Fuels Market Watch 24

CRUDE

Over the past 24 hours, WTI crude prices continued to rise, regaining the $69/b level and remaining steadily above it. Gasoline and diesel prices also rose, though at a more moderate pace.

Prices were strengthened Tuesday when the American Petroleum Institute (API) estimated across-the-board inventory reductions of 3.2 million barrels crude oil, 4.9 million barrels gasoline, and 1.3 million barrels diesel, totaling 9.4 million barrels of oil drawn out of inventory.

This rise was reinforced yesterday when the U.S. Energy Information Administration (EIA) published the official inventory data. The EIA reported drawdowns of 6.147 million barrels of crude oil, 2.328 million barrels of gasoline, and 0.101 million barrels of diesel. The total volume drawn down was 8.576 million barrels, fairly close to the API’s expectation, though the breakdown was weighted toward crude oil rather than gasoline and diesel. According to EIA data on product supplied, apparent demand rose modestly during the week ended July 20th, while crude production remained roughly flat. This suggests a tighter supply-demand balance.

WEST TEXAS INTERMEDIATE

WTI (West Texas Intermediate) crude prices opened on the NYMEX at $69.38/b today. Over the last 24-hour period from 9AM EST to 9AM EST, crude prices rose by $0.52/b. Prices currently are holding steady in the $69.00-$69.50 range. The latest price is $69.15/b.

DIESEL

Diesel opened on the NYMEX at $2.1517/gallon today. Over the last 24-hour period from 9AM EST to 9AM EST, diesel prices rose slightly by 0.25 cents/gallon. Prices are currently stable. The latest price is $2.1524/gallon.

GASOLINE

Gasoline opened on the NYMEX at $2.1210 today. Over the last 24-hour period from 9AM EST to 9AM EST, gasoline prices rose by 1.35 cents/gallon. Prices are currently stable. The latest price is $2.1203/gallon.