Los Angeles Cash Gasoline Basis Stronger, Prices Extend Up
9/25 12:25 PM
Los Angeles Cash Gasoline Basis Stronger, Prices Extend Up OAKHURST, N.J. (DTN) --- Los Angeles spot gasoline prices held higher in early Tuesday trade on a combination of stronger cash basis and another move to the upside by New York Mercantile Exchange RBOB futures. Benchmark oil futures gained ahead of weekly oil supply data, though the contracts backed off earlier highs after President Trump during a speech delivered to the United Nations General Assembly in New York called for "all nations to isolate Iran's regime as long as its aggression continues." Trump also remarked about Organization of the Petroleum Exporting Counties and non-OPEC's role in oil prices and for them to "start lowering" prices. At 12:30 PM ET, October RBOB futures traded up 1.03cts to $2.0650 gallon while the November contract rose 1.18cts to $2.0539 gallon. October ULSD futures traded 1.66cts higher at $2.3025 gallon and November futures rose 1.80cts to $2.3082 gallon. NYMEX November West Texas Intermediate crude futures traded 2cts higher to $72.10 bbl while the November Brent contract on the Intercontinental Exchange contract traded 66cts higher at $81.86 bbl. Sources said prompt CARBOB in the basin traded from 27.0cts to 28.5cts premiums to the print, up nearly 3.75cts to $2.3389 gallon. Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.dtn.com. (c) 2018 DTN. All rights reserved.