Midwest Spot Market Gasoline Prices Up sharply at Midday
BURLINGTON, Vt. (DTN) -- Spot market gasoline prices are posting hefty gains
in Oklahoma Group 3 and Chicago Tuesday as concerns over the health of the
Chinese economy turn to the latest figures on crude oil imports generated in
Spot market trading activity has been centered in Group 3 this morning.
The two-day futures selloff has run out of steam on a strong response by oil
futures speculators to a Reuters wire service report indicating China has
purchased three cargoes of crude oil out of the U.S. Gulf Coast that raised
hope that China and the United States would reach an agreement on their trade
impasse. Accommodative monetary policy by China rallied oil futures and
equities in early trading.
February WTI futures were posting a $1.31 advance at press time printing
$51.82 bbl. Front month RBOB futures were 4.09cts in the plus column trading
$1.4047 gallon at midday, and February ULSD futures were 0.94cts higher at
V-grade 13.5-lb. CBOB in the Group has rallied 4.34cts to $1.3072 gallon,
trading at a 9.75cts February futures discount for prompt cycle Magellan
Suboctane 15.0psi RVP regular in Chicago is rated 14.0cts below the February
RBOB futures print for delivery into the Buckeye Complex that boosts implied
spot price by 3.59cts to $1.2647 gallon. Wolverine Pipeline offline delivery is
assessed at a 19.0cts MERC discount.
X-grade ultra-low sulfur diesel fuel in Group 3 has edged 0.94cts higher to
$1.3072 gallon on a prompt cycle Magellan Pipeline deal closed at a 10.0cts
Chicago ULSD is priced at a 26.0cts February MERC discount for delivery into
the BCX that bumps spot price up 0.94cts to a notional $1.6019 gallon.
G. Bud deGorgue, 1.802.524.1784, firstname.lastname@example.org, www.dtn.com. (c) 2019
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