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Marché
Rapport
Unité

COT Gulf ULSD vs NY HO up-down spread

Période
Échelle

As-of mardi · close vendredi · source CFTC

Long vs Short

Long et short en % d’OI (catégorie focus)

Δ 4 semaines

Variation du net vs le rapport d’il y a 4 semaines

Cette semaine

Catégorie Long Short Spreading Net Δ Long Δ Short Δ Net % OI long % OI short

Historique

Diesel spread · NYMEX

What is the Gulf ULSD vs NY HO up-down?

Gulf / New York ULSD up-down

Satellite of NY Harbor ULSD (NYMEX)

A long means…

Exposure to a rise in Gulf Coast ULSD (Platts) versus New York Harbor HO — Gulf diesel relative to the harbor distillate, not a long in “US diesel”.

What is this?

The up-down is the ultra-low sulfur diesel location spread: the Platts Gulf Coast pipeline assessment minus the New York Harbor HO future — the same distillate, two hubs. The HO ticker still says heating oil: the spec is ULSD. The Gulf refines more than it burns; the East Coast is supplied mainly on Colonial, as far as Linden.

Refiners and merchants hedge distillate moving from the Gulf to the Northeast. Colonial often runs full. This is not deliverable HO, nor a refining margin.

Pitfalls

  • Location spread, not outright HO.
  • Up-down = Gulf vs NY.
  • Size unverified.

Univers LIX

Le positionnement n’est pas le risque

Le COT décrit qui est positionné. Le LIX décrit le niveau de risque de marché — 12 indicateurs, hors COT.