Gulf Coast, NYH Oil Products Close Week on an Upsurge
2/23 5:01 PM
Gulf Coast, NYH Oil Products Close Week on an Upsurge BURLINGTON, Vt. (DTN) -- Spot market oil product prices in New York Harbor and at the Texas Gulf Coast were provided a fresh boost by an unfettered upside surge in benchmark oil product futures on the New York Mercantile Exchange. Physical market business was highlighted by super spikes in premium gasoline grades at the Gulf Coast in front of scheduling deadlines for the last February Colonial Pipeline shipping cycle at the close of business on Monday (2/26). The number of active rigs drilling for oil in the United States gained by one unit this week climbing to 799, marking the fifth consecutive weekly increase and the highest count since early April 2015, according to Baker Hughes. So far this year, a total of 52 oil rigs have been activated for service in the U.S. At the current level, rigs are 197 higher than a year ago. Total domestic crude oil supply fell 1.6 million bbl last week pressured by a 722,000 bpd surge to over 2 million bpd in U.S. crude oil exports, and an 867,000 bpd plunge in crude oil imports. Crude oil production was little changed on the week at 10.270 million bpd, outpaces year prior output by 1.269 million bpd, and is 13.5% higher on a year-over-year comparison during the most recent four-week period. March NYMEX RBOB futures soared 4.28cts to $1.8085 gallon at settlement this afternoon and rallied 5.76cts this week. March ULSD futures ended the day up 1.67cts at $1.9694 gallon, and for the week climbed 5.9cts. April crude oil futures ramped up $0.78 to $63.55 bbl at settlement, and ended a volatile week of paper trading up $1.87. Gulf Coast conventional 11.5-lb. M3 regular unleaded rallied 4.48cts to $1.8445 gallon trading 3.6cts over the March RBOB futures print for 12th cycle CPL transport. Gulf Coast 13.5-lb. F4 RBOB surged 250pts in cash differential rated at a 2.75cts MERC discount that powered spot price up 6.78cts to $1.7810 gallon for prompt CPL transit, and H4 PBOB rallied 11.28cts to $1.9560 gallon gaining 700pts in basis trading at a 14.75cts March futures premium. A3 11.5-lb. CBOB ramped up 5.03cts to $1.7935 gallon changing hands at a 1.5cts MERC discount, and D3 high-octane CBOB sold at a 15cts futures premium that vaulted spot price up 10.03cts to $1.9585 gallon for 12th cycle CPL consignment. Gasoline line space for CPL's 12th cycle sold at a 0.5cts tariff premium. New York Harbor 15.0-lb. RBOB posted a 4.13cts gain to $1.7970 gallon trading to prompt barge at a 1.15cts March futures discount, and 318-grade CBOB tracked RBOB higher maintaining price parity for prompt trade. Harbor high-octane CBOB was rated at a 12.5cts MERC premium, and H5 PBOB 10.5cts over the March futures print. Gulf Coast ultra low sulfur 62-grade diesel fuel traded for shipment on CPL's 13th cycle at a 4.3cts April futures discount that boosted spot price by 1.6cts to $1.9296 gallon. Distillate line space for CPL's 13th cycle was assessed at a 1.25cts tariff discount. New York Harbor ultra low sulfur diesel fuel moved 1.17cts above its Thursday DTN closing market index to $1.9594 gallon trading for prompt cycle Buckeye Pipeline transport at a 1.0cts March futures discount. G.Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.dtn.com. (c) 2018 DTN. All rights reserved.