Fuels Market Watch 24

CRUDE

Oil prices were up-and-down over the past 24 hours. Prices currently are stable with a small upward tilt. The markets are awaiting direction from Day 2 of Congressional testimony from Federal Reserve Chair Jerome Powell. Yesterday’s Fed testimony was viewed as upbeat for the U.S. economy, with some caveats including a drop in housing starts. Crude prices ticked up, then subsided. Diesel and gasoline prices followed a similar, though calmer, pattern.

Crude oil prices are remaining below $68/b. Speculation continues as to whether President Trump will release oil from the Strategic Petroleum Reserve (SPR) to provide lower prices for U.S. consumers. Earlier in the year, he had proposed large sales of this oil to raise revenue. The SPR exists primarily as an emergency response tool for disruptions and natural disasters, however, so SPR releases are not a simple, daily event.

WEST TEXAS INTERMEDIATE

WTI (West Texas Intermediate) crude prices opened on the NYMEX at $67.61/b today. Over the last 24-hour period from 9AM EST to 9AM EST, crude prices fell by $0.34/b. The market has been flat this morning, with a small upward bias. The latest price is $67.41/b.

DIESEL

Diesel opened on the NYMEX at $2.0613/gallon today. Over the last 24-hour period from 9AM EST to 9AM EST, diesel prices declined by 0.19 cents/gallon. Prices are gently increasing this morning. The latest price is $2.0518/gallon.

GASOLINE

Gasoline opened on the NYMEX at $2.0135 today. Over the last 24-hour period from 9AM EST to 9AM EST, gasoline prices increased by 0.69 cents/gallon. Prices this morning are flat. The latest price is $2.0111/gallon.