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Gulf Coast, NYH Spot Gasoline Higher on Futures Rally
4/20 4:53 PM
Gulf Coast, NYH Spot Gasoline Higher on Futures Rally BURLINGTON, Vt. (DTN) -- Spot market gasoline blends at the Texas Gulf Coast and in the New York Harbor ranged higher Thursday propelled by a moderate rebound in benchmark May New York Mercantile Exchange RBOB futures. Cash diesel fuel values were mixed, drifting lower in the Harbor on a dip in basis and edged higher at the Gulf on a boost in prompt cash differentials in front of pipeline scheduling deadlines. Trading was moderate in both cash market regions. Wednesday's NYMEX plunge did not go unnoticed by the Organization of the Petroleum Exporting Countries who generated positive statements concerning the extension of the six-month production cut scheme by Saudi Arabia and Kuwait who both intimated the plan would be extended through the end of the year. OPEC and non-OPEC oil producers are scheduled to meet on May 25 to discuss the pros and cons involved in extending the agreement. Russia has not yet publicly committed to prolonging its curbs, and has so far come up short in reducing its output to agreed levels. Talks between Moscow and its crude oil producing companies are expected to begin shortly, sources say. May NYMEX RBOB futures recovered a small percentage of Wednesday's 5.2cts plunge settling up 1.15cts at $1.6705 this afternoon. Frontline ULSD futures fell 0.24cts to $1.5789 gallon at settlement that added to Wednesday's better than 4.0cts price retreat. The May NYMEX crude oil contract expired at today's formal session close down $0.17 at $50.27 bbl, and the June contract will assume the spot month slot overnight at $50.71 bbl based on today's settlement. Gulf Coast M2 conventional 9.0-lb. regular unleaded ramped up 1.4cts to $1.6105 gallon, trading at a 6.0cts May futures discount for 24th cycle Colonial Pipeline shipment and V2 premium no lead maintained a 17.0cts regrade. F1 7.8-lb. RBOB moved 1.4cts above its Wednesday DTN closing market range to $1.6405 gallon, indexed at a 3.0cts MERC discount, and was tracked higher by H1 PBOB that remained at a 16.75cts regrade. A2 CBOB rambled 1.55cts higher to $1.5330 gallon versus a 13.75cts futures discount, and high-octane CBOB was tagged at an 18.5cts A2 premium. New York Harbor 9.0-lb. F2 RBOB was reported sold for prompt Buckeye Pipeline transport at a 0.85cts MERC discount that boosted spot price by 1.3cts to $1.6620 gallon, and was heard offered a penny below the MERC for any month barge loading. H2 PBOB changed hands at a 16.0cts futures premium for prompt barge lifting that boosted spot price by 1.15cts to $1.8305 gallon. CBOB was rated at a 10.0cts futures discount for prompt BPL transit, and premium CBOB was marked 8.5cts over the May futures print. Ultra-low sulfur 62-grade diesel fuel at the Gulf Coast edged 0.36cts higher to $1.5554 gallon, trading at a 2.35cts futures discount in front of late day tender deadlines for Colonial Pipeline's 23rd cycle. New York Harbor ULSD fell 0.49cts to $1.5714 gallon, offered with options for prompt barge or Buckeye Pipeline transport at a 0.5cts MERC discount. G. Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.schneider-electric.com. (c) 2017 Schneider Electric. All rights reserved