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Midwest Spot Oil Products Rally on Fresh Futures Flurry
2/14 12:42 PM
Midwest Spot Oil Products Rally on Fresh Futures Flurry BURLINGTON, Vt. (DTN) -- A third straight advance in benchmark oil product futures on the New York Mercantile Exchange has lit a fire under basis calculations in Chicago and Oklahoma Group 3 Thursday morning, with no discernable resistance in the RBOB complex below $1.5360 standing in the way of a continuing seasonal recovery. Trading has been light in Midwest cash markets this morning. Wednesday's weekly oil supply survey by the Energy Information Administration showing domestic crude oil stocks at a 15-month high remains of little interest among futures market bulls, who continue to place wagers that crude oil production cuts and the resolution of the U.S.-China trade dispute will generate greater oil demand on revived strength in global economies. March WTI futures at press time were $0.40 higher printing $54.30 bbl coming off a $53.08 bbl intraday low. March RBOB futures were 3.47cts on the plus side trading $1.4998 gallon at midday, and the March ULSD contract was 2.29cts higher at $1.9617 gallon. Chicago 13.5-lb. CBOB traded 4.0cts over the MERC for second cycle delivery into the Buckeye Complex powering spot price 6.97cts above its day prior DTN closing market range to $1.5398 gallon. Windy City suboctane sold down to a 0.5cts MERC premium late Wednesday for West Shore Pipeline specific delivery. V-grade 13.5-lb. suboctane regular in Group 3 has ramped up 2.97cts to an implied $1.5298 gallon, rated 3.0cts over the March futures print for offline Magellan Pipeline delivery. Chicago ultra-low sulfur diesel fuel is 2.29cts higher at midday printing $1.8807 gallon, tagged for generic pipeline delivery at a 5.0cts futures discount. Group 3 X-grade ULSD is up 2.04cts to an implied $1.9217 gallon, assessed at a 4.0cts MERC discount for prompt MPL offtake. G. Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.dtn.com. (c) 2019 DTN. All rights reserved.