Futures Slide Leaning on Midwest Midday Cash Oil Products
8/15 12:40 PM
Futures Slide Leaning on Midwest Midday Cash Oil Products BURLINGTON, Vt. (DTN) -- New York Mercantile Exchange oil futures are adding to Wednesday's losses at midday and applying pressure on Chicago and Group 3 finished oil products on word Beijing intends to respond in kind to the 10% increase in tariffs on Chinese goods delayed until December by the United States. Losses in September crude oil futures continue to mount up on the NYMEX, with the front month contract tumbling $0.73 bbl to $54.50 bbl at press time. A 3.47cts pullback was being posted in September RBOB futures at $1.6411 gallon, and spot month ULSD futures were posting a 2.6cts loss at $1.8177 gallon. Bulk trading has been light this morning in Midwest open markets. Chicago 9.0-lb. CBOB has moved 2.47cts below its Wednesday DTN closing market rating to $1.5811 gallon, trading for third cycle August delivery into the Buckeye Complex at a 6cts MERC discount. V-grade suboctane regular in the Group has been bid up to a 5.75cts futures discount for prompt Magellan Pipeline offtake that pares spot price by 2.22cts to a notional $1.5836 gallon. X-grade ultra-low sulfur diesel fuel in Group 3 has backpedaled 2.6cts to a notional $1.7627 gallon, talked either side of a 5.5cts September futures discount for delivered Magellan Pipeline supply. Chicago ULSD has slipped 2.35cts to a notional $1.7552 gallon, assessed for third cycle August pipeline movement at a 6.25cts September futures discount. G.Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.dtn.com. (c) 2019 DTN. All rights reserved.
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