Futures, Basis Gains Boost Gulf Coast, NYH Oil Products

    

   BURLINGTON, Vt. (DTN) -- Spot market oil product prices headed higher 
Thursday at the Texas Gulf Coast and in New York Harbor on a rally in benchmark 
oil futures and added strength in cash differentials at the Gulf in front of 
pipeline scheduling. 

   Attacks on two crude oil carriers in the Gulf of Oman fueled a buying surge 
in WTI crude oil futures that caught fire among RBOB and ULSD futures traders 
that maintained legs into the close of formal session trading this afternoon.

   July WTI futures climbed $1.14 rebounding to $52.28 gallon at the close of 
formal session trading. RBOB futures for near term New York Mercantile Exchange 
delivery posted a 3.38cts advance at $1.7199 gallon, and the July ULSD contract 
settled 2.67cts higher at $1.8066 gallon. 

   M2 Gulf Coast 9.0-lb. conventional unleaded gained a penny in basis trading 
at a 6.75cts futures discount in front of 35th cycle Colonial Pipeline 
scheduling deadlines, boosting spot price 4.38cts to $1.6524 gallon. 

   A2 CBOB moved 4.63cts above its Wednesday closing range to $1.5624 gallon 
changing hands 15.75cts below the July futures print, and 7.8-lb. RBOB sold for 
35th cycle CPL consignment at a 3.5cts futures discount that powered flat price 
up 4.63cts to $1.6849 gallon. 

   Conventional 9.0-lb. M2 regular no lead in New York Harbor maintained a 3cts 
futures discount for offline CPL delivery that bounced implied flat price up 
3.38cts to an implied $1.6899 gallon, and Harbor RBOB was reported sold for 
June 17 barge lifting 0.9cts over the MERC giving spot price a 3.28cts boost to 
$1.7289 gallon. 

   Gulf Coast 62-grade diesel fuel posted a 2.82cts advance to $1.7596 gallon 
on a 35th cycle CPL trade closed at a 4.7cts futures discount. 

   New York Harbor ultra-low sulfur diesel fuel was offered at a 0.75cts MERC 
discount for offline Colonial Pipeline delivery that gave spot price a 2.67cts 
lift to a notional $1.7966 gallon. 

   G. Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.dtn.com. (c) 2019 
DTN. All rights reserved.