Fuels Market Watch 24

CRUDE

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.
Global markets are jumpy today, weighing the possible impacts of Turkey’s financial crisis. Currencies are being dragged down in other emerging markets as well, adding weight to the idea that global demand will weaken. If so, it could mollify the impact of taking Iranian (or other) oil supplies off the market. Oil prices therefore are volatile today: global economic news is suggesting trouble for demand, yet it is countering this with concerns over loss of supply, resulting in an unknown direction for the overall supply-demand balance. OPEC, for example, has cut its forecast of demand in 2019, and it has raised its forecast of oil production in non-OPEC countries. Saudi Arabia has indicated that it will cut its production if needed to prevent oversupply.

WEST TEXAS INTERMEDIATE

WTI (West Texas Intermediate) crude prices opened on the NYMEX at $67.78/b today. Over the last 24-hour period from 9AM EST to 9AM EST, crude prices recovered by $0.90/b (1.35%.) Prices currently are declining. The latest price is $67.24/b.

DIESEL

Diesel opened on the NYMEX at $2.1443/gallon today. Over the last 24-hour period from 9AM EST to 9AM EST, diesel prices rose by 2.66 cents/gallon (2.66%.) Prices currently are volatile with a slight upward trend. The latest price is $2.1377/gallon.

GASOLINE

Gasoline opened on the NYMEX at $2.0411 today. Over the last 24-hour period from 9AM EST to 9AM EST, gasoline prices rose by 2.89 cents/gallon (1.44%.) Prices currently are stable with a slight downward bias. The latest price is $2.0291/gallon.