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
(END) Dow Jones Newswires
10-31-23 1312ET
