Chicago ULSD Down 27.5cts as Distillates Caught in Selloff


   
Barani Krishnan
DTN Refined Fuels Market Reporter

   SECAUCUS, NJ (DTN) - The basis for Chicago ultra-low sulfur diesel (ULSD) 
more than halved Monday (11/2), falling 27.50cts to settle at a premium of 
22.5cts gallon over the December NYMEX ULSD contract, as distillate futures 
were caught in a broader energy markets selloff.

   Across neighboring pipeline systems, the differential for Buckeye Complex 
ULSD dropped 3cts to stand at a premium of 27cts gallon to , while Wolverine 
ULSD fell 8cts to settle at a 77cts gallon premium over December futures.

   Crude oil tumbled more than 7% in NYMEX trading, pulling refined products 
down, as Iranian officials signaled willingness to reopen commercial transit 
through the Strait of Hormuz under Qatari mediation efforts. ULSD for December 
delivery closed down $0.2545, or 5.44%, at $4.4216 gallon, after testing an 
intraday low of $4.3850 gallon.




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