Fuels Market Watch 24
Exclusive daily fuels market analysis by Dr. Nancy Yamaguchi.
Over the past 24 hours, WTI (West Texas Intermediate) crude prices pulled out of their slump and gradually crept back up. Yesterday’s market opened with WTI prices below $65/b. WTI prices in today’s trading session opened at $65.91/b, a gain of $0.44/b above Friday’s opening. Diesel and gasoline prices both opened slightly lower in today’s trading session.
The oil complex finished last week in the red. WTI crude prices dropped $1.87/b over the week, and they have now fallen for three weeks in a row, losing over $3/b over the past three weeks. Gasoline prices also have fallen for three weeks running. Last week, gasoline prices fell by over 6 cents/gallon. Cumulatively over the past three weeks, gasoline prices fell by 13.8 cents/gallon. Diesel prices finished last week down by around 4.6 cents/gallon. Diesel prices fell in two of the last three weeks, shedding approximately 6.4 cents/gallon in total.
Today, prices are relatively steady, awaiting direction. Investors appear optimistic that the upcoming talks between China and the U.S. will ease some of the trade tension, or at a minimum, prevent further deterioration. Global financial markets remain uneasy, the latest development being that Venezuela will adopt a new currency today known as the “Sovereign Bolivar,” linked to the Petro, a type of cryptocurrency backed by the country’s oil reserves. Some local shops reportedly remained closed, not yet knowing how to handle the change.
WEST TEXAS INTERMEDIATE
WTI (West Texas Intermediate) crude prices opened on the NYMEX at $65.91/b today. Over the last 24-hour period from 9AM EST to 9AM EST, crude prices decreased by $0.45/b (0.68%.) Prices currently are recovering, approaching the $66/b mark. The latest price is $65.97/b.
Diesel opened on the NYMEX at $2.0976/gallon today. Over the last 24-hour period from 9AM EST to 9AM EST, diesel prices continued to decline, falling by 2.69 cents/gallon (1.27%.) Prices currently are steady. The latest price is $2.1024/gallon.
Gasoline opened on the NYMEX at $1.9805 today. Since mid-April, gasoline futures prices have rarely fallen below $2/gallon April 10th. Over the last 24-hour period from 9AM EST to 9AM EST, gasoline prices fell by 2.14 cents/gallon (1.07%.) Prices currently are trending back up. The latest price is $2.002/gallon.