Midwest Spot Products Mixed in Lackluster Midday Trading
BURLINGTON, Vt. (DTN) -- Spot product prices in Chicago and Oklahoma Group 3
are posting mixed results at midday Friday, tracking a choppy trading session
in oil product futures on the New York Mercantile Exchange.
Cash market trading has been extremely light, as heartland marketers head to
the sidelines in response to whipsaw trading patterns in underlying product
futures markets.
NYMEX crude oil and product futures sold off early but are rebounding off
those lows at midday despite weakness in the stock market and moderate strength
in the U.S. dollar.
December RBOB futures were leading paper markets higher, trading up 0.53cts
at $1.9748 gal, with the December heating oil contract lagging the advance in
RBOB, trading down 1.48cts at $1.9816 gal at press time. December crude oil
futures were down $0.48, trading $76.98 bbl in front of contract expiration at
the market close this afternoon.
Group N-grade conventional regular no lead has edged up 0.73cts to $1.9518
gal, trading at futures discounts of 2.4cts and 2.3cts gal for prompt cycle
Magellan Pipeline delivery.
Chicago conventional regular gasoline is talked either side of an 8.0cts
MERC discount that boosts implied flat price up 0.78cts to $1.8948 gal for
generic third cycle November pipeline delivery.
X-grade ultra-low sulfur diesel fuel in Group 3 has eased 1.48cts to an
implied $1.9766 gal, assessed at a 0.5cts futures discount for prompt MPL trade.
Ultra-low sulfur diesel fuel in Chicago is talked either side of a 2.25cts
futures discount for prompt generic pipeline delivery that trims implied flat
price by 1.73cts to $1.9591 gal.
Bud deGorgue, 1.802.524.1784, bud.degorgue@dtn.com, www.telventdtn.com. (c)
2009 Telvent DTN. All rights reserved.
