Fuels Market Watch 24
Exclusive daily fuels market analysis by Dr. Nancy Yamaguchi.
FUEL MARKETS TODAY – Market Overview
Crude oil futures prices are falling this morning, after opening with a slight recovery in today’s trading session. WTI (West Texas Intermediate) crude forward prices opened at $56.43/b today, up by $0.23 (0.41%) from yesterday’s opening price of $56.20/b. Currently, prices have fallen below $55/b and are at three-week lows. Diesel futures prices opened slightly lower today, while gasoline futures prices opened with modest gains. Futures prices for all three are heading down this morning. Thus far today, the data releases have given nothing to motivate oil market bulls.
Crude and product forward prices currently are heading for a finish in the red this week. WTI crude futures prices currently are down by $0.92/barrel (1.6%.) Gasoline futures prices are up by 1.1% for the week, but this is driven mainly by the upcoming switch to low-RVP grades. Diesel forward prices are down by around 2.3% for the week.
Oil prices fell yesterday after statements from the president of the European Central Bank (ECB.) ECB President Mario Draghi warned that economic weakness would continue, saying the global economy was in “a period of continued weakness and pervasive uncertainty.” The ECB downgraded its forecast of 2019 GDP growth. Asian stock markets fell in response, and also upon data showing that Chinese exports were lower than expected in February.
The U.S. Bureau of Labor Statistics (BLS) just released the February Employment Situation report. Job growth ground to a halt in February. Total nonfarm payroll employment rose by only 20,000 jobs, versus economist predictions of 180,000 jobs. The unemployment rate fell to 3.8%.
Gasoline opened on the NYMEX at $1.7845/gallon today, up by 2.41 cents (1.34%) from yesterday’s opening price of $1.7604 cents/gallon. Over the past 24 hours from 9AM EST to 9AM EST, gasoline prices dropped by 5.6 cents (3.09%.) Gasoline forward prices currently are weakening, trading between $1.74-$1.76/gallon. The latest price is $1.7447/gallon.
Diesel opened on the NYMEX at $2.0124/gallon today, down by 0.22 cents (0.11%) from yesterday’s opening price of $2.0146/gallon. Prices quickly yielded the territory above $2/gallon. Over the past 24 hours from 9AM EST to 9AM EST, diesel prices dropped significantly by 6.45 cents (3.18%.) Diesel prices currently are trending down, trading in the range of $1.94-$1.97/gallon. The latest price is $1.9559/gallon.
WEST TEXAS INTERMEDIATE
WTI (West Texas Intermediate) crude forward prices opened at $56.43/b today, up by $0.23 (0.41%) from yesterday’s opening price of $56.20/b. Over the past 24 hours from 9AM EST to 9AM EST, WTI crude prices dropped by $1.63 (2.87%.) Currently, crude prices are falling, and they have dropped below the $55/b level for the first time in around three weeks. The latest price is $54.95/b.