Petroleum futures were down at midday Monday with the newly front-month December West Texas Intermediate contract leading the way lower.
Monday’s selling came after the weekend ended without major developments in Israel’s war with Hamas. Volumes, however, were on the light side, continuing a pattern established over the last several trading sessions.
The NYMEX December WTI, which fell as low as $86.28 on Monday, was down $1.55 to $86.53/bbl near midday. Brent crude was performing slightly better, off by $1.24 to $90.92/bbl. The crude market remains backwardated with the December-January spread above $1 for WTI and Brent.
Refined product futures were also lower, but the declines were more modest than those for crude, helping to support paper crack spreads.
The more active NYMEX December contract was 2.98cts lower at $2.3438/gal and November RBOB was down by 2.86cts to $2.3252/gal.
The NYMEX December ULSD contract was down by 2.19cts to $3.0498/gal and November ULSD was off a bit more to $3.1267/gal.
U.S. spot market prices were mostly following futures, except in the Midwest’s Group 3 market. Group 3 spot diesel’s premiums to the NYMEX narrowed by about 20cts from Friday, though the market remains the highest priced in the country at 85cts over futures. Group 3 gasoline market also has cooled with its premium to the NYMEX 5cts weaker than Friday, leaving the outright price at about $2.35/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 Denton Cinquegrana, [email protected]; Editing by Jeff Barber, [email protected]
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