Fuels Market Watch 24
Exclusive daily fuels market analysis by Dr. Nancy Yamaguchi.
Over the past 24 hours, WTI crude prices continued to slide, and they are now hovering in the $67.00-$67.50/b range. On Monday, the market closed at over $70/b,. Gasoline and diesel prices followed crude on its downward path. Prices for all three still are pointing down today.
The Energy Information Administration (EIA) released official weekly data on US oil supply, demand and inventories yesterday. Crude oil inventories grew by 3.803 million barrels. Gasoline inventories were drawn down by 2.536 million barrels. Diesel inventories rose by 2.983 million barrels. In total, oil in storage rose by 4.25 million barrels. The build-up in inventories suggests a week of oversupply, contributing to lower prices.
It is possible that some U.S. producers looked ahead to this, since for the week ended July 27th, U.S. crude production fell by a (rounded) 100 kbpd. U.S. production had been climbing steadily all year, but July brought a flattening of the upward curve. For the year to date, U.S. output has risen by over 1.4 million barrels per day.
WEST TEXAS INTERMEDIATE
WTI (West Texas Intermediate) crude prices opened on the NYMEX at $67.86/b today. Over the last 24-hour period from 9AM EST to 9AM EST, crude prices fell by $0.37/b. Prices are trending down. The latest price is $67.44/b.
Diesel opened on the NYMEX at $2.0984/gallon today. Over the last 24-hour period from 9AM EST to 9AM EST, diesel prices dropped by 2.73 cents/gallon. Prices are currently moving down. The latest price is $2.0959/gallon.
Gasoline opened on the NYMEX at $2.0461 today. Over the last 24-hour period from 9AM EST to 9AM EST, gasoline prices fell by 2.32 cents/gallon. Prices are currently trending down. The latest price is $2.0329/gallon.