Fuels Market Watch 24

CRUDE

Over the past 24 hours, WTI crude prices have been rising. Gasoline and diesel prices have been stable with a slight upward trend, which is now becoming more pronounced as fuel markets begin to follow crude oil markets up. Last week, WTI crude prices shed $2.26, falling from an opening price of $70.52/b on Monday to a Friday market closing price of $68.26/b. It was the second consecutive week of heavy losses. Still, oil prices are higher than they were one month ago. Five weeks ago, on Monday, June 18th, WTI crude prices opened on the NYMEX nearly $4/b lower than they opened today.

Today’s price strength is stemming largely from aggressive rhetoric between U.S. President Donald Trump and Iranian President Hassan Rouhani. President Trump announced in May that the U.S. would back out of the Iran nuclear deal and that it would reimpose sanctions on Iran on November 4th. The prospect of removing a portion of Iranian crude from the market has contributed to higher prices. Yesterday, President Rouhani warned the U.S. against a further retaliatory action. President Trump responded with an angry all-caps tweet. The war of words already is being compared to the one launched last August between President Trump and North Korean Leader Kim Jong Un.

WEST TEXAS INTERMEDIATE

WTI (West Texas Intermediate) crude prices opened on the NYMEX at $68.17/b today. Over the last 24-hour period from 9AM EST to 9AM EST, crude prices rose by $0.84/b. Prices currently are trending up. The latest price is $68.98/b.

DIESEL

Diesel opened on the NYMEX at $2.0975/gallon today. Over the last 24-hour period from 9AM EST to 9AM EST, diesel prices edged up slightly by 0.23 cents/gallon. Prices are currently moving up. The latest price is $2.1176/gallon.

GASOLINE

Gasoline opened on the NYMEX at $2.065 today. Over the last 24-hour period from 9AM EST to 9AM EST, gasoline prices rose slightly by 0.32 cents/gallon. Prices are currently moving up. The latest price is $2.0797/gallon.