Recovering from Monday’s declines, petroleum futures strengthen despite stronger dollar

  • Refined product futures higher at midday, recovering from Monday’s declines
  • Crude futures also up modestly
  • NYMEX December ULSD contract up 7cts to $2.9535/gal
  • NYMEX December RBOB contract added 2.65cts to $2.2435/gal
  • Petroleum futures strengthened despite stronger dollar
  • Mixed economic data with weaker manufacturing numbers in China
  • Crude contracts at lowest level since Oct. 7
  • Gulf Coast prices for CBOB and RBOB fell to 2023 lows
  • Gasoline blended with 10% ethanol at some U.S. racks fell below $2/gal
  • Content created by Oil Price Information Service

Refined product futures were higher at midday Tuesday, reclaiming some of Monday’s sharp declines, while crude futures were up modestly. The more active NYMEX December ULSD contract was up 7cts to $2.9535/gal as of 11:55 a.m. ET and the expiring November ULSD contract was 5.8cts higher at $3.0240/gal. The NYMEX December RBOB contract added 2.65cts to $2.2435/gal and November RBOB was up 3.1cts to $2.251/gal. Petroleum futures strengthened on bargain hunting, despite a stronger dollar. The NYMEX December West Texas Intermediate contract was 55cts higher at $82.85/gal and January WTI was up by the same amount to $82.25/bbl. London-based ICE December Brent contract added 45cts to $87.90/bbl and January Brent was up 50cts to $86.85/bbl. Economic data was mixed with weaker-than-expected manufacturing numbers in China appearing to offset a two-year low in the EU’s inflation rate. Crude contracts ended Monday down by more than $3/bbl, leaving them at their lowest level since Hamas attacked Israel on Oct. 7. In U.S. spot markets, Gulf Coast prices for CBOB and RBOB fell to 2023 lows Monday, making the fuel a loss leader for the region’s refineries. At the wholesale terminal level, prices for gasoline blended with 10% ethanol at some U.S. racks fell below $2/gal on Tuesday for the first time this year. The lower priced racks were mostly supplied by pipelines from the Gulf Coast. 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 Frank Tang, ftangt@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com.

Public Companies: NYMEX (N/A), ICE (N/A), Dow Jones & Co (N/A)
Private Companies: undefined
Key People: Frank Tang (Reporter), Jeff Barber (Editor)

Factuality Level: 8
Justification: The article provides factual information about the current prices of refined product futures and crude futures. It also mentions economic data from China and the EU. The article does not contain any irrelevant or misleading information, sensationalism, redundancy, or opinion masquerading as fact. The information provided is objective and accurate.

Noise Level: 3
Justification: The article primarily focuses on the price movements of refined product futures and crude futures. It provides some economic data and mentions the lowest level of crude contracts since a specific event. However, it lacks in-depth analysis, scientific rigor, and actionable insights. The article also contains some irrelevant information about the operations of Oil Price Information Service.

Financial Relevance: Yes
Financial Markets Impacted: Refined product futures and crude 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 refined product futures and crude futures in the financial markets. There is no mention of any extreme events or their impact.