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
Physical market trading was moderate in both cash trading arenas this
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
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