Fuels Market Watch 24

CRUDE

Over the past 24 hours, WTI crude prices have been sagging, receding swiftly from the $70/b levels they had hit the day before. Gasoline prices eased slightly, while diesel prices strengthened. Prices for all three are currently trending down.

The oil complex followed equities markets down yesterday. Stocks moved down, particularly in the tech sector. There are early signs that the Dow Jones will rebound today. However, the prospect of increased production from OPEC and Russia is forcing oil prices back down. Preliminary estimates show that OPEC production in July rose to its highest level in2018, and additional supplies are expected to enter the market. Russia announced last week that it would be willing to expand its output beyond what it had already negotiated with OPEC.

WEST TEXAS INTERMEDIATE

WTI (West Texas Intermediate) crude prices opened on the NYMEX at $70.05/b today. Over the last 24-hour period from 9AM EST to 9AM EST, crude prices fell by $0.38/b. Prices are trending down. The latest price is $68.93/b.

DIESEL

Diesel opened on the NYMEX at $2.1715/gallon today. Over the last 24-hour period from 9AM EST to 9AM EST, diesel prices rose by 1.59 cents/gallon. Prices are currently moving down. The latest price is $2.1452/gallon.

GASOLINE

Gasoline opened on the NYMEX at $2.1604 today. Over the last 24-hour period from 9AM EST to 9AM EST, gasoline prices declined slightly by 0.12 cents/gallon. Prices are currently trending down. The latest price is $2.128/gallon.