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Gasoline Futures Follow Crude Higher; Discount to ULSD Narrows

Gasoline futures advanced along with crude as the euro strengthened against the dollar, increasing the investment appeal of commodities. The motor fuel’s discount to ultra-low-sulfur diesel narrowed.

Futures rose 1.1 percent after dropping 0.3 percent earlier. The dollar lost 0.6 percent against the euro at 3:16 p.m. in New York. A government report tomorrow will probably show supplies of the motor fuel declined for the ninth consecutive week. Gasoline’s discount to ULSD narrowed 2.55 cents to 1.89 cents a gallon.

“When the dollar got hit, we turned around,” said Gene McGillian, an analyst and broker at Tradition Energy in Stamford, Connecticut. “After last week’s selloff, the market is still trying to stabilize.”

Gasoline for May delivery rose 3.31 cents to settle at $2.9424 a gallon on the New York Mercantile Exchange, after swinging between $2.90 and $2.9491. Trading volume was 33 percent above the 100-day average at 3:03 p.m.

The May crack spread versus WTI gained 55 cents to $29.38 a barrel. The spread against Brent oil on ICE Futures Europe Exchange slipped 20 cents to $17.14.

The Energy Information Administration will probably report tomorrow that U.S. gasoline stockpiles declined 1.5 million barrels in the week ended April 5, according to the median of 11 analyst estimates compiled by Bloomberg. Distillate supplies also fell 1.5 million barrels, according to the survey.

Gasoline at the pump, averaged nationwide, fell 1 cent to $3.583 a gallon, AAA said today on its website. Prices have fallen 20.3 cents from the year-to-date high of $3.786 on Feb. 26 and are 34.4 cents below a year earlier.

Ultra-low-sulfur diesel for May delivery rose 0.76 cent to settle at $2.9613 a gallon on volume that was 6.2 percent above the 100-day average.

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