt. (DTN) -- Spot market oil product prices at the Texas Gulf Coast and in New York Harbor are higher Thursday with cash market pricing benchmarks March RBOB and ULSD futures on the New York Mercantile Exchange posting a third session of advances. Open market trading has been limited at the Gulf and the Harbor this morning. Futures market bulls maintain control of oil products providing a fresh boost in both ULSD and RBOB paper, while March crude oil is failing to keep an upside pace with product prices. Futures market speculators are convinced aggressive output cuts by the Organization of the Petroleum Exporting Countries coupled with a resolution to the U.S.-China trade war will boost global economies and underpin oil demand. March WTI futures were off a fraction trading $53.88 bbl at press time, reversing gears off a $54.68 bbl session high. The March RBOB contract was 2.54cts on positive ground at $1.4905 gallon, and spot month ULSD futures were 1.18cts higher printing $1.9508 gallon at last check. M4 Gulf Coast 13.5-lb. regular no lead has rallied 2.54cts to $1.5080 gallon, trading and reoffered 2.0cts over March futures for 12th cycle Colonial Pipeline shipment. New York Harbor M4 conventional regular sold for offline 9th cycle Colonial Pipeline delivery 5.5cts over the MERC boosting flat price 3.29cts to $1.5455 gallon. Ultra-low sulfur diesel fuel at the Gulf traded in front of late day 11th cycle CPL scheduling deadlines 5.75cts below the March futures print, moving spot price 1.35cts above its DTN Wednesday closing market assessment to $1.8933 gallon. Sellers offer ULSD in the Harbor 0.15cts below March futures for prompt Buckeye Pipeline or barge transit boosting implied spot price 1.60cts to $1.9493 gallon. G. Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.dtn.com. (c) 2019 DTN. All rights reserved.