Rack Market Softens as ULSD Drops 14.82cts


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- U.S. wholesale rack prices weakened Tuesday (9/22), 
with ultra-low sulfur diesel (ULSD) falling across all five PADDs while 
gasoline also declined nationally as crude oil and diesel futures extended 
their recent pullback.

   Nationwide ULSD rack prices averaged $5.2838 gallon, down 14.82cts from the 
previous trading session's $5.4321 gallon, according to DTN data.

   Conventional unleaded gasoline rack prices averaged $3.5650 gallon, down 
4.09cts from $3.6058 gallon in the previous trading session.

   The decline in rack prices came as crude futures fell for a fifth 
consecutive session, with markets focused on the possibility of renewed 
U.S.-Iran diplomatic engagement during this week's United Nations General 
Assembly.

   NYMEX WTI traded near $94.80 bbl Tuesday morning, down nearly $1 on the day. 
Front-month New York Harbor ULSD fell about 6.96cts to $4.8199 gallon, while 
RBOB gasoline moved in the opposite direction, rising about 4.10cts to $3.5109 
gallon.

   Refining margins also eased for distillates. The diesel crack fell $1.74 to 
about $107.83 bbl, dropping below $110 for the first time since September 14. 
The gasoline crack strengthened to about $71.12 bbl, up $1.38 on the day.

   ULSD racks fell across all five PADDs. Gulf Coast values posted the largest 
decline, dropping 19.84cts to $5.1346 gallon, followed by West Coast prices, 
which fell 15.60cts to $5.7471 gallon. East Coast ULSD declined 13.50cts to 
$5.0816 gallon, Midwest values fell 12.61cts to $5.3342 gallon and Rocky 
Mountain prices dropped 8.54cts to $5.4899 gallon.

   PADD 5 maintained the widest ULSD premium to the national average at 
46.33cts, while PADD 1 held the largest discount at 20.22cts.

   Gasoline racks also weakened in four of the five regions. Midwest values 
posted the largest decline, falling 8.91cts to $3.3818 gallon, followed by 
Rocky Mountain prices, which dropped 5.38cts to $4.1117 gallon. Gulf Coast 
gasoline fell 2.96cts to $3.4007 gallon and East Coast values declined 2.82cts 
to $3.3683 gallon. West Coast prices were nearly unchanged at $4.2976 gallon.

   PADD 5 maintained the largest gasoline premium to the national average at 
73.26cts, while PADD 1 held the widest discount at 19.67cts.




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