West Coast Spot Gasoline Posts Futures-related Gains

    

   OAKHURST, N.J. (DTN) --- West Coast cash gasoline prices rose in early trade 
Thursday, underpinned by a near 3.5cts rally by New York Mercantile Exchange 
RBOB futures.

   In paper trade, higher oil futures prices were supported by optimism over a 
U.S.-China trade deal as well as production cuts by Organization of the 
Petroleum Exporting Countries and non-OPEC.

   International Energy Agency data showed OPEC crude production fell 930,000 
bpd in January, leaving output near a four-year low at 30.83 million bpd. The 
output decline led to a 1.4 million bpd draw in world oil supply in the month 
profiled.

   At just about 1:00 PM ET, March NYMEX RBOB futures traded 3.49cts higher at 
$1.50 gallon while the March ULSD contract rose 2.23cts to $1.9611 gallon.

   NYMEX March West Texas Intermediate crude oil futures traded up 50cts to 
$54.40 bbl and the April Intercontinental Exchange Brent contract rose 79cts to 
$64.40 bbl.

   February CARBOB in the Los Angeles basin traded at 33.0cts gallon, up about 
2.5cts to $1.83 gallon.

   March CARBOB in the basin traded 0.5cts weaker at 12.5cts over the April 
RBOB contract.

   San Francisco Bay prompt CARBOB maintained a 10.0cts futures premium, 
tracking futures up about 3.5cts to $1.60 gallon.

   In the Pacific Northwest February suboctane also tracked futures up near 
3.5cts to $1.4250 gallon.

   Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.dtn.com. (c) 
2019 DTN. All rights reserved.