Fuels Market Watch 24
Exclusive daily fuels market analysis by Dr. Nancy Yamaguchi.
FUEL MARKETS TODAY – Market Overview
Over the past 24 hours, WTI (West Texas Intermediate) crude prices continued to rise. WTI prices in today’s trading session opened at $67.90/b, down by $0.17 from Thursday’s opening, but early trading has brought a rebound. Gasoline prices also opened slightly lower today, but prices have risen this morning. Diesel prices continued to rise. This week’s gains have been substantial, and the week appears set to end with crude, gasoline and diesel prices all well in the black. All three are up by 4-5% since Monday.
Global economic issues continue to move the oil complex. China-U.S. trade talks ended without results, as most market analysts expected, but there was still a sense of lost opportunity in the pro-trade world. The U.S. imposed tariffs on $16 billion of Chinese goods, and China retaliated.
Later this morning, Federal Reserve Chair Jerome Powell will present an address on monetary policy in a changing economy at the Jackson Hole symposium in Wyoming. The Fed has remained on its course of gradually raising interest rates, and Fed watchers will dissect the Chair’s speech carefully for clues about future rates. The U.S. Dollar declined slightly, and global stocks edged up ahead of the symposium. This is helping to push oil prices higher.
Gasoline opened on the NYMEX at $2.0624 today, 0.07 cents below yesterday’s opening. The week’s gains have been impressive, however. On Monday, gasoline futures prices opened at $1.9805/gallon. Prices regained the $2/gallon level on Tuesday, and current prices are around 9 cents per gallon higher than they were on Monday. Over the last 24-hour period from 9AM EST to 9AM EST, gasoline prices rose by 1.8 cents/gallon (0.88%.) Prices are still trending up. The latest price is $2.0838/gallon.
Diesel opened on the NYMEX at $2.177/gallon today. On Monday, diesel futures prices opened at $2.0976/gallon, so the week appears set to finish strongly in the black. Current prices are over 10 cents per gallon above Monday’s opening price. Over the last 24-hour period from 9AM EST to 9AM EST, diesel prices rose by 3.69 cents/gallon (1.71.) Diesel prices outperformed gasoline prices this week, and they are continuing to rise. The latest price is $2.21/gallon.
WEST TEXAS INTERMEDIATE
WTI (West Texas Intermediate) crude prices opened on the NYMEX at $67.90/b today—approximately $2/b higher than Monday’s opening price. Over the last 24-hour period from 9AM EST to 9AM EST, crude prices continued to climb, rising by $0.93/b (1.37%.) Although WTI prices opened lower today than on Thursday, early trading has brought prices back up. The latest price is $68.95/b.