Nymex Overview: Gasoline Leads Petroleum Futures Complex Lower — OPIS
Petroleum futures were lower on profit-taking after rising for several straight sessions.
Gasoline futures were leading move lower Friday, with the lightly traded Nymex October RBOB contract off by 2.44cts to $2.0356/gal and the more-active November contract was down 2.01cts to $2.0083/gal. The contracts posted gains for the past seven trading sessions, sending prices up by more than 10%.
Declines in distillate futures were about half those for gasoline. The Nymex October ULSD contract was 1.12cts lower at $2.1608/gal and the November contract was down by 1.05cts to $2.1719/gal. Diesel futures rose in each of the last four previous sessions, leaving prices up by more than 4%.
Declines in crude-oil contracts were more modest. The Nymex October West Texas Intermediate crude contract was off by 26cts to $71.69/bbl in light trading as it heads toward expiration. The more-active November WTI contract was 35cts lower at $70.81/bbl.
Brent crude was seeing deeper losses with the November contract off by 51cts to $74.37/bbl and December down 34cts to $73.67/bbl.
Oil contracts have risen more than 9% since Sept. 10 and like refined product contracts are poised to settle on Friday with week-to-week gains.
Petroleum futures have been buoyed by tighter oil stocks and the decision by OPEC and its allies to delay planned production increases until at least December. Prices were also boosted by the expected decision Wednesday by the Federal Reserve to cut interest rates.
The weaker futures were sending spot gasoline and diesel values lower in most U.S. markets, though some small gains were reported on the West Coast.
The multiday strength in energy futures is cutting into fuel retailers profits, with the national average rack-to-retail margin for gasoline falling 6.5cts Friday morning to 36.2cts/gal, according to OPIS MarginPro data. It was the first time in more than a month the average margin has dropped below the 40cts/gal.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
-- Reporting by Steve Cronin, scronin@Opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com
(END) Dow Jones Newswires
September 20, 2024 12:51 ET (16:51 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.-
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