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West Coast Spot Product Prices End Higher on Futures Gains
4/23 5:05 PM
West Coast Spot Product Prices End Higher on Futures Gains OAKHURST, N.J. (DTN) --- West Coast spot refined product prices started the new trade week higher across the board as mixed basis met with gains by New York Mercantile Exchange RBOB and ULSD futures. Benchmark oil futures recouped earlier losses supported by worries about Middle East tension while benchmark RBOB futures led in gains thanks to record strong demand levels. NYMEX May RBOB futures rose 2.78cts to settle at $2.1237 gallon, a near eight month spot high while the June contract settled 2.71cts higher at $2.1267 gallon. May ULSD futures rose 1.79cts to $2.1409 gallon settlement and the June contract settled up 1.72cts at $2.1324 gallon. NYMEX June West Texas Intermediate crude futures gained 24cts on the session to settle at $68.64 bbl and June Brent on the Intercontinental Exchange rose 65cts to $74.71 bbl settlement. In California trade markets, prompt month CARBOB discussion moved to May pipeline scheduling business. Trade sources pegged May CARBOB in the Los Angeles basin at a 15.5cts futures premium, up over 2.0cts from the April value the prior day to $2.2817 gallon. In the San Francisco Bay, May CARBOB was indexed at a 2.0cts discount to the basin, up over 4.0cts to $2.2617 gallon. Pacific Northwest April suboctane remained at a 16.5cts by 17.5cts premium to May RBOB futures, tracking the MERC 2.78cts higher to $2.2937 gallon. In diesel trade, April ULSD in the region traded 20.5cts over the MERC, up over 3.25cts to $2.3459 gallon. May CARB ULSD in the L.A. basin was talked 7.0cts over the print, up near a penny to $2.2074 gallon. Prompt ULSD for export out-of-state held at parity to the CARB ULSD. Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.dtn.com. (c) 2018 DTN. All rights reserved.