EIA Stats Have Minor Impact on Midwest Spot Product Prices
4/17 3:51 PM
EIA Stats Have Minor Impact on Midwest Spot Product Prices BURLINGTON, Vt. (DTN) -- Drawdowns during the week-ended April 12 in domestic gasoline and distillate stockpiles reported this morning by the Energy Information Administration had a limited impact on spot market oil product prices in Chicago and Oklahoma Group 3 Wednesday, and failed to recharge the stalled rally in New York Mercantile Exchange oil product futures. A plunge in implied demand for U.S. gasoline and middle distillates took most of the sting out of moderate drawdowns in finished oil products, with refiners making a fractional increase in runs to 87.7% of capacity. PADD 2 gasoline stocks fell 400,000 bbl and total distillates edged up 200,000 bbl. Domestic crude oil storage levels fell 1.4 million bbl, and 1.543 million bbl at the Cushing oil supply depot. NYMEX May crude oil futures settled down $0.29 at $63.76 bbl, and the May ULSD contract closed formal session trading 1.30cts lower on the day at $2.0692 gallon. Frontline RBOB futures posted a 1.01cts advance to $2.0418 gallon at settlement. Chicago 9.0-lb. CBOB edged 0.51cts above its Tuesday DTN closing market reading to $2.0618 gallon, trading at a 2.0cts May RBOB futures premium for third cycle April offline Wolverine Pipeline delivery. RBOB improved to a 17.0cts CBOB premium giving spot price a 1.51cts boost to $2.2318 gallon. V-grade 7.8-lb. suboctane regular in Group 3 ended cash market trading virtually unchanged at $1.9943 gallon, falling a penny in basis trading 4.75cts below the MERC for prompt offline Magellan Pipeline supply. Chicago ultra-low sulfur diesel fuel backpedaled 0.80cts to a notional $2.0567 gallon rated at a 1.25cts futures discount for prompt generic pipeline delivery. Group 3 X-grade ULSD posted a 1.55cts loss at $2.0692 gallon rated for prompt MPL delivery at MERC level. G.Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.dtn.com. (c) 2019 DTN. All rights reserved.
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