Oil and refined product futures gain momentum as supplies tighten

  • Refined product futures are on track for five straight sessions of increases
  • Rerouting of ships around Africa’s Cape of Good Hope may create tighter supplies
  • WTI and Brent crude oil prices are trading near the highs of the day
  • Spread between WTI and Brent benchmarks has widened for five straight days
  • ULSD and RBOB futures are trading higher, with ULSD outpacing gains in RBOB
  • Gulf Coast gasoline discount is decreasing, prompt cycle valued at 17.5cts

Oil and refined product futures are gaining momentum as refined product futures are on track for five straight sessions of increases. The rerouting of ships around Africa’s Cape of Good Hope may create tighter supplies, potentially leading to upward pressure on prices. WTI and Brent crude oil prices are trading near the highs of the day, with the spread between the two benchmarks widening for five straight days. ULSD and RBOB futures are trading higher, with ULSD outpacing gains in RBOB. Additionally, the Gulf Coast gasoline discount is decreasing, with the prompt cycle currently valued at 17.5cts.

Public Companies:
Private Companies: undefined, undefined
Key People: Denton Cinquegrana (Reporter), Michael Kelly (Editor)

Factuality Level: 7
Justification: The article provides information about the current state of oil and refined product futures, including price movements and factors that may impact prices. The information seems to be based on market analysis and observations. However, the article does not provide any sources or references to support the claims made, which lowers the factuality level.

Noise Level: 3
Justification: The article provides a brief update on the current state of oil and refined product futures. It mentions the impact of rerouting ships around Africa’s Cape of Good Hope and the potential upward pressure on prices. However, the article lacks in-depth analysis, evidence, and actionable insights. It mainly focuses on price movements and contract details without providing a broader context or implications.

Financial Relevance: Yes
Financial Markets Impacted: Oil and refined product futures

Presence of Extreme Event: No
Nature of Extreme Event: No
Impact Rating of the Extreme Event: No
Justification: The article discusses the movement of oil and refined product futures, indicating their relevance to financial markets. However, there is no mention of an extreme event or its impact.

Reported publicly: www.marketwatch.com