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Gulf Coast, NYH Oil Product Prices Open the Week Higher
5/22 4:54 PM
Gulf Coast, NYH Oil Product Prices Open the Week Higher BURLINGTON, Vt. (DTN) -- Spot market oil product prices at the Texas Gulf Coast and in New York Harbor headed higher Monday as oil product futures on the New York Mercantile Exchange maintained upside momentum to jump start the week. Spot trading was light in both east of the Rockies markets. OPEC talk and speculation remained the driving force behind today's rally on speculative buying in front of Thursday's Vienna meeting of Organization of Petroleum Exporting Countries and various representatives outside the cartel. Most futures traders have a strong belief the Vienna gathering will produce an extension into March 2018, and some that production cut percentages will be increased. U.S. oil drillers added eight oil rigs to producing status last week that brought the active total to a count of 720, according to oil services company, Baker Hughes, Inc. The addition marked the 18th consecutive week in which rigs were returned to service. 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. Gulf Coast 62-grade ultra low sulfur diesel fuel climbed 1.94cts to $1.5661 gallon trading at a 3.6cts June futures discount for shipment on Colonial Pipeline's 30th cycle. Scheduling for 29th cycle undyed heating oil failed to attract interested buyers or sellers and ramped up 1.69cts to an implied $1.4171 gallon assessed in a wide range around an 18.5cts futures discount. New York Harbor ultra low sulfur diesel fuel was reported sold with options for prompt barge or Buckeye Pipeline transport at a 0.5cts MERC discount that moved spot price 2.19cts above its Friday DTN closing range to $1.5971 gallon. Gulf Coast M2 9.0-lb. unleaded regular jumped 1.28cts higher to $1.6001 gallon changing hands for 30th cycle CPL consignment 6.25cts below the June RBOB futures print. V2 premium no lead remained indexed 18cts over the MERC. F1 7.8-lb. RBOB edged 0.73cts higher to $1.6386 gallon trading for shipment on CPL's 30th cycle at a 2.4cts futures discount. H1 high-octane PBOB was rated at a 13.20cts June futures premium A2 9.0-lb. CBOB maintained a 12.25cts MERC discount for prompt cycle CPL transport, and high-octane D2 CBOB a 19.0cts regrade. New York Harbor 9.0-lb. F2 RBOB traded at a fractional 0.01cts futures discount for prompt BPL transit that nudged spot price up 0.93cts to $1.6616 gallon. H2 PBOB maintained a 14.5cts futures premium for prompt trade. Harbor 9.0-lb. CBOB held steady at a 5.75cts June futures discount, and premium CBOB 14.75cts over the MERC. G. Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.schneider-electric.com. (c) 2017 Schneider Electric. All rights reserved.