Refined Products Complex Mixed

On August 23, 2013 by TradingDesk

The refined products complex seemed mixed yesterday with RBOB settling about 2.5 cents higher and ULSD marginally lower in the face of a suspected bombing in northern Israel. Energy prices all but shrugged at a 3-hour trading halt on the NASDAQ due to the ever-evasive “glitch” and continued to snooze as equity markets rallied when trading resumed. Regional product prices also felt the August lethargy with Chicago prices strengthening mildly and Gulf coast products slightly sagging on news of Motiva’s crude-guzzling Port Arthur refinery expecting to be down for as long as a month. California’s CARBOB saw .05+ cent gains while other physical markets ran in place.

Brent crude prices stalled at around $110/bbl while WTI shrunk the spread by popping up above $105 likely due to API’s report claiming an increase in YOY July petroleum demand of 1.7%.

ULSD prices are still looking bullish even after a 3 cent reversal yesterday; the main $3.10 resistance level still holds. RBOB continues to oscillate in technical purgatory between $2.90 and $3.

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