Midwest Spot Gasoline Prices Soar on Midday Basis Surge
5/24 12:42 PM
Midwest Spot Gasoline Prices Soar on Midday Basis Surge BURLINGTON, Vt. (DTN) -- Open market gasoline prices in Oklahoma Group 3 and Chicago are rallying Friday, not on a rebound in New York Mercantile Exchange RBOB futures but rather a surge in cash differentials for prompt pipeline cover. Regional diesel fuel values are moderately higher in the Group and virtually unchanged in Chicago at midday. The long Memorial Day weekend has brought out some bottom pickers on the NYMEX, betting the three-day trading hiatus could turn the table on trade talks between the U.S. and China. January WTI futures have cleared the unchanged mark at press time, trading $0.25 bbl on positive ground at $58.16 bbl. June ULSD paper was down 0.26cts at midday printing $1.9598 gallon, with the frontline RBOB contract a fraction higher on the session at $1.9142 gallon. V-grade 9.0-lb. Group 3 suboctane regular has been bid up 600pts in cash differential to a 4.0cts June futures premium with implied spot price 6.09cts higher at $1.9542 gallon for Magellan pipeline delivery. Chicago 9.0-lb. CBOB is talked at MERC level for third cycle May Wolverine Pipeline specific delivery, moving spot price 3.34cts above its DTN Thursday closing market rating to a notional $1.9142 gallon. X-grade ultra low sulfur diesel in the Group sold at a 3.5cts MERC discount for next week offline Magellan Pipeline delivery, giving spot price a 0.24cts boost to $1.9298 gallon. Ultra low sulfur diesel fuel in Chicago is offered at a 0.5cts MERC discount for third cycle delivery, holding spot price intact at $1.9598 gallon. G.Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.dtn.com. (c) 2019 DTN. All rights reserved.
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