U.S. Rack Gas, Diesel Tumble Over 22cts as Oil Sinks


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- U.S. wholesale rack prices for gasoline and ultra-low 
sulfur diesel (ULSD) plunged more than 22cts Tuesday (11/3), reversing Monday's 
increases as crude oil and refined product futures extended their declines 
despite renewed concerns over Middle Eastern supply disruptions.

   Nationwide gasoline rack prices dropped 22.72cts, or 7.1%, to $2.9617 gallon 
from $3.1889 gallon Monday, according to DTN data. ULSD fell 22.54cts, or 4.3%, 
to $4.9793 gallon from a revised $5.2047 gallon, slipping below $5 gallon.

   The sharp retreat followed another volatile session in energy markets, where 
reports of U.S. strikes on Iran's Qeshm Island revived concerns over oil 
shipments through the Strait of Hormuz. The developments complicated 
expectations for a diplomatic resolution to the conflict, which had pressured 
petroleum futures earlier in the week.

   Tuesday's U.S. midterm elections added another element of uncertainty, with 
the outcome potentially influencing Washington's foreign policy direction and 
its approach to energy sanctions. However, the immediate pressure on petroleum 
prices continued to reflect changing expectations for regional supply risks.

   WTI futures declined $1.83 to $94.61 bbl, while NYMEX ULSD slipped 1.26cts 
to $4.4084 gallon. RBOB gasoline fell 3.16cts to $2.8683 gallon.

   Refining margins recovered despite weaker outright futures, with the diesel 
crack rising $1.50 to $90.76 bbl after falling below $90 bbl Monday. The 
gasoline crack advanced $1.35 to $26.66 bbl.

   Gasoline racks declined across all five PADDs, led by the Midwest, down 
23.81cts to $2.7667 gallon. East Coast prices fell 23.53cts to $2.8727 gallon, 
while Gulf Coast gasoline dropped 22.08cts to $2.7834 gallon.

   Diesel prices also weakened nationwide, with Midwest ULSD falling 31.26cts 
to $5.0153 gallon. Gulf Coast prices declined 26.91cts to $4.8275 gallon, while 
West Coast ULSD dropped 25.02cts to $5.4426 gallon.




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