Midwest Spot Oil Product Prices Soar on Basis Spikes
11/19 4:36 PM
Midwest Spot Oil Product Prices Soar on Basis Spikes BURLINGTON, Vt. (DTN) -- Spot market gasoline and diesel fuel prices in Oklahoma Group 3 and Chicago raced higher Monday propelled by a moderate advance in benchmark RBOB and ULSD oil futures on the New York Mercantile Exchange and a surge in prompt cash differentials. Trading was active throughout the day in both heartland open market regions. In futures, the December WTI contract expired at today's formal session close finishing $0.30 higher at $56.76 bbl and January futures climbed $0.52 to $57.20 bbl. December ULSD futures rallied 1.27cts to $2.0864 gallon at settlement, and the spot month RBOB contract posted a 0.59cts advance at $1.5829 gallon. Chicago 15.0-lb. CBOB soared 700pts in cash differential, trading for delivery into the Buckeye Complex a penny over the December RBOB futures print that powered spot price 7.59cts above its DTN Friday closing market assessment to $1.5929 gallon. RBOB improved 100pts to a 4.0cts CBOB premium that boosted flat price by 8.59cts, and PBOB maintained a 30.0cts premium over CBOB. Chicago ultra-low sulfur diesel fuel rambled 5.27cts higher to $2.1364 gallon, trading late day 5.0cts over the MERC for offline delivery into BCX storage. Suboctane 13.5-lb. regular V-grade in Group 3 rode a 350pts basis improvement 4.09cts higher to $1.5879 gallon, changing hands refiner-to-trading company 0.5cts over the MERC. A-grade unleaded premium was priced at a 20.0cts regrade at $1.7879 gallon. Group 3 X-grade ULSD sold for prompt cycle Magellan Pipeline delivery at MERC level that gave spot price a 2.02cts lift to $2.0864 gallon. G.Bud deGorgue, 1.802.524.1784, www.dtn.com. (c) 2018 DTN. All rights reserved.
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