U.S. Rack ULSD Rebounds 24.9cts as Oil Climbs to $100 bbl


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- Wholesale rack prices for ultra-low sulfur diesel 
(ULSD) across the United States moved sharply higher Thursday (3/12), resuming 
the week's upward trend on expectations of tighter global supplies after tanker 
attacks in the coast of the Persian Gulf forced the closure of some oil 
terminals. 

   Nationwide ultra-low sulfur diesel (ULSD) rack prices averaged $3.6718 
gallon, rising 24.88cts from Wednesday's $3.4230 gallon, according to DTN data. 
The rebound follows Wednesday's steep decline after diesel racks surged more 
than $1 gallon during last week's rally in crude and refined product futures.

   Conventional unleaded gasoline rack prices averaged $2.9019 gallon, an 
increase of 14.22cts from Wednesday's $2.7597 gallon, reversing the previous 
session's decline as gasoline markets tracked higher futures prices.

   ULSD racks moved higher across all five PADDs. The largest increase occurred 
in PADD 5, where prices climbed 29.34cts to $4.2441 gallon. PADD 1 rose 
28.30cts to $3.8051 gallon, followed by PADD 3, up 26.55cts to $3.6101 gallon. 
PADD 4 increased 21.08cts to $3.6292 gallon, while PADD 2 posted the smallest 
rise, gaining 18.29cts to $3.4671 gallon.

   Relative to the national ULSD rack average of $3.6718 gallon, PADD 5 held 
the strongest premium at 57.23cts, followed by PADD 1 at 13.33cts above the 
U.S. benchmark. PADD 4 and PADD 3 traded slightly below the national average at 
4.26cts and 6.17cts discounts, while PADD 2 stood 20.47cts below the national 
average, respectively.

   On gasoline racks, PADD 3 posted the largest increase, rising 20.89cts to 
$2.5568 gallon, followed by PADD 2, up 16.39cts to $2.4932 gallon. PADD 4 
climbed 14.77cts to $2.7253 gallon, while PADD 5 increased 14.53cts to $3.3809 
gallon. PADD 1 saw the smallest gain, rising 14.05cts to $2.5694 gallon, the 
same data showed.

   Compared with the national gasoline average of $2.9019 gallon, all PADDs 
traded at a discount except PADD 5, which stood at a 47.90cts premium to the 
U.S. benchmark. The deepest discount was seen in PADD 2 at 40.87cts below the 
national average, followed by PADD 3 at 34.51cts, PADD 1 at 33.25cts, and PADD 
4 at 17.66cts below the benchmark.

   In the futures market, refined products also moved higher alongside crude 
benchmarks. The front month NYMEX ULSD April contract traded at $3.9404 gallon, 
up 26.16cts, while NYMEX RBOB gasoline for April rose 10.72cts to $2.8955 
gallon. Meanwhile, WTI crude traded at $93.20 barrel, up $5.97, as markets 
continued to react to shifting geopolitical risk tied to developments in the 
Middle East.

    




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