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Gulf Coast, NYH Gasoline Prices Tumble on EIA Stock Build
12/12 5:30 PM
Gulf Coast, NYH Gasoline Prices Tumble on EIA Stock Build BURLINGTON, Vt. (DTN) -- Spot market gasoline prices took a plunge in New York Harbor and at the Texas Gulf Coast, pressured by softening cash differentials and a whipsaw downside reversal in the benchmark January RBOB futures contract on the New York Mercantile Exchange. Cash diesel fuel prices edged higher thanks to a moderate advance in the spot month ULSD futures contract. Physical market trading was moderate in both cash trading arenas this afternoon. U.S. Energy Information Administration data released midmorning failed to confirm a 10.181-million bbl drawdown in domestic crude oil stocks reported late Tuesday by the American Petroleum Institute, instead reporting a 1.2 million bbl drawdown. Additionally, significant increases in gasoline output and imports trumped moderate boosts in gasoline demand and exports that resulted in a 2.1 million bbl build in U.S. gasoline reserves. January NYMEX ULSD futures edged 0.38cts higher and settled at $1.8509 gallon, and spot month RBOB futures pivoted off a $1.4732 session high and settled down 1.94cts at $1.4204 gallon. January WTI futures rallied early to a $52.88 bbl intraday high and closed formal session trading down $0.50 at $51.15 bbl. Gulf Coast 13.5-lb. regular no lead dropped 105pts in basis trading at a 2.55cts futures discount for shipment on Colonial Pipeline's 71st cycle that pared spot price by 2.99cts to $1.3949 gallon. A4 CBOB tumbled 3.14cts below its Tuesday DTN closing market posting to $1.3254 gallon, changing hands at a 9.50cts January futures discount for 71st cycle CPL consignment. F4 RBOB posted a 3.69cts loss at $1.3379 gallon, assessed at an 8.25cts MERC discount for prompt cycle CPL transport. New York Harbor 15.0-lb. F5 RBOB backpedaled 2.04cts to $1.4259 gallon, reportedly trading to prompt barge 0.55cts over January futures, and was heard sold at MERC level for any month trade. Gulf Coast 62-grade diesel fuel edged 0.13cts higher to $1.7359 gallon, trading in front of 70th cycle Colonial Pipeline afternoon tender deadlines at an 11.5cts futures discount. Diesel fuel in New York Harbor rallied 0.73cts to $1.8519 gallon, trading for offline Colonial Pipeline delivery at a 0.1cts January futures premium. G.Bud deGorgue, 1.802.524.1784, www.dtn.com. (c) 2018 DTN. All rights reserved.