Stronger Basis, Futures Gains Lift Spot Gasoline in PNW
OAKHURST, N.J. (DTN) --- Spot gasoline prices in the Pacific Northwest
rallied over a nickel in early trade Tuesday as stronger basis merged with
higher New York Mercantile Exchange RBOB futures.
Benchmark crude futures posted better than $1 gains, supported by reports
there are three crude oil cargoes from the Gulf Coast in route to China.
At 1:05 PM ET, February RBOB futures rose 3.63cts to $1.4001 gallon and the
February ULSD contract added 0.66cts to $1.8591 gallon.
NYMEX February West Texas Intermediate jumped $1.25 to $51.76 bbl and the
March Intercontinental Exchange Brent contract rose $1.16 to $60.15 bbl.
Sources said Pacific Northwest prompt suboctane traded at a 3.0cts futures
premium. A day ago, the fuel was bid at a 2.0cts discount. Spot price rose
nearly 7.15cts to $1.4301 gallon.
In the Los Angeles basin, prompt CARBOB was talked 24.0cts over February
RBOB futures, up 3.63cts to $1.6401 gallon.
February CARBOB in the basin was offered at a 26.0cts premium to March RBOB
San Francisco Bay January CARBOB was pegged at a 14.0cts premium to the
print, up 3.63cts to $1.5401 gallon.
Dawn Gallagher, 1.732.531.4451, email@example.com, www.dtn.com. (c)
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