Fuels Market Watch 24
Exclusive daily fuels market analysis by Dr. Nancy Yamaguchi.
Over the past 24 hours, WTI crude prices continued to trend up modestly, hovering around $69.50/b. Gasoline and diesel prices also rose. Price strength this week is coming from indications of a tighter supply-demand balance, plus strong U.S. GDP growth. Price caution is coming from concerns about the global economic consequences of U.S.-China trade war. This week brought a calming of fears that the U.S. would hobble trade with the EU as well.
Midweek, oil prices were strengthened by across-the-board draws on U.S. stockpiles of crude, gasoline and diesel. This morning, the U.S. Bureau of Economic Analysis released the first reading of GDP for the second quarter of 2018, and the number came in at an extremely robust 4.1% growth. First quarter 2018 GDP growth had been 2.2%–already a respectable figure. The U.S. dollar fell against other major currencies. The U.S. Dollar typically moves counter to oil prices. Oil prices are being capped, however, by concerns that the U.S.-China trade war will damage global economic activity. The upward trendlines on oil prices this week have a very modest upward tilt, and some analysts believe that crude oil prices will end the week in the red again.
WEST TEXAS INTERMEDIATE
WTI (West Texas Intermediate) crude prices opened on the NYMEX at $69.58/b today. Over the last 24-hour period from 9AM EST to 9AM EST, crude prices rose slightly by $0.23/b. Prices currently are in the range of $69.25-$69.50/b. Prices are trending down currently. The latest price is $69.35/b.
Diesel opened on the NYMEX at $2.1751/gallon today. Over the last 24-hour period from 9AM EST to 9AM EST, diesel prices rose by 2.3cents/gallon. Prices are currently on a downward path. The latest price is $2.1743/gallon.
Gasoline opened on the NYMEX at $2.1600 today. Over the last 24-hour period from 9AM EST to 9AM EST, gasoline prices rose by a strong 5.42 cents/gallon. Prices currently are staying on an upward trend. The latest price is $2.1799/gallon.