Fuels Market Watch 24
Exclusive daily fuels market analysis by Dr. Nancy Yamaguchi.
Over the past 24 hours, WTI (West Texas Intermediate) crude prices stabilized after their collapse, though prices in today’s trading session still opened below $67/b. Diesel and gasoline prices followed crude down, and they also began to pull out of the slump. The oil complex nonetheless appears to be heading for a week in the red. WTI opened on Monday at $68.65/b, and opened today at $66.74/b.
Wednesday’s price collapse came about primarily because of bearish U.S. data, combined with uneasiness about global economic performance as the U.S.-China trade war heated up. China demurred to impose tariffs on imports of U.S. crude oil, reportedly because of lobbying by the country’s major refining companies. Propane, however, is on the list, and China is a significant importer of U.S. propane.
The U.S. Bureau of Labor Statistics just released data on July’s Consumer Price Index, which rose to 0.2%. The increase was attributed mainly to increases in housing costs. The increase in inflation is consistent with Federal Reserve Bank expectations, and with the Fed’s plan to raise interest rates again this year, likely at their September meeting.
WEST TEXAS INTERMEDIATE
WTI (West Texas Intermediate) crude prices opened on the NYMEX at $66.74/b today. Over the last 24-hour period from 9AM EST to 9AM EST, crude prices declined slightly by $0.04/b, stabilizing after the previous period’s sharp drop of $2.25/b. Prices currently are recovering. The latest price is $67.43/b.
Diesel opened on the NYMEX at $2.1091/gallon today. Over the last 24-hour period from 9AM EST to 9AM EST, diesel prices declined by 0.96 cents/gallon. Prices currently are recovering. The latest price is $2.1271/gallon.
Gasoline opened on the NYMEX at $2.0015 today. Over the last 24-hour period from 9AM EST to 9AM EST, gasoline prices fell by 1.48 cents/gallon (0.73%.) Prices currently are recovering. The latest price is $2.0241/gallon.