Gulf Coast, NYH Spot Prices Deflated by Futures Pullback
BURLINGTON, Vt. (DTN) -- Spot market oil product prices in New York Harbor
and at the Texas Gulf Coast ranged lower Wednesday after weekly oil supply data
triggered broadbased selling across the New York Mercantile Exchange oil
futures trading platform. Physical oil trading was light in the Harbor, and
active at the Gulf for gasoline ahead of pipeline scheduling.
The U.S. Energy Information Administration reported an increase of 1.6
million bbl in domestic crude oil stocks, with exports up 818,000 bpd to 2.7
Commercial gasoline supply was drawn down 1.4 million bbl during the week
ended Aug. 9, and distillate storage levels posted a 1.9 million bbl
U.S. refiners cut back 1.6% on runs to 94.8% of capacity last week.
September crude oil futures reversed course and tumbled $1.87 to a $55.23
bbl settlement and added to losses in the aftermarket responding to an 800.49
point plunge in the Dow Jones Industrial Average.
September RBOB futures settled down 6.06cts at $1.6758 gallon, and spot
month ULSD futures finished 3.36cts in red figures at $1.8437 gallon.
Gulf Coast conventional 9.0-lb. regular no lead sold in front of 47th cycle
Colonial Pipeline tender deadlines at a 3.75cts September futures discount that
trimmed spot price by 4.66cts to $1.6383 gallon. RBOB tumbled 6.46cts to
$1.6243 gallon rated at a 5.15cts MERC discount, and PBOB tumbled 11.66cts to
$1.7833 gallon trading at a 10.75cts futures premium for 47th cycle CPL
transit. A2 CBOB changed hands at a 13.65cts September futures discount that
backed flat price down 5.81cts to $1.5393 gallon.
New York Harbor M2 unleaded plunged 6.06cts to $1.6805 gallon rated at a
0.5cts futures premium for offline delivery, and RBOB held at a 2.75cts MERC
premium for prompt barge loading. CBOB was reported sold for 43rd cycle CPL
delivery at a 7.40cts futures discount, and high-octane 307-grade CBOB tumbled
400pts to a 10cts futures premium and 10.06cts in spot price to $1.7758 gallon
for CPL delivered cover. Gulf Coast 62-grade
ultra low sulfur diesel fuel slid 2.91cts below its Tuesday closing assessment
to $1.7972 gallon, trading at a 4.65cts futures discount for 48th cycle
Colonial Pipeline transport.
New York Harbor ULSD was reported sold for offline 43rd cycle CPL delivery
0.5cts below the September futures print, limiting price to a 2.11cts loss at
G.Bud deGorgue, 1.802.524.1784, firstname.lastname@example.org, www.dtn.com. (c) 2019
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