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Gulf Coast,NYH Spot Oil Products Ride Futures Rally Higher
2/16 5:19 PM
Gulf Coast,NYH Spot Oil Products Ride Futures Rally Higher BURLINGTON, Vt. (DTN) -- Gulf Coast and New York Harbor open market gasoline and diesel fuel prices headed higher Friday as New York Mercantile Exchange oil futures completed a trifecta of strong market closes to end the week. Spot market trading was moderate in both the Harbor and at the Gulf in front of the long Presidents' Day holiday weekend. Oil services provider Baker Hughes reported this afternoon the number of working U.S. oil rigs increased for a fourth straight week, climbing by seven to 798 and to the highest level since early April 2015. Fifty-one rigs have been activated in 2018 that brings the year-over-year count up by 201. The U.S. Energy Information Administration on Wednesday reported commercial crude oil stocks increased by 1.8 million bbl with a 6.1 million bbl week-over-week build reported in crude oil stored on the U.S. Gulf Coast. Crude oil production ramped up by 20,000 bpd to 10.271 million bpd and ranges 11.2% higher versus the comparable year prior week. The U.S. increased crude oil exports by 35,000 bpd to 1.322 million bpd, according to EIA stats. March NYMEX ULSD futures rallied 1.88cts to $1.9104 gallon at settlement this afternoon to close the week with a gain of 5.52cts. March RBOB futures rallied 5.07cts this week that included a 1.51cts advance to $1.7509 gallon at today's formal session NYMEX close. March WTI crude oil futures climbed to $0.34 to $61.68 bbl at the close of regular session trading, and posted a $2.48 week-over-week advance. Gulf Coast ultra-low sulfur 62-grade diesel fuel moved 1.63cts above its Thursday DTN closing market posting to $1.8669 gallon, trading for shipment on Colonial Pipeline's 12th cycle 4.35cts below the March ULSD futures print. Distillate line space for Colonial Pipeline's 12th cycle was rated at a 0.5cts tariff discount. New York Harbor ULSD ramped up 1.78cts to an implied $1.9104 gallon, offered at MERC level for prompt barge or Buckeye Pipeline transit. Gulf Coast M4 13.5-lb. unleaded regular edged 0.81cts higher to $1.7359 gallon, trading at a 1.5cts March futures discount for 11th cycle Colonial Pipeline consignment. V4 premium no lead tumbled 3.44cts to an implied $1.8409 gallon, plummeting nearly 500pts in cash differential rated 9.0cts over the MERC. A4 CBOB sold for prompt cycle CPL transport at a 4.90cts futures discount that bumped spot price up 0.86cts to $1.7019 gallon. F4 RBOB posted a 1.26cts advance to a notional $1.7109 gallon, talked either side of a 4.0cts March futures discount for 11th cycle CPL transport. Gasoline line space for Colonial Pipeline's 11th cycle was assessed at a 0.5cts tariff discount. New York Harbor 15.0-lb. RBOB traded to prompt barge at a 1.0cts MERC discount that gave spot price a 1.06cts boost to $1.7409 gallon, and winter quality CBOB was reported sold at a 0.9cts March futures discount for prompt Buckeye Pipeline transport that boosted spot price by 1.11cts to $1.7419 gallon. High-octane CBOB was assessed at a 15.0cts futures premium, and PBOB 13.50cts over the March futures print. G.Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.dtn.com. (c) 2018 DTN. All rights reserved.