ULSD Racks Up 10.28cts; Gasoline Reverses 3-Session Loss


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- U.S. wholesale rack prices turned broadly higher 
Thursday (10/1) as ultra-low sulfur diesel (ULSD) jumped more than 10cts 
nationally while gasoline reversed three consecutive days of declines.

   Nationwide ULSD rack prices averaged $5.1411 gallon, up 10.28cts from the 
previous trading session's $5.0383 gallon, according to DTN data.

   Conventional unleaded gasoline rack prices averaged $3.4239 gallon, up 
7.63cts from Wednesday's $3.3476 gallon. The increase comes against a tight 
supply backdrop flagged by the Energy Information Administration, which 
reported that U.S. gasoline inventories fell 1.7 million bbl to 204.4 million 
bbl last week, the lowest level in nearly 12 years.

   Rack prices also firmed as oil prices advanced after Chinese refiners 
suspended October fuel exports outside Hong Kong and Macau to protect domestic 
supplies, adding another potential constraint to already tight global 
refined-product markets.

   NYMEX WTI traded near $92.19 bbl Thursday morning, up $1.79 on the day. 
Front-month New York Harbor ULSD, however, fell 5.17cts to $4.6357 gallon, 
while RBOB gasoline rose 4.12cts to $3.3017 gallon.

   Refining margins also softened despite the increase in rack prices. The 
diesel crack fell $4.01 to $102.46 bbl, while the gasoline crack edged down 
$0.09 to $46.45 bbl.

   ULSD racks increased across all five PADDs. West Coast values posted the 
largest advance, jumping 17.15cts to $5.4942 gallon, followed by Gulf Coast 
prices, which rose 12.70cts to $4.9595 gallon. Midwest ULSD increased 9cts to 
$5.1051 gallon, Rocky Mountain values rose 8.41cts to $5.4063 gallon and East 
Coast prices advanced 6.27cts to $5.0799 gallon.

   PADD 5 carried the widest ULSD premium to the national average at 35.31cts, 
while PADD 3 held the largest discount at 18.16cts.

   Gasoline racks increased in four of the five PADDs. Midwest values led the 
advance, jumping 15.44cts to $3.2058 gallon, followed by East Coast prices, 
which rose 9.31cts to $3.2596 gallon. Gulf Coast gasoline increased 8.61cts to 
$3.2580 gallon and Rocky Mountain values rose 5.92cts to $3.9159 gallon.

   West Coast gasoline bucked the national increase, falling 8.70cts to $4.1680 
gallon. The regional decline came after California moved to allow an earlier 
transition to winter-grade gasoline in an effort to increase available supply.

   PADD 5 nevertheless maintained the widest gasoline premium to the national 
average at 74.41cts, while PADD 2 held the largest discount at 21.81cts.




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