Midwest Spot Oil Product Prices mostly Lower at Midday
BURLINGTON, Vt. (DTN) -- Profit taking on the New York Mercantile Exchange
oil futures complex has pressured gasoline and distillate prices in Oklahoma
Group 3 Monday, where open market trading has been active.
The transition in Chicago to the final June pipeline delivery cycle has
scattered finished product price all over the board on wide basis swings.
NYMEX July RBOB futures have faded 1.8cts to $1.7145 gallon at press time,
and frontline ULSD futures were posting a 1.61cts session loss at $1.8133
gallon. Spot month WTI crude oil futures have traded in a narrow range this
morning, and were $0.26 lower at last glance trading $52.25 bbl.
Chicago 9.0-lb. CBOB has toppled 4.8cts to a notional $1.6345 gallon for
third cycle June pipeline delivery, slumping 3cts to an 8cts MERC discount.
Group 3 suboctane regular was reported sold at a 10.5cts futures discount
for prompt offline Magellan Pipeline delivery, moving spot price 1.55cts below
its Friday DTN closing market rating to $1.6095 gallon.
Chicago ultra-low sulfur diesel fuel has swung 3.39cts higher to an implied
$1.6833 gallon, on a 500pts improvement to a 13cts basis discount for third
cycle pipeline offtake.
X-grade ULSD in the Group sold for prompt Magellan Pipeline delivery 2.5cts
below the July futures print, paring flat price 1.36cts to $1.7883 gallon.
G. Bud deGorgue, 1.802.524.1784, email@example.com, www.dtn.com. (c) 2019
DTN. All rights reserved.