Midwest Weekly: Spot Fuels Down Broadly as Stocks Spike


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) -- Midwest fuel spot prices continued their slide this 
week, led by the drop in ultra-low sulfur diesel (ULSD) values on the Wolverine 
pipeline. DTN data showed Thursday (6/18) that the downward trend across the 
region persisted as regional product supplies expanded over the week and as the 
U.S.-Iran peace deal pressured energy prices across the board.

   The Wolverine-ULSD average spot price took the single biggest hit across the 
entire Midwest region, plunging 33.44cts to a weekly average of $3.0896 gallon. 
The Buckeye Complex-ULSD spot value followed closely behind that drop, shedding 
33.14cts to average $3.0806 gallon for the week.

   Chicago-ULSD prices also experienced a hefty contraction during the weekly 
session, dropping 31.78cts to reach a weekly average price of $3.0511 gallon. 
Group 3-ULSD values slid 25.89cts lower to average $3.0721 gallon, representing 
a clear downward trend as regional trading drew to a close.

   The price slump came as the U.S. Energy Information Administration reported 
that distillate fuel oil inventories in PADD 2 rose by 1.0 million bbl. That 
substantial weekly build placed regional distillate inventories 1.2 million bbl 
higher than the 25.1 million bbl logged during the same week last year.

   Midwest distillate fuel oil imports also rose last week, averaging 9,000 
bpd, which was 4,000 bpd higher from the prior week, the EIA said. However, the 
government agency noted that these regional imports still remained 5,000 bpd 
lower than the levels recorded during the prior year.

   In the Midwest jet fuel market, Chicago jet fuel values lost 18.84cts on the 
week to average a lower $2.6026 gallon. Group 3 jet fuel prices tumbled at an 
identical pace, dropping 18.84cts to average $2.5926 gallon according to the 
latest compiled DTN market data.

   Regional jet fuel inventories rose by 700,000 bbl to 8.1 million bbl last 
week, staying a comfortable 700,000 bbl above corresponding year-ago levels.

   On the gasoline front, Wolverine-CBOB regular gave up 7.94cts and Buckeye 
Complex-CBOB averages softened by 5.24cts over the weekly session to a common 
average of $2.8984 gallon. Chicago-CBOB regular recorded a milder weekly slide 
among the group, easing 7.04cts to an average of $2.8604 gallon this week.

   Group 3-Suboctane gasoline also flipped into negative territory, dropping 
12.69cts to reach a weekly average of $2.8319 gallon during this processing 
cycle. This notable decline reversed the previous week's gains despite the 
market entering what is traditionally the absolute heart of the summer driving 
season.

   PADD 2 gasoline inventories increased by 200,000 bbl on the week to 44.6 
million bbl, according to official data released by the EIA. On the year, PADD 
2 gasoline stocks remained down by 2.6 million bbl from the 47.2 million bbl 
level seen during last year.




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