RVP Notice: Starting on April 6, Gulf Coast will begin showing 7.8-lb. RVP CBOB (RBOB Reg 7.8) as a supplemental grade. The 9.0-lb. RVP CBOB (CBOB Reg 9.0) will remain the tradable spec.
4/6/2017 - Oil futures started the session without much direction but by midafternoon were pointing higher, finishing the session close to intraday highs. Oil futures prices have been tugged back and forth with battling influences. Moving prices higher are the cuts to worldwide crude production agreed to by OPEC which are largely being adhered to. On the other hand, domestic crude production has been encouraged to increase and pull more crude, which has pressured prices lower. Today, the worldwide production crimping was guiding prices, helped by some drawdowns in refined product inventories in this week's Energy Information Administration report. May WTI settled up 55cts today at $51.70/bbl, only about 12cts away from today's high of $51.82/bbl. ICE Brent for delivery in June followed suit, picking up 53cts on the day to settle at $54.89/bbl, just below the $55/bbl high tide for the day. On the refined product side, gains were also solid but light. RBOB for May delivery picked up 1.43cts to settle at $1.7296/gal, only about a quarter-penny away from today's high of $1.7320/gal. Ultra-low-sulfur diesel futures for May got a little less of a bounce, picking up 94cts to round out the session at $1.6129/gal, a little further away than RBOB from its high of $1.6175/gal for the day. The market as a whole could be near a breakout, according to some of the latest resistance points from chartists. For crude contracts, WTI's 200-day moving average is $51.32/bbl, and today's settle put values above that. The 100-day moving average could be the new ceiling to break through at $52.72/bbl. ICE Brent's 100-day moving average is $55.16/bbl, with today's settle still a bit beneath that. Refined product points are a little higher than today's levels. RBOB needs to break through its 100-day moving average at $1.7368/gal to test a new range, while ULSD still needs a half-penny or so to get above its 100- day moving average of $1.6226/gal. Looking at long-term demand projections, the latest BP 2017 Energy Outlook predicts that even though electric vehicles will increase from 1.2 million in 2015 to 100 million by 2035, that will only make up around 6% of the worldwide fleet. The report expects total fleet numbers to double, reaching 1.8 billion vehicles by 2035. That increase will help boost overall liquid fuel demand by 4 million b/d, even with vehicles becoming more fuel efficient. Moving downstream, most cash market prices for both gasoline and distillate products saw minor gains, with any decreases in basis not enough to overpower the uptick in futures contracts. Pacific Northwest (PNW) sub-octane, though, was the sole standout product, seeing outright values drop around a dime as basis levels get pressured lower. Just last week, PNW sub-octane was well into the mid-$1.90s, but with the restart of Phillips 66's Ferndale plant and
(1.50) (0.50) (1.000)* In the Group 3 market, CBOB represents the Sub-octane price.** In New York Harbor Barge, Reg & Pre Unl are representative of Linden Junction barrels.
offers from the Kinder Morgan Willbridge terminal, prices sank and are now the least expensive West Coast market. --Cory Wilchek, [email protected]
IN GASOLINE U.S. GULF COAST gasoline prices closed out Thursday's session with gains, moving higher with light gasoline futures gains amid mixed wet barrel action. Today was the first day to book Cycle 21 gasoline products into Colonial Pipeline, and while that can typically keep trade liquidity low, quite a bit of action was seen today, especially for regular unleaded gasoline. Regular unleaded 9.0-lb. "M2" mean gasoline prices closed out the day at $1.6696/gal, up more than a penny and a half. It's the highest closing level all year for M2. Physical trade was brisk, but the trading range was narrow. Prompt Cycle 21 M2 changed hands as high as 5.85cts below the May Merc and as low as 6.15cts under, which is where cash discounts left off at close. Cycle 21 M2 also traded several times from "flat" to 15pts over Cycle 22 material, before last trading 10pts over. This indicates Cycle 21 M2 was last running 10pts stronger than Cycle 22 M2. Quite a bit of activity was seen for RBOB VOC-controlled "F1" gasoline, as well, though the trading range was wider than what was seen for M2. Prompt Cycle 21 RBOB changed hands from as high as 1.10cts below May futures to as low as 2.15cts under, before last trading 1.25cts below the Merc. Outright mean prices closed out the day at $1.7136/gal, its highest closing price since July of last year. Premium RBOB VOC-controlled fuel for prompt Cycle 21 loading traded as high as 13.25cts over the futures today before last trading 12.25cts over. Mean prices closed at $1.8571/gal. Meantime, CBOB 9.0-lb. "A2" gasoline prices finished out with a mean closing price of $1.6156/gal, its highest number since Dec. 30. Prompt Cycle 21 discounts left the board at 11.50cts below futures, its lowest trade of the session. Earlier deals were inked at 11.35cts and 11.25cts below the Merc. The forward pricing curve for CBOB A2 is "flat," with a deal confirmed where Cycle 22 material changed hands even with Cycle 21 barrels. The CBOB 7.8-lb. "A1" barrel was pricing 5cts/gal stronger than A2, putting discounts at 6.50cts below the May Merc. Line space for Line 1, Colonial Pipeline's main gasoline line, was valued 1.75cts below pipeline tariff fees this morning, a level unchanged from Wednesday. NEW YORK HARBOR gasoline prices made advances of near a penny or more with moderate buying of futures contracts and an overall
( Continued from Page 1 )OPIS Biofuel Pricing at a Glance
Market LowNew York Barge 167.00New York In Tank Transfer 167.00Gulf Coast Barge 162.00Dallas Rail 164.00Tampa Rail 179.00Chicago 157.00Chicago Rule 11 157.00Chicago Dead Prompt 157.00
* In the Group 3 market, CBOB represents the Sub-octane price.** In New York Harbor Barge, Reg & Pre Unl are representative of Linden Junction barrels.
Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 7.8 C22 May 166.46 166.71 166.46 166.585 1.930 (6.50) (6.375) 164.771 164.771CBOB 9.0 C22 May 161.46 161.71 161.46 161.585 1.930 (11.50) (11.375) 159.771 150.664Pre CBOB 7.8 C22 May 181.96 182.21 181.96 182.085 0.930 9.00 9.125 181.211 179.213Pre CBOB 9.0 C22 May 176.96 177.21 176.96 177.085 0.930 4.00 4.125 176.211 167.467Reg Unl 9.0 C22 May 166.71 167.11 166.71 166.910 1.630 (6.25) (6.050) 165.016 155.508Pre Unl 9.0 C22 May 180.46 180.86 180.46 180.660 1.630 7.50 7.700 178.356 167.936RBOB VOC C22 May 170.81 171.86 171.71 171.335 1.930 (1.25) (1.625) 169.321 160.684Pre RBOB VOC C22 May 184.31 185.36 185.21 184.835 2.680 12.25 11.875 184.171 176.477
Prompt Plus One Cycle PricesGulf Coast
Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 7.8 C23 May 166.46 166.71 166.46 166.585 1.930 (6.50) (6.375) 164.751 162.469CBOB 9.0 C23 May 161.46 161.71 161.46 161.585 1.930 (11.50) (11.375) 159.751 150.749Pre CBOB 7.8 C23 May 181.96 182.21 181.96 182.085 0.930 9.00 9.125 181.161 175.763Pre CBOB 9.0 C23 May 176.96 177.21 176.96 177.085 0.930 4.00 4.125 176.161 167.527Reg Unl 9.0 C23 May 166.71 167.11 166.71 166.910 1.630 (6.25) (6.050) 164.896 155.509Pre Unl 9.0 C23 May 180.46 180.86 180.46 180.660 1.630 7.50 7.700 178.236 167.926RBOB VOC C23 May 170.81 171.86 171.71 171.335 1.930 (1.25) (1.625) 169.201 160.645Pre RBOB VOC C23 May 184.31 185.36 185.21 184.835 2.680 12.25 11.875 184.051 176.438
Prompt Plus Two Cycle PricesGulf Coast
Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 9.0 MAY Jun 160.39 161.39 160.89 160.890 1.950 (11.75) (11.750) 158.546 150.723Reg Unl 9.0 MAY Jun 164.89 165.89 165.39 165.390 1.300 (7.25) (7.250) 163.476 154.990
OPIS U.S. Gulf Coast Spot Gasoline Prices (cts/gal)
OPIS U.S. Gulf Coast Spot-to-Rack-to-Retail Snapshot
OPIS U.S. Gulf Coast Trends
Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayReg Unl 9.0 May 168.06 168.36 168.06 168.210 1.680 (4.90) (4.750) 166.411 157.783Pre Unl 9.0 May 181.81 182.11 181.81 181.960 1.680 8.85 9.000 179.826 169.515
Prompt PricesGC Waterborne
Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayReg Unl 9.0 May 167.96 168.36 167.96 168.160 2.380 (5.00) (4.800) 165.801 157.550
End Month PricesGC Waterborne
30-Day Gulf Coast Gasoline Relationships
Gasoline Diesel
Gasoline (cents/gal) Price ChangeGC Spot Gasoline 1.643 0.017Basket of Racks 1.959 -0.010Retail Average 2.198 0.007
Diesel (cents/gal) Price ChangeGC Spot Diesel 1.574 0.009Basket of Racks 1.655 0.009Retail Average 2.329 0.001
· U.S. GULF COAST CASH PRICES · April 06, 2017OPIS Full-Day Refined Spots Report
OPIS U.S. Gulf Coast Spot Distillate Prices (cts/gal)
OPIS U.S. Gulf Coast Waterborne Spot Distillate Prices (cts/gal)
Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-Day Wt. AvgULSD C21 May 157.29 157.49 157.29 157.390 0.865 (4.00) (3.900) 155.219 149.850 157.29061ULSD C21 May 157.29 157.49 157.29 157.390 0.865 (4.00) (3.900) 155.219 149.850 157.390ULSHO C21 May 150.59 150.79 150.59 150.690 1.015 (10.70) (10.600) 148.619 144.061 150.690HS No2 C20 May 142.79 143.79 143.29 143.290 0.940 (18.00) (18.000) 141.134 137.062 -- --Kero 55 C21 May 152.54 153.19 153.04 152.865 1.265 (8.25) (8.425) 150.374 144.731 -- --ULS Kero C21 May 153.79 154.44 154.29 154.115 1.265 (7.00) (7.175) 151.624 145.981 -- --Jet 54 C21 May 152.29 152.94 152.79 152.615 1.265 (8.50) (8.675) 150.124 144.481 152.605CPL Line 02 C21 -0.65 -0.15 -0.40 -0.400 0.000 -- -- -- -- -0.360 -0.745 -- --
Prompt PricesGulf Coast
Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD C22 May 157.24 157.44 157.24 157.340 0.815 (4.05) (3.950) 155.189 149.83761ULSD C22 May 157.24 157.44 157.24 157.340 0.815 (4.05) (3.950) 155.189 149.837ULSHO C22 May 150.54 150.74 150.54 150.640 0.965 (10.75) (10.650) 148.589 144.048HS No2 C21 May 142.79 143.79 143.29 143.290 0.940 (18.00) (18.000) 141.134 137.061Kero 55 C22 May 152.29 152.94 152.79 152.615 0.765 (8.50) (8.675) 150.324 144.609ULS Kero C22 May 153.54 154.19 154.04 153.865 0.765 (7.25) (7.425) 151.574 145.859Jet 54 C22 May 152.04 152.69 152.54 152.365 0.765 (8.75) (8.925) 150.074 144.359
Prompt Plus One Cycle PricesGulf Coast
Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD C23 May 157.19 157.39 157.19 157.290 0.765 (4.10) (4.000) 155.159 149.81361ULSD C23 May 157.19 157.39 157.19 157.290 0.765 (4.10) (4.000) 155.159 149.813ULSHO C23 May 150.49 150.69 150.49 150.590 0.915 (10.80) (10.700) 148.559 144.024HS No2 C22 May 142.79 143.79 143.29 143.290 0.940 (18.00) (18.000) 141.134 137.061Kero 55 C23 May 152.04 152.69 152.54 152.365 0.265 (8.75) (8.925) 150.274 144.500ULS Kero C23 May 153.29 153.94 153.79 153.615 0.265 (7.50) (7.675) 151.524 145.750Jet 54 C23 May 151.79 152.44 152.29 152.115 0.265 (9.00) (9.175) 150.024 144.250
Prompt Plus Two Cycle PricesGulf Coast
Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD MAY Jun 157.49 158.49 157.99 157.990 0.840 (4.00) (4.000) 155.704 150.01961ULSD MAY Jun 157.49 158.49 157.99 157.990 0.840 (4.00) (4.000) 155.704 150.019
Ratable PricesGulf Coast
Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD May 158.29 158.49 158.29 158.390 0.865 (3.00) (2.900) 156.219 150.850ULSHO May 151.59 151.79 151.59 151.690 1.015 (9.70) (9.600) 149.619 145.061LS No2 May 145.29 146.29 145.79 145.790 0.940 (15.50) (15.500) 143.634 139.562LS2OFF May 144.54 145.54 145.04 145.040 0.940 (16.25) (16.250) 142.884 138.812HS No2 May 144.04 145.04 144.54 144.540 0.940 (16.75) (16.750) 142.384 138.312Kero 55 May 154.04 154.69 154.54 154.365 1.265 (6.75) (6.925) 151.874 146.231Jet 54 May 153.79 154.44 154.29 154.115 1.265 (7.00) (7.175) 151.624 145.981
Prompt PricesGC Waterborne
Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD May 158.14 158.34 158.14 158.240 0.715 (3.15) (3.050) 156.109 150.774ULSHO May 151.44 151.64 151.44 151.540 0.865 (9.85) (9.750) 149.509 145.017LS No2 May 145.04 146.04 145.54 145.540 0.940 (15.75) (15.750) 143.384 139.355LS2OFF May 144.29 145.29 144.79 144.790 0.940 (16.50) (16.500) 142.634 138.605HS No2 May 144.04 145.04 144.54 144.540 0.940 (16.75) (16.750) 142.384 138.355
· U.S. GULF COAST CASH PRICES · April 06, 2017OPIS Full-Day Refined Spots Report
OPIS U.S. Northeast Spot Gasoline Prices (cts/gal)
Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 13.5 May 157.96 158.96 158.46 158.460 0.930 (14.50) (14.500) 156.908 148.505Pre CBOB 13.5 May 175.46 176.46 175.96 175.960 1.930 3.00 3.000 173.808 162.600RBOB 13.5 May 157.31 158.31 157.81 157.810 1.530 (15.15) (15.150) 156.228 148.223Pre RBOB 13.5 May 175.46 176.46 175.96 175.960 1.930 3.00 3.000 173.808 162.363
Prompt PricesNew York Harbor Barge
Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 7.8 May 169.21 170.21 169.71 169.710 1.430 (3.25) (3.250) 167.526 166.717Pre CBOB 7.8 May 188.71 189.71 189.21 189.210 1.430 16.25 16.250 187.666 187.200RBOB VOC May 172.06 173.06 172.56 172.560 1.430 (0.40) (0.400) 170.936 170.475Pre RBOB VOC May 190.21 191.21 190.71 190.710 1.430 17.75 17.750 189.166 188.700
End Month PricesNew York Harbor Barge
Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 7.8 Jun 168.39 169.39 168.89 168.890 1.200 (3.75) (3.750) 167.224 160.109RBOB VOC Jun 171.39 172.39 171.89 171.890 1.200 (0.75) (0.750) 170.224 162.718
Ratable PricesNew York Harbor Barge
Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 9.0 C17 May 163.46 164.46 163.96 163.960 0.930 (9.00) (9.000) 163.637 163.637Reg Unl 11.5 C16 May 162.96 163.96 163.46 163.460 1.430 (9.50) (9.500) 161.758 157.897Pre Unl 11.5 C16 May 177.21 178.21 177.71 177.710 1.680 4.75 4.750 175.758 171.297RBOB 11.5 C16 May 158.21 159.21 158.71 158.710 0.680 (14.25) (14.250) 157.358 155.443
Prompt PricesLinden Junction
Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 13.5 May 157.96 158.96 158.46 158.460 0.930 (14.50) (14.500) 157.058 148.555Pre CBOB 13.5 May 175.46 176.46 175.96 175.960 1.930 3.00 3.000 173.808 162.600RBOB 13.5 May 157.81 158.21 157.81 158.010 1.730 (15.15) (14.950) 156.468 148.299Pre RBOB 13.5 May 175.46 176.46 175.96 175.960 1.930 3.00 3.000 173.808 162.363
Prompt PricesBuckeye
Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayCBOB 13.5 May 157.96 158.96 158.46 158.460 0.930 (14.50) (14.500) 157.058 148.818Pre CBOB 13.5 May 175.46 176.46 175.96 175.960 1.930 3.00 3.000 173.808 162.600RBOB Unl 13.5 May 157.81 158.21 157.81 158.010 1.730 (15.15) (14.950) 156.468 148.299RBOB Pre 13.5 May 175.46 176.46 175.96 175.960 1.930 3.00 3.000 173.808 162.363
· U.S. NORTHEAST CASH PRICES · April 06, 2017OPIS Full-Day Refined Spots Report
OPIS U.S. Northeast Spot Distillate Prices (cts/gal)
Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD May 160.29 161.29 160.79 160.790 1.190 (0.50) (0.500) 158.464 152.691ULSHO May 156.04 157.04 156.54 156.540 1.440 (4.75) (4.750) 154.114 149.019LSHO May 155.04 156.04 155.54 155.540 0.940 (5.75) (5.750) 153.414 148.176HS No2 May 148.54 149.54 149.04 149.040 0.440 (12.25) (12.250) 147.314 142.550Kero 55 May 163.79 164.79 164.29 164.290 0.940 3.00 3.000 161.914 155.778ULS Kero May 177.79 178.79 178.29 178.290 0.940 17.00 17.000 175.514 170.300Jet 54 May 157.04 158.04 157.54 157.540 0.940 (3.75) (3.750) 155.414 148.223
Prompt PricesNew York Harbor Barge
Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD May 159.79 160.79 160.29 160.290 0.940 (1.00) (1.000) 158.284 152.966ULSHO May 155.54 156.54 156.04 156.040 1.440 (5.25) (5.250) 153.734 149.283LSHO May 154.54 155.54 155.04 155.040 0.940 (6.25) (6.250) 153.234 148.527HS No2 May 148.04 149.04 148.54 148.540 (1.060) (12.75) (12.750) 148.234 143.216Kero 55 May 162.79 163.79 163.29 163.290 0.940 2.00 2.000 160.934 155.531ULS Kero May 177.79 178.79 178.29 178.290 0.940 17.00 17.000 175.934 170.488Jet 54 May 156.54 157.54 157.04 157.040 0.690 (4.25) (4.250) 154.884 148.444
End Month PricesNew York Harbor Barge
Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD May 160.79 161.79 161.29 161.290 1.190 0.00 0.000 158.964 153.191Jet 54 May 157.54 158.54 158.04 158.040 0.940 (3.25) (3.250) 155.914 148.723
Prompt PricesNew York Harbor Cargo
Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD May 160.29 161.29 160.79 160.790 0.940 (0.50) (0.500) 158.784 153.466Jet 54 May 157.04 158.04 157.54 157.540 0.690 (3.75) (3.750) 155.384 148.944
End Month PricesNew York Harbor Cargo
Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD May 160.79 161.79 161.29 161.290 1.690 0.00 0.000 158.564 152.847ULSHO May 156.04 157.04 156.54 156.540 1.440 (4.75) (4.750) 154.114 149.019LSHO May 155.04 156.04 155.54 155.540 0.940 (5.75) (5.750) 153.414 148.197Kero 55 May 163.79 164.79 164.29 164.290 0.940 3.00 3.000 161.914 155.778Jet 54 May 157.04 158.04 157.54 157.540 0.940 (3.75) (3.750) 155.414 148.223
Prompt PricesBuckeye
Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD May 159.54 160.54 160.04 160.040 1.190 (1.25) (1.250) 157.714 152.137LSHO May 1.56 1.57 1.56 1.563 0.009 (0.05) (0.050) 1.542 1.488Jet 54 May 156.54 157.54 157.04 157.040 0.940 (4.25) (4.250) 154.914 147.723
Prompt PricesLaurel
Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD May 162.29 163.29 162.79 162.790 1.190 1.50 1.500 160.464 154.691
Prompt PricesBoston
Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD C17 May 160.54 161.54 161.04 161.040 0.940 (0.25) (0.250) 158.914 153.27163ULSD C17 May 160.54 161.54 161.04 161.040 0.940 (0.25) (0.250) 158.914 153.271ULSHO C17 May 156.04 157.04 156.54 156.540 1.440 (4.75) (4.750) 154.164 149.254LSHO C17 May 155.04 156.04 155.54 155.540 0.940 (5.75) (5.750) 153.464 148.354HS No2 C17 May 148.54 149.54 149.04 149.040 0.440 (12.25) (12.250) 147.314 142.550Jet 54 C17 May 157.04 158.04 157.54 157.540 0.940 (3.75) (3.750) 155.414 148.223
· U.S. MIDWEST CASH PRICES · April 06, 2017OPIS Full-Day Refined Spots Report
OPIS U.S. Midwest Spot Distillate Prices (cts/gal)
OPIS U.S. Midwest Trends
Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD Apr2 May 156.79 161.29 159.04 159.040 0.065 (2.25) (2.250) 157.584 152.049Jet 54 Apr2 May 159.79 160.79 160.29 160.290 3.440 (1.00) (1.000) 156.234 149.087
Prompt PricesChicago
Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD Apr3 May 158.29 159.29 158.79 158.790 0.940 (2.50) (2.500) 157.084 151.160Jet 54 Apr3 May 159.79 160.79 160.29 160.290 3.440 (1.00) (1.000) 156.234 149.086
Prompt Plus One Cycle PricesChicago
Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD May1 Jun 161.99 162.99 162.49 162.490 1.940 0.50 0.500 158.564 152.255Jet 54 May1 Jun 159.74 160.74 160.24 160.240 3.440 (1.75) (1.750) 156.214 149.088
Prompt Plus Two Cycle PricesChicago
Product Cycle Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD May2 Jun 162.24 163.24 162.74 162.740 2.190 0.75 0.750 159.374 153.130Jet 54 May2 Jun 159.74 160.74 160.24 160.240 3.440 (1.75) (1.750) 156.174 149.164
Prompt Plus Three PricesChicago
Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD May 162.29 163.29 162.79 162.790 0.790 1.50 1.500 160.964 153.977Jet 54 May 151.29 152.29 151.79 151.790 0.940 (9.50) (9.500) 150.634 148.894
End Month PricesGroup 3
Product Month Low High Last Mean Change Last Diff Mean Diff 5-Day 30-DayULSD May 162.04 163.04 162.54 162.540 0.665 1.25 1.250 160.789 153.870Jet 54 May 151.29 152.29 151.79 151.790 0.940 (9.50) (9.500) 150.634 148.913
strengthening of trade levels. RBOB 13.5-lb. "F4" RVP cash values closed 1.53cts higher, at $1.5781/gal. Trade levels strengthened 10pts above yesterday to a discount 15.15cts below futures. Material swapped hands at 14.75cts below futures for loading on the Buckeye Pipeline April 9. RBOB "F4" also traded at 15.35cts below and several times at 15.15cts under futures for loading on the Buckeye Pipeline April 12-17. CBOB 13.5-lb. RVP prices finished close to a penny above yesterday's closing mean at $1.5846/gal. Prices would have been higher, but discount levels softened 50pts to 14.50cts under futures. Premium RBOB 13.5-lb. "H4" material traded at 2.75cts above the paper market for Buckeye Pipeline loading April 12. Meanwhile, prices for offline CBOB 9.0-lb. RVP prompt Cycle 17 delivery into Linden edged up 93pts, to $1.6396/gal. Material swapped hands at the Merc minus 8.75cts for nonprompt Cycles 18 and 19 delivery. Trade levels were last pegged at 9cts under futures, 50pts lower than yesterday. Offline unleaded regular 11.5-lb. "M3" RVP gasoline for prompt Cycle 16 finished 1.43cts higher to $1.6346/gal. Discounts remain unchanged at 9.50cts below the paper market. Unleaded regular 9.0-lb. RVP gasoline traded at discounts of 3.50cts under for Cycle 16 delivery and 3.25cts below futures for nonprompt Cycles 17 and 18 delivery in Linden. In the U.S. MIDWEST, cash differentials for Chicago spot gasoline finished slightly stronger on Thursday, after they left the board notably weaker in the previous session, as participants continued to mull market fundamentals following litany of regional refinery issues. In CHICAGO, April cycle-two CBOB was last assessed at 6cts/gal under the NYMEX May RBOB futures, strengthening by 50pts, good for outright prices at $1.6696/gal, for a gain of 1.93cts/gal. Earlier, Buckeye Complex material changed hands at 5cts/gal and 5.5ctsgal discounts to futures, Wolverine Pipeline barrels were pegged at 6.50cts/gal below the Merc at last look. Looking at high-octane grades, Buckeye Complex premium unleaded gasoline traded at 10.50cts/gal above May futures. In GROUP 3, "V-grade" sub-octane regular gasoline left the board at 12cts/gal under the May Merc, the level where a prompt deal was confirmed done, unchanged from the previous session's mean. Prices closed up 1.43cts/gal, at $1.6096/gal. Looking at refinery news, Phillips 66's 330,000-b/d Wood River refinery in Illinois is still undergoing planned maintenance work, a company spokesman said late Wednesday, adding to a growing list of refinery issues in the U.S. Midwest. On Wednesday, a report said that the refinery located in southwest Illinois is set to wrap up planned outages by this week and to resume normal operation next week. OPIS cannot verify the report, and the Phillips 66
spokesman did not elaborate on further details regarding the operational status of the Wood River refinery. OPIS first reported the refinery was undergoing planned works at Wood River in mid-February. Earlier this week, ExxonMobil confirmed its 260,000-b/d Joliet refinery in Illinois was undergoing short-term planned maintenance, and that all customer commitments were being met. In addition, BP's 430,000-b/d Whiting, Ind., refinery was experiencing a minor issue on its second-largest crude distillation unit known as PipeStill 11C, which was affecting normal operations. At that time, a source said that normal operations should be back in a few days.
IN DISTILLATES In the U.S. GULF COAST, spot distillate prices increased across the arena on Thursday, pressured by NYMEX buying. Ultra-low-sulfur diesel for Cycle 21 delivery most recently changed hands at four pennies beneath the NYMEX May ULSD futures contract, sinking basis levels by 18pts versus yesterday's mean. In addition, deals were also reached earlier today between 3.80-4cts below the screen. Those weaker trades failed to overpower Merc gains, as outright mean prices advanced by 87pts, at $1.5739/gal at day's end. Although the Gulf Coast remains the cheapest market for ULSD in the country, prices are hovering around a month- long high. Prompt ultra-low-sulfur heating oil traded at a 6.70ct discount to ULSD, good for an outright mean price of $1.5069/gal at closing. Today was the last day to book Cycle 20 high-sulfur diesel material into Colonial Pipeline, and prompt barrels were talked right around an 18ct Merc discount, flat with Wednesday's closing mean differential. Outright mean prices relied on futures for direction, hiking to $1.4329/gal, a boost of 94pts at the close of Thursday's session. Cycle 21 jet fuel most recently transacted at 8.50cts below May futures, narrowing spot discounts by a half-cent versus Wednesday's mean. In addition, prompt supplies also changed hands earlier today between 8.35-9ct Merc discounts. That upturn in basis levels compounded NYMEX buying, as outright mean prices were tugged to $1.52615/gal, a rise of 1.27cts at day's end. Looking ahead, Cycle 21 jet fuel will schedule tomorrow. Line space on Colonial Pipeline's Line 2 - the main distillate line - was last talked around 40pts below pipeline tariffs, unchanged compared to yesterday's ending mean level. NEW YORK HARBOR distillates closed higher off light buying of futures contracts with cash trade levels that headed in opposite directions. ULSD gained 1.19cts today to close at $1.6079/gal. Trade levels strengthened 25pts to the Merc minus 50pts for prompt barge loading. Discounts strengthened 75pts to flat with futures for prompt Buckeye Pipeline loading. ULSHO edged 1.44cts higher to $1.5654/gal. Cash trade discounts were pegged 50pts stronger by the end of the day to 4.75cts under futures. LSHO closed 94pts higher, to
Refined Spots MethodologyOPIS editors track a full-day spot market, with typical hours from 9 a.m. to 5:15 p.m. Eastern Time. Deals received outside those hours are reviewed and evaluated for ranges depending on market circumstances. In order to meet publication deadlines, OPIS reserves the right to not accept deals as part of final ranges if information is sent to/received by OPIS after 5:15 p.m. Editors take an "arm's length approach" in covering the market, canvassing a broad cross-section of market participants active in trading physical barrels. Editors respect the wishes of sources to remain anonymous in their market activities, and any information received regarding parties in deals is kept confidential. OPIS reserves the right to exclude deals deemed "not reflective" of prevailing or fair market value. These deals may be mentioned in our written commentary, however. Assessing markets requires judgment on the part of our editors. Calls will be reviewed among experienced reporters and judged within the context of that day's market. Ranges are only changed in the case of clerical errors such as typos or transposition mistakes. Editors confirm and record deals meeting minimum volumes specific to each geographic market. As the majority of the refined products market is transacted on an EFP basis, we follow deals as basis to the New York Mercantile Exchange settlement. We consider fixed-price deals only if they fall within the full-day differential range based off the settled NYMEX, or to assess cash-for-cash "regrade" transactions. Ranges reflect actual transacted deals. In the case of confirmed trading followed by a shift in the market without a done deal, editors will consider the last deal recorded and weigh it in light of subsequent bids and offers. In the total absence of confirmed deals, we will use the input of the trading community to help us assess a viable "get-done" range and last value, and also consider the relationship the illiquid product may have with more actively-traded grades. Typically, the "lowest sell price" and the "highest bid price" will provide direction. For a detailed methodology, please visit www.opisnet.com/about/methodology.aspx
European Products:Paddy Gourlay(75) 95117236ICE IM: [email protected]
$1.5554/gal. High sulfur heating oil crept up 44pts, to $1.4904/gal. Trade levels dipped 50pts to 12.25cts under futures after swapping hands at that level. Jet fuel also lifted about a penny to $1.5754/gal. Discounts remained unchanged from their place at 3.75cts under futures after trading several times at that level today. In the U.S. MIDWEST, GROUP 3 "X-grade" ULSD left the board at 1.25cts/gal above May futures by Thursday, based on the level where a prompt deal was confirmed done. Prices settled up 67pts, at $1.6254/gal. In CHICAGO, April cycle-two ULSD closed out Thursday at 2.25cts/gal under the May Merc, good for outright prices at $1.5904/gal. West Shore/Badger material was last offered at 5cts/gal discounts to the Merc, while Buckeye Complex barrels were pegged at even to the May Merc level. In other Chicago distillate grades, cycle-two West Shore jet fuel was confirmed traded at a penny under May ULSD futures.
RETAIL GASOLINE MARGINS CRUSHED The latest calculations from OPIS Retail Fuel Watch, to be released in detail later today, show gross gasoline margins across the U.S. and Canada hitting their lowest count of 2017. Station owners have fallen prey to much higher wholesale gasoline costs without a corresponding rise in pump prices to consumers. The pace of retail price increases is on the rise, however. Gross station profits across the U.S. declined 28% on the week to 13.6cts/gal, the lowest margin so far in 2017 and a full dime below where profits stood in January. In two weeks, retail gasoline profits have slipped 32%. Two U.S. regions -- the Southeast and the Southwest -- see gross profits starting in the single digits, so any bank credit card volumes net margins out to almost nothing for retailers. U.S. West Coast profits remain the best, but wholesale costs in California have soared in the last two weeks, putting California pump averages back on track to reclaim $3/gal. In March, California became the first state to hit $3/gal on average, but prices retreated to the high $2.90s. The pace of retail prices has quickened to where pump prices were rising nationwide at an average of about a penny per day in the last week. That compares to flat prices that went up the month prior hardly at all. Canadian retailers saw gross station gasoline profits decline 25% week over week to 4.6 cents per liter, also the lowest mark of 2017 to date. Profits have plunged 40% in two weeks and are half what they were at the start of the year. --Ben Brockwell, [email protected]
