ULSD Is Once Again Leading The Action
Refined products are ticking modestly lower to start Wednesday’s trading session following 3 straight days of gains. The concerns about escalation of the war in Gaza continue to linger, but there is currently no sign that the major suppliers in the region are getting directly involved.
ULSD is once again leading the action, trading down more than 3 cents in the early going, which is putting prompt values back below the pivotal $3 mark. RBOB futures meanwhile are hovering just under break even for the day, with the November contract holding near $2.25.
RIN values are approaching new 3-year lows in the mid 70 cent range as sellers continue to pummel the credits as the rapid ramp up in RD production has led to a large increase in generation.
Tropical Storm Sean was named in the Atlantic but is expected to dissipate without threatening the US. The potential disturbance in the Gulf of Mexico has also gone away, while one new potential system off the coast of Africa is given 30% odds of developing over the coming week.
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