Stronger Basis, Futures Gains Lift Spot Gasoline in PNW
1/15 12:41 PM
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.
 
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