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 
futures.

   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, dawn.gallagher@dtn.com, www.dtn.com. (c) 
2019 DTN. All rights reserved.