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
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
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
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
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, email@example.com, www.dtn.com. (c)
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