Los Angeles Spot ULSD Drops with Move to November Business
10/17 12:48 PM
Los Angeles Spot ULSD Drops with Move to November Business OAKHURST, N.J. (DTN) --- Los Angeles cash basis for both in-state and out-of-state diesel dropped 5.5cts early Thursday and flat in San Francisco in dull discussion, while New York Mercantile Exchange November ULSD futures edged lower. At 1:15 PM ET, NYMEX November ULSD futures shed 1.22cts to $1.9304 gallon while the December contract shed 1.22cts to $1.9173 gallon. Trade sources pegged Bay area prompt CARB ULSD at a 17cts futures premium, tracking the print down 1.22cts to $2.1004 gallon. L.A. basin November CARB ULSD, which moved to prompt timing today, was talked at an 11.5cts premium to December ULSD futures. Spot price tumbled more than 8cts to $2.0320 gallon. Energy Information Administration data released this morning for the week ended Oct. 11 showed PADD V distillate supply dropped 732,000 bbl to 11.572 million bbl, a third consecutive weekly draw. Stocks are at a better than 1 million bbl year-over-year supply deficit while also down more than 1 million bbl from the five-year average. Dawn Gallagher, 1.732.531.4451, , http://www.dtn.com/