Fuels Market Watch 24
Exclusive daily fuels market analysis by Dr. Nancy Yamaguchi.
Oil prices over the past 24 hours have been rising, though the week may still end in the red because of steep mid-week losses. Prices have been propped up by a variety of supply concerns, including drops in output in Libya, Venezuela, and Iran. Acting against this, however, is the concern that the global economy could be damaged in by a U.S.-China trade war, plus restrictions on trade with other countries. Federal Reserve Chair Jerome Powell testified that the U.S. economy remained healthy enough to support two additional interest rate hikes this year. However, President Trump quickly spoke against this, which muddled perceptions of economic policy. The Fed is independent and non-partisan, and operates apart from the Executive Branch.
Crude oil, diesel, and gasoline prices have all risen over the last 24-hour period, and prices appear to be trending up this morning. For the week to close in the black, crude prices must surpass $70.52/b (Monday’s opening price.) Diesel prices must surpass $2.1255/gallon (Monday’s opening price.) Gasoline must surpass $2.0955/gallon (Monday’s opening price.) As of the time of this writing, prices for all three are in the red for the week.
WEST TEXAS INTERMEDIATE
WTI (West Texas Intermediate) crude prices opened on the NYMEX at $69.39/b today. Over the last 24-hour period from 9AM EST to 9AM EST, crude prices rose by $1.55/b. Prices currently are trending up. The latest price is $69.84/b.
Diesel opened on the NYMEX at $2.0922/gallon today. Over the last 24-hour period from 9AM EST to 9AM EST, diesel prices rose by 1.25 cents/gallon. Prices are currently moving up. The latest price is $2.1136/gallon.
Gasoline opened on the NYMEX at $2.0491 today. Over the last 24-hour period from 9AM EST to 9AM EST, gasoline prices increased by 1.53 cents/gallon. Prices are currently moving up. The latest price is $2.0728/gallon.