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Midwest Spot Products Mixed in Front of API Oil Data
8/20 4:54 PM
Midwest Spot Products Mixed in Front of API Oil Data BURLINGTON, Vt. (DTN) -- Midwest spot market oil product prices moved mixed Tuesday despite a third consecutive rally in New York Mercantile Exchange oil futures. Declines in diesel fuel basis sent Chicago ultra-low sulfur diesel fuel into the red zone, and a steep downside adjustment in the Group 3 high-octane regrade fueled a better than penny retreat in A-grade premium. Bulk trading was active in the Group this afternoon, and flat in Chicago in front of the release of weekly oil supply data late afternoon by the American Petroleum Institute. The API numbers were supportive for crude oil, with domestic stocks drawn down 3.5 million bbl, while the 403,000 bbl gasoline decline was less than expected, and the 1.8 million bbl distillate build a data surprise. The September West Texas Intermediate NYMEX crude oil contract expired at the close of formal session trading posting a $0.13 advance at $56.34 bbl. October WTI paper settled down a fraction at $56.13 bbl, where it will move to the spot month slot in aftermarket trading this evening. September ULSD futures ramped up 2.12cts to $1.8543 gallon at settlement, and the frontline RBOB contract climbed 1.67cts to $1.6811 gallon. Chicago ULSD fuel took a 0.63cts hit down to $1.7868 gallon, tumbling 275pts in basis to a 6.75cts MERC discount for third cycle August generic pipeline delivery. Group 3 X-grade diesel fuel rallied 2.07cts to $1.8023 gallon on a deal closed at a 5.20cts September futures discount for prompt offline Magellan Pipeline supply. V-grade 9.0-lb. Group 3 CBOB edged up 0.67cts to $1.6361 gallon, backing off a penny trading at a 4.50cts MERC discount for prompt MPL delivery, and A-grade high-octane unleaded no lead fell 1.33cts to $1.8561 gallon slipping 200pts to a 22.0cts regrade. Suboctane 9.0-lb. regular in Chicago was rated at a 5.25cts futures discount for prompt Wolverine Pipeline offline supply, giving implied flat price a 1.92cts lift to $1.6286 gallon. G.Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.dtn.com. (c) 2019 DTN. All rights reserved.