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
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
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
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
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
G. Bud deGorgue, 1.802.524.1784, email@example.com, www.dtn.com. (c) 2019
DTN. All rights reserved.