PNW ULSD Basis Plummets on Lower Offers


   
Kristina Davis
DTN Refined Fuels Market Reporter

   MIAMI, FL (DTN) -- Pacific Northwest ULSD basis plunged on Thursday (12/11), 
slipping by 6.5cts to a 14cts discount to the January NYMEX ULSD futures 
contract after lower offers were heard in the spot market.

   Market sources said an offer for PNW ULSD was heard at a 13.5cts discount, 
but a trade at that level was not confirmed at the time of publication.

   The sharp decline follows a recent stretch of relative stability. The 
average spot price has been at 44.50cts premium since summer before sinking to 
1.50cts on November 6 at its lowest level of the year to rebound up to a 
10.50cts premium on Friday (11/14).

   "ULSD bids had firmed earlier this month on expectations of winter heating 
support and intermittent refinery maintenance," one trader said.

   Typically, Pacific Northwest ULSD prices remain steady for extended periods, 
reflecting balanced supply and demand fundamentals, making Thursday's sharp 
decline noteworthy.




(c) Copyright 2025 DTN, LLC. All rights reserved.