Pacific Northwest Spot Gasoline Jumps on Basis, Futures
2/23 5:47 PM
Pacific Northwest Spot Gasoline Jumps on Basis, Futures OAKHURST, N.J. (DTN) --- Pacific Northwest spot gasoline prices rallied over a 13cts Friday afternoon, driven by stronger basis and a 2.4% hike by New York Mercantile Exchange RBOB futures. In paper trade, oil futures held higher ahead of the weekend trade break with stronger equities and bullish weekly supply data from the Energy Information Administration. NYMEX March RBOB futures jumped 4.28cts to settle at $1.8085 gallon while the April contract settled 2.89cts to $1.9896 gallon. Spot month ULSD futures rose 1.67cts to $1.9694 gallon settlement and April futures settled 1.90cts higher at $1.9726 gallon. NYMEX April West Texas Intermediate crude oil futures settled up 78cts at $63.55 bbl while the April Intercontinental Exchange Brent contract rallied nearly $1 to settle at $67.31 bbl. Sources said prompt suboctane in the Pacific Northwest traded 21.0cts and 22.0cts over the MERC, up from 13.0cts premiums the prior session. Spot price soared 13.28cts to $2.0285 gallon. Prompt ULSD in the region traded at a 6.0cts futures premium, a hike of nearly 3.5cts to $2.0294 gallon. San Francisco Bay March CARB ULSD was talked at a 1.5cts discount to April ULSD futures, up 1.65cts to $1.9576 gallon. Bay area March CARBOB for first cycle specific pipeline delivery, the higher 12.5 Reid Vapor Pressure fuel, was pegged at a 6.0cts futures discount. March CARBOB for any-month delivery, which is the 5.99 RVP fuel, was talked flat to Los Angeles assessments. March CARBOB in the basin was bid 2.0cts below April RBOB futures with offers at parity. Spot price dipped 0.11cts to $1.9796 gallon. March CARB ULSD in L.A. was talked at a 4.5cts premium to April ULSD futures, up nearly 2cts to $2.0176 gallon. Prompt ULSD for export out-of-state was talked 2.5cts over April ULSD futures, 1.9cts higher at $1.9976 gallon. Dawn Gallagher, 1.732.531.4451, dawn.gallagher@dtn.com, www.dtn.com. (c) 2018 DTN. All rights reserved.