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RBOB Pricing - 1 Ripple Effect of Pipeline Flowing Normal

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Daily Settlement Prices
Colonial Pipeline continues to run at normal rates, a day after "Line 1" resumed operations.  So far, there are no reports of additional integrity issues in the regular line or the bypass line. 

 
The NYMEX enjoyed a strong price day on Thursday, following through on the momentum of a bullish Department of Energy summary and by the Federal Reserve's decision to, again, leave interest rates unchanged.  With November WTI's one dollar rise yesterday, that contract is well off of the recent lows (settled at $46.32), and is again in the middle of the range from the last two months.  

Early next week, several key global oil producers will meet in Algiers (Algeria, not Louisiana) to discuss forward oil production policy.  Expect a volatile flat price day from those headlines.  The next official OPEC meeting is in November, and anything informally agreed upon next week is certainly up for change by the time the group puts pen to paper in a few months.

 
RBOB again lagged WTI and Heating Oil, settling flat on the day (HO was up two cents).  RBOB was actually holding its own for most of the day, though late headlines about the NYMEX delivery program sent prices lower.  Typically, the gasoline product "delivered" to the NYMEX each month is RBOB (that is, those that are long futures positions at the end of each month take delivery of RBOB).  However, the EPA announced that for this month, any gasoline product can be delivered.  Thus, New York may be saturated with non-RBOB product in the NYMEX delivery window.  That over supply pushed RBOB prices lower during the afternoon.  The last time the EPA waived the "RBOB only" NYMEX delivery requirements was in the aftermath of Hurricane Sandy.

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