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 stabilized, and they have held their gain of last week. WTI prices in today’s trading session opened at $68.57/b, up by $0.67 from Friday’s opening. Gasoline and diesel prices opened higher today also. All three ended last week solidly in the black, with weekly price increases of 4.3%-5.0%.
Last week, crude opened at $65.91/b on Monday, and it closed at $68.72/b on Friday. This gave a strong weekly gain of $2.81 (4.3%.) Gasoline opened the week at a $1.9085/gallon, the lowest Monday opening since April. Gasoline prices rose strongly during the week, closing at $2.0779, a hefty gain of 9.74 cents (4.9%.) Diesel opened on Monday at $2.0976/gallon. Diesel closed Friday at $2.2022/gallon, a major gain of 10.46 cents (5%.)
On Friday, Federal Reserve Chair Jerome Powell presented an address covering monetary policy in a changing economy at the Jackson Hole symposium in Wyoming. The Fed remains committed to gradually raising interest rates, but Fed watchers interpreted the Fed Chair’s remarks as more dovish than usual. Markets responded favorably, reassured also by possible progress on U.S.-Mexico talks on NAFTA and by Chinese central bank efforts to stabilize the Yuan.
Gasoline opened on the NYMEX at $2.0735 today, 1.11 cents above Friday’s opening. On Monday, gasoline futures prices opened at $1.9805/gallon. Prices regained the $2/gallon level on Tuesday, and prices surged forward to gain 9.74 cents during the week. Over the last 24-hour period from 9AM EST to 9AM EST, gasoline prices rose by 1.38 cents/gallon (0.67%.) Prices are trending up. The latest price is $2.0905/gallon.
Diesel opened on the NYMEX at $2.1993/gallon today. On Monday, diesel futures prices opened at $2.0976/gallon. The week finished strongly in the black, gaining 10.46 cents by Friday’s closing. Over the last 24-hour period from 9AM EST to 9AM EST, diesel prices flattened, and on average they were up slightly by 0.32 cents/gallon (0.15%) Currently, diesel prices are trending back up. The latest price is $2.2092/gallon.
WEST TEXAS INTERMEDIATE
WTI (West Texas Intermediate) crude prices opened on the NYMEX at $68.57/b today. Over the last 24-hour period from 9AM EST to 9AM EST, crude prices flattened, and on average they rose modestly by $0.12/b (0.17%.) Crude prices currently are stable. The latest price is $68.75/b.