Fuels Market Watch 24

CRUDE

Oil prices over the past 24 hours showed a mid-day peak, followed by a downward trend overnight and in early morning trading. Prices currently have stabilized and are trending back up. Yesterday brought Day 2 of Congressional testimony from Federal Reserve Chair Jerome Powell. The Fed continues to believe that the U.S. economy is strong enough to absorb two more interest rate hikes this year. Cautionary notes included a drop in housing starts and the fact that manufacturers in all 12 Federal Reserve Districts are concerned about the economic impact of trade tariffs.

Crude oil, diesel, and gasoline prices all strengthened yesterday afternoon, then weakened overnight and in early morning trading. Currently, crude and diesel prices are trending back up, while gasoline prices are stable. Oil price expectations are mixed because yesterday’s data on U.S. oil inventories showed an unexpected build in crude stocks, a hefty 5.836 million barrels. This was partly offset by a drawdown of 3.165 mmbbls of gasoline and 0.371 mmbbls of diesel. The industry had forecast a crude stock draw of 3.6 mmbbls.

WEST TEXAS INTERMEDIATE

WTI (West Texas Intermediate) crude prices opened on the NYMEX at $69.00/b today. Over the last 24-hour period from 9AM EST to 9AM EST, crude prices rose by $1.18/b. Prices subsided in early morning trades, but they are currently recovering the loss. The latest price is $68.82/b.

DIESEL

Diesel opened on the NYMEX at $2.092/gallon today. Over the last 24-hour period from 9AM EST to 9AM EST, diesel prices rose by 2.8 cents/gallon. Prices declined in early morning trading, but they appear to be trending back up. The latest price is $2.0786/gallon.

GASOLINE

Gasoline opened on the NYMEX at $2.0497 today. Over the last 24-hour period from 9AM EST to 9AM EST, gasoline prices increased by 2.93 cents/gallon. Prices declined in early morning trading, and they are currently stable. The latest price is $2.0314/gallon.