Fuels Market Watch 24

CRUDE

Crude oil prices currently are dipping below $70/b for the first time in nearly three weeks. Last week brought a serious downward price correction in crude, diesel and gasoline markets. WTI crude oil prices dropped by $2.86/b during the week. Product prices ebbed in tandem. Oil prices picked up in after-hours trading over the weekend, but they are trending down this morning of Monday, July 16th.

Not only has Saudi Arabia committed to raising its oil production, the market believes that Russia will follow suit and increase its output. Today, a meeting is scheduled between U.S. President Trump and Russian President Vladimir Putin, and the U.S. President has been pressing for lower oil prices.

WEST TEXAS INTERMEDIATE

WTI (West Texas Intermediate) crude prices opened on the NYMEX at $70.52/b today. Over the last 24-hour period from 9AM EST to 9AM EST, crude prices rose by $0.22/b. However, forward bids for the upcoming morning hours have fallen by $0.67/b.

DIESEL

Diesel opened on the NYMEX at $2.1255/gallon today. Over the last 24-hour period from 9AM EST to 9AM EST, diesel prices rose by 0.82 cents/gallon. However, forward bids for the upcoming morning hours have fallen by 1.78 cents.

GASOLINE

Gasoline opened on the NYMEX at $2.0955 today. Over the last 24-hour period from 9AM EST to 9AM EST, gasoline prices rose by 2.73 cents/gallon. However, forward bids for the upcoming morning hours have fallen by 1.87 cents.