U.S. Rack Diesel Falls 9.86cts for Third Straight Day


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- U.S. wholesale rack prices for ultra-low sulfur 
diesel (ULSD) and gasoline declined for a third consecutive day Wednesday 
(10/28), extending their retreat from last week's elevated levels even as crude 
oil and refined product futures advanced on renewed Middle East supply concerns.

   Nationwide ULSD rack prices averaged $5.1451 gallon, down 9.86cts from 
Tuesday's revised $5.2436 gallon, according to DTN data. Conventional unleaded 
gasoline fell 7.18cts to $3.1419 gallon from $3.2137 gallon.

   The continued weakness at wholesale racks contrasted with stronger energy 
futures as the market reassessed the possibility of a prolonged conflict in the 
Middle East. President Donald Trump reiterated Tuesday that the war with Iran 
would end on his terms, tempering expectations for a near-term resolution and 
keeping regional supply disruptions in focus.

   WTI futures climbed $1.79 to $101.69 bbl, while NYMEX ULSD advanced 1.81cts 
to $4.7933 gallon and RBOB gasoline rose 0.93cts to $3.1469 gallon. Despite 
higher outright futures, refining margins weakened, with the diesel crack 
falling $1.31 to $99.56 bbl, its first reading below $100 bbl since October 2, 
when it was $97.93 bbl. The gasoline crack declined from $1.58 to $30.30 bbl.

   The broader rack decline extended across all five regions, with West Coast 
ULSD dropping 16.53cts to $5.6773 gallon, followed by the Rocky Mountains, down 
12.38cts to $5.5135 gallon. Midwest diesel fell 10.54cts to $5.1016 gallon, 
while Gulf Coast prices declined 8.93cts to $5.0027 gallon, approaching the $5 
mark.

   Gasoline racks also weakened nationwide, led by the Gulf Coast, where prices 
dropped 8.43cts to $2.9308 gallon. East Coast gasoline fell 7.96cts to $2.9982 
gallon, slipping below $3 gallon, while Rocky Mountain and Midwest prices 
declined 7.22cts and 7.1cts, respectively. West Coast gasoline dropped 3.97cts 
to $3.7489 gallon.

   The market also awaited the Energy Information Administration's weekly 
petroleum inventory report for further guidance on U.S. crude and refined 
product supplies.




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