U.S. Rack Markets Diverge; ULSD Falls 6.96cts


   
Miguel E. Andujar
DTN Refined Fuels Market Reporter

   DAVENPORT, FL (DTN) -- U.S. wholesale rack markets diverged Friday (9/18), 
with conventional gasoline prices rising while ultra-low sulfur diesel (ULSD) 
fell nationally as product futures and refining margins sent mixed signals into 
the physical market.

   Nationwide conventional unleaded gasoline rack prices averaged $3.5814 
gallon, up 3.38cts from Thursday's $3.5476 gallon, according to DTN data.

   ULSD rack prices averaged $5.4840 gallon, down 6.96cts from the previous 
trading session's $5.5536 gallon.

   The mixed rack performance came as crude and product futures remained 
volatile. NYMEX WTI traded near $103.07 bbl Friday morning, up $1.16 on the day 
after reaching a session high of $103.39 bbl. Front-month New York Harbor ULSD 
rose 4.23cts to $5.1564 gallon after trading as high as $5.1710 gallon, while 
RBOB gasoline fell 2.80cts to around $3.48 gallon.

   Refining margins remained especially strong for distillates. The diesel 
crack traded above $110 bbl for a fourth consecutive session, near $114 bbl and 
up about $1.13 on the day. The gasoline crack weakened to around $43.35 bbl, 
down about $2.10.

   ULSD racks fell in four of the five PADDs. West Coast values posted the 
largest decline, falling 15.42cts to $5.9544 gallon, followed by Midwest 
prices, which dropped 13.62cts to $5.4700 gallon. Rocky Mountain ULSD fell 
6.82cts to $5.5892 gallon and Gulf Coast values declined 3.08cts to $5.3562 
gallon, while East Coast prices were nearly unchanged at $5.3303 gallon.

   Midwest ULSD racks posted one of the largest regional declines despite an 
operational disruption in Illinois. ExxonMobil on Thursday reported an oil 
release at its 275,000 bpd Joliet refinery in Channahon, Illinois, after 
floodwater overwhelmed a pump. The refinery supplies gasoline and diesel into 
Chicago and broader Midwest markets and represents more than 6% of regional 
refining capacity, making any prolonged operational disruption relevant to PADD 
2 supply conditions.

   PADD 5 maintained the widest ULSD premium to the national average at 
47.04cts, while PADD 1 held the largest discount at 15.37cts.

   Gasoline racks moved higher across all five PADDs. Midwest values posted the 
largest increase, rising 7.02cts to $3.5067 gallon, followed by East Coast 
prices, which gained 2.65cts to $3.3533 gallon. West Coast gasoline rose 
2.31cts to $4.2431 gallon, Gulf Coast values increased 1.60cts to $3.3928 
gallon and Rocky Mountain prices added 1.34cts to $4.1200 gallon.

   PADD 5 maintained the largest gasoline premium to the national average at 
66.17cts, while PADD 1 held the widest discount at 22.81cts.




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