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West Coast Spot Gasoline Posts Futures-related Gains
2/14 12:44 PM
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.