U.S. Rack Gas Drops 12.82cts, Diesel 10.68cts


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- U.S. wholesale rack prices for gasoline and ultra-low 
sulfur diesel (ULSD) fell for a second consecutive day Tuesday (11/10), 
extending their decline as crude oil and refined product futures weakened on 
growing expectations of a diplomatic resolution to the U.S.-Iran conflict.

   Nationwide gasoline rack prices dropped 12.82cts, or 4.6%, to $2.6738 gallon 
from $2.8020 gallon Monday, according to DTN data. ULSD declined 10.68cts, or 
2.2%, to $4.6519 gallon from Monday's revised $4.7587 gallon.

   The continued retreat in petroleum prices followed President Donald Trump's 
remarks suggesting that hostilities with Iran could end relatively soon, 
reinforcing expectations that negotiations over nuclear issues and shipping 
through the Strait of Hormuz could reduce the risk of further military action. 
However, uncertainty surrounding regional security and oil shipments continued 
to limit confidence in a lasting resolution.

   WTI crude fell to $85.18 bbl, its lowest level since August 31, when it 
closed at $85.75 bbl. NYMEX ULSD dropped 16.4cts to $4.0508 gallon, while RBOB 
gasoline declined 3.92cts to $2.6117 gallon.

   Refining margins weakened further for diesel, with the ULSD crack plunging 
$5.15 to $85.01 bbl, extending its retreat from above $100 bbl in late October. 
The gasoline crack, however, edged up $0.04 to $24.52 bbl despite weaker 
gasoline futures.

   Gasoline rack prices declined across all five PADDs, led by the Rocky 
Mountains, down 14.66cts to $2.8548 gallon. Midwest gasoline fell 14.65cts to 
$2.4696 gallon, while Gulf Coast prices dropped 12.63cts to $2.4898 gallon.

   Diesel racks also weakened nationwide, with Midwest ULSD posting the 
steepest decline at 13.88cts to $4.5748 gallon. Gulf Coast prices fell 13.1cts 
to $4.5214 gallon, while Rocky Mountain diesel dropped 12.81cts to $4.9567 
gallon.




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