October NYMEX RBOB Up Over 3% as Gasoline Stocks Tumble


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- The NYMEX RBOB futures contract for October delivery 
rallied over 3% on Wednesday (9/30) after federal data showed U.S. gasoline 
stocks tumbled to a nearly 12-year low, driven by sharp inventory draws that 
included a record low in the Midwest.

   By 11:20 a.m. ET, October NYMEX RBOB futures contract rose $0.1065, or 
3.25%, to $3.3847 gallon ahead of its expiry at the close of Wednesday's 
session. Its high for the day was $3.3887.

   November RBOB, the new front-month from Thursday (10/1), was up $0.1376, or 
4.42%, at $3.2699 after an intraday peak at $3.2765. 

   Motor gasoline inventories fell for second consecutive week by 1.7 million 
bbl to 204.4 million bbl during the week ended September 25, their lowest level 
since November 7, 2014, according to Energy Information  Administration (EIA) 
data released Wednesday.

   The stockpile drop was even more pronounced in the Midwest, where gasoline 
balances reached all-time lows. Motor gasoline stock in the PADD 2 region drew 
by 1.8 million bbl during the week ended September 25 to 41.8 million bbl, the 
EIA said. That placed regional gasoline supplies at their lowest level since 
EIA record-keeping began in December 1989.




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