Fuels Market Watch 24

CRUDE

Over the past 24 hours, WTI crude prices continued to slide, falling below the $68/b level. The market closed at over $70/ just two days ago. Gasoline and diesel prices followed crude on its downward path. Prices for all three still are pointing down today.

The market expects an expansion of crude production from OPEC and Russia this month. The Trump Administration has softened its stance toward Iranian sanstions also, which may allow a higher level of Iranian crude exports to global markets including U.S. allies. The potential for oversupply was enhanced today with renewed concern about a U.S.-China trade war, which could cause a drop in global demand. Yesterday, it seemed that the U.S. and China would renew trade talks. But today, the Trump Administration was back on an aggressive tack, speaking of doubling the import tariffs. China responded by noting that it would not be pressured back to the negotiating table by such tactics.

Also due today: official statistics on U.S. oil inventories, and the latest monetary policy decision from the U.S. Federal Reserve Bank.

WEST TEXAS INTERMEDIATE

WTI (West Texas Intermediate) crude prices opened on the NYMEX at $68.43/b today. Forward month prices have switched to September contracts. Over the last 24-hour period from 9AM EST to 9AM EST, crude prices fell by $1.37/b. Prices are trending down. The latest price is $67.78/b.

DIESEL

Diesel opened on the NYMEX at $2.1330/gallon today, September forward prices. Over the last 24-hour period from 9AM EST to 9AM EST, diesel prices dropped sharply by 4.18 cents/gallon. Prices are currently moving down. The latest price is $2.0985/gallon.

GASOLINE

Gasoline opened on the NYMEX at $2.0773 today, September forward prices. Over the last 24-hour period from 9AM EST to 9AM EST, gasoline prices fell by 3.06 cents/gallon. Prices are currently trending down. The latest price is $2.0555/gallon.