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
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
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, email@example.com, www.dtn.com. (c) 2018
DTN. All rights reserved.