Gulf Coast, NYH Spot Oil Products Soar Post-EIA Statistics
BURLINGTON, Vt. (DTN) -- Spot market gasoline and diesel fuel prices at the
Texas Gulf Coast and in New York Harbor raced higher Wednesday as New York
Mercantile Exchange oil product futures hit the afterburners and soared
following the release of weekly oil supply data at midmorning by the U.S.
Energy Information Administration.
Cash business was muted by a fresh display of volatility in underlying RBOB
and ULSD oil futures on the NYMEX.
The EIA reported across-the-board drawdowns in domestic crude oil and
finished oil stocks in its report covering the week-ended May 11.
The Washington energy watchdog showed a 1.4 million bbl decline in U.S.
crude oil inventories that included a moderate 53,000 bbl increase in crude oil
supply at Cushing, Oklahoma.
Crude oil imports totaled 278,000 bpd last week, and exports soared by
689,000 bpd to 2.6 million bpd.
Crude oil production posted a 20,000 bpd boost to a record 10.723 million
bpd that represents a year-over-year surge of 1.418 million bpd.
U.S. gasoline stocks fell 3.8 million bbl despite a 488,000 bpd production
increase and a 244,000 bpd decline in implied demand. Imports fell by 82,000
bpd and exports soared by 344,000 bpd.
Supplies of middle distillates moved 92,000 bbl lower on the week with
imports down, production up and implied demand falling by 85,000 bpd.
U.S. oil refiners ran at 91.1% of capacity that topped week prior by 0.7%.
June RBOB futures led the paper price parade soaring 4.51cts to $2.2499
gallon at today's formal session close, and the June ULSD contract settled
2.02cts on the plus side at $2.2692 gallon.
Spot month NYMEX crude oil futures edged up $0.18 to $71.49 bbl at
Gulf Coast 9.0-lb. conventional M2 regular no lead cruised 4.01cts above its
Tuesday DTN closing market rating to $2.1534 gallon, trading at a 9.65cts June
futures discount for shipment on Colonial Pipeline's 28th cycle.
A2 CBOB rallied 4.26cts to $2.0999 gallon, changing hands at a 15.0cts MERC
discount for 28th cycle CPL consignment.
F1 7.8-lb. VOC-controlled RBOB posted a 4.16cts advance to a notional
$2.2514 gallon, assessed at a 0.15cts futures premium for prompt cycle CPL
New York Harbor 9.0-lb. RBOB was reported sold 0.5cts over the June RBOB
futures print for cycle 151e Buckeye Pipeline transit that powered spot price
up 4.76cts to $2.2549 gallon.
Suboctane 7.8-lb. regular CBOB traded to prompt barge at a 6.75cts futures
discount boosting flat price 4.48cts to $2.1824 gallon.
Ultra-low sulfur 62-grade diesel fuel at the Gulf Coast climbed 1.77cts to
$2.2367 gallon on a deal closed for 29th cycle Colonial Pipeline transit
3.25cts below June futures.
New York Harbor ULSD posted a 2.27cts advance to an implied $2.2767 gallon,
offered at a 0.5cts MERC premium for prompt barge or Buckeye Pipeline
G.Bud deGorgue, 1.802.524.1784, www.dtn.com. (c) 2018 DTN. All rights