Gulf Coast, NYH Spot Products Rally on Futures Reversal
4/16 5:04 PM
Gulf Coast, NYH Spot Products Rally on Futures Reversal BURLINGTON, Vt. (DTN) -- New York Harbor and Texas Gulf Coast gasoline and diesel fuel prices ranged higher Tuesday as benchmark RBOB and ULSD oil futures flip-flopped back to the upside on the New York Mercantile Exchange. Trading was active at the Gulf Coast and listless in New York Harbor in front of weekly oil supply data from the American Petroleum Institute this afternoon. NYMEX crude oil futures recovered losses accrued during Monday trading and then some, climbing $0.65 to $64.05 bbl at today's formal session close. Frontline ULSD futures rallied 2.12cts to $2.0822 gallon at settlement, and spot month RBOB futures posted a 1.99cts advance and settled at $2.0317 gallon. Market sources report API surprised pundits showing a 3.1 million bbl decline in domestic crude oil supply, and a 1.56 million bbl drawdown in crude oil stocks at the Cushing oil supply depot during the week-ended April 12. Commercial gasoline stockpiles fell 3.6 million bbl, according to API data, and distillate storage levels increased by an unexpected 2.3 million bbl. Gulf Coast M2 9.0-lb. regular no lead edged up 0.24cts to $1.9892 gallon on the rollover to 24th cycle Colonial Pipeline prompt trading at a 425pts May futures discount. Gulf Coast 7.8-lb. RBOB sold at a 5.25cts MERC premium for 24th cycle CPL shipment that trimmed flat price by 0.76cts to $2.0842 gallon, and A2 CBOB climbed 0.79cts to a notional $1.9172 gallon indexed at an 11.45cts futures discount. New York Harbor 9.0-lb. RBOB maintained a 50pts MERC premium for prompt barge lifting fueling a 1.99cts price bounce to a notional $2.0367 gallon, and 308-grade summer quality CBOB posted a MERC level advance to an implied $1.9817 gallon assessed at a 500pts May futures discount for shipment north into the Pittsburgh market. Gulf Coast 62-grade diesel fuel was reported sold at a 5.20cts May futures discount that moved spot price 2.17cts above its DTN Monday market rating to $2.0302 gallon for 23rd cycle CPL transport. New York Harbor ULSD traded 0.30cts over the May futures print for a 19th cycle offline CPL delivered batch giving spot price a 1.97cts boost to $2.0852 gallon. G. Bud deGorgue, 1.802.524.1784,, (c) 2019 DTN. All rights reserved. [
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