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Group 3, Chicago Oil Product Prices Close on the Plus-side
5/22 4:37 PM
Group 3, Chicago Oil Product Prices Close on the Plus-side BURLINGTON, Vt. (DTN) -- Spot market gasoline and diesel fuel prices in Oklahoma Group 3 and Chicago opened the new trading week in positive territory riding a fresh upside advance in New York Mercantile Exchange oil futures. Cash trading was limited to prompt gasoline trades in the Group. Futures market speculators continued to place wagers that the Organization of Petroleum Exporting Countries and select non-OPEC producers will achieve their goal of boosting global crude oil prices by extending current production cuts into 2018. Increasing the 1.8 million bbl cumulative output reduction will reportedly be on the table when the groups meet in Vienna this week. ULSD futures for NYMEX June delivery settled up 1.94cts at $1.6021 gallon, and the June RBOB contract closed 1.03cts higher at $1.6626 gallon. The June West Texas Intermediate crude oil contract expired at the close of formal session trading up $0.40 at $50.73 bbl, and July futures finished $0.46 higher at $51.13 bbl. Suboctane 9.0-lb. V-grade regular in Group 3 traded several times 7cts below the June RBOB futures print and was reoffered there at press time that moved spot price 0.78cts higher to $1.5726 gallon. A-grade premium no lead sold for prompt Magellan Pipeline offline supply at a 19.5cts futures premium moving spot price 1.53cts over its Friday DTN closing market assessment to a notional $1.5726 gallon. A deal was reported closed for June Buckeye Complex rates at a 7.5cts July futures discount. High-octane PBOB was priced at a 31cts CBOB premium, and RBOB 11cts over CBOB for prompt trade. Group 3 X-grade ultra low sulfur diesel fuel rode the futures rally up 1.19cts to an implied $1.5921 marked at a penny futures discount for prompt offline MPL supply. Ultra low sulfur diesel fuel in Chicago was notionally rated a penny below the June ULSD futures print for third cycle May generic pipeline delivery that boosted implied spot price 1.94cts to $1.5921 gallon. G. Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.schneider-electric.com. (c) 2017 Schneider Electric. All rights reserved.