Weaker Basis, Futures Pressure L.A. Spot Gasoline Prices
OAKHURST, N.J. (DTN) --- Los Angeles spot gasoline prices extended lower in
early trade as weaker cash basis values meet with slightly lower New York
Mercantile Exchange RBOB futures.
NYMEX oil futures continued weaker, though off earlier lows, on bearish
supply data. The Energy Information Administration this morning reported a 7.3
million bbl spike in weekly crude supply last week, more than twice the
American Petroleum Institute's reported 3.084 million bbl build. Federal data
showed imports surged past 11 million bpd last week and refiner demand declined.
August RBOB futures declined 0.05cts to $2.0627 gal and the September
contract dipped 0.04ct to $2.0637 gal. August heating oil futures declined
0.10cts to $1.9984 gal and September futures decreased 0.15cts to $2.0279 gal.
September crude futures shed 34cts to $77.16 bbl.
Trade sources said August gasoline meeting California Air Resources Board
requirements traded from 21.75cts down to 20.0cts premiums to September RBOB
futures. Spot price fell 4.05cts to $2.2636 gal.
Dawn Gallagher, 1.732.531.4451, dawn.gallagher@telventdtn.com,
www.telventdtn.com. (c) 2010 Telvent DTN. All rights reserved.
