Fuels Market Watch 24
Exclusive daily fuels market analysis by Dr. Nancy Yamaguchi.
Over the past 24 hours, WTI crude prices have strengthened. Gasoline and diesel prices also have risen. Crude and product prices are continuing to rise this morning.
Oil prices are rising today partly in reaction to the reinstatement of U.S. sanctions against Iran. Iran has indicated a willingness to continue dialogue with the U.S., but only if the President Trump Administration could prove that it could be trusted. Iranian President Hassan Rouhani announced in a televised speech: “If you stab someone with a knife and then you say you want talks, then the first thing you have to do is remove the knife.” The U.S. plans to impose heavier sanctions in November, which would target Iran’s oil industry.
WEST TEXAS INTERMEDIATE
WTI (West Texas Intermediate) crude prices opened on the NYMEX at $68.90/b today. Over the last 24-hour period from 9AM EST to 9AM EST, crude prices rose by $0.50/b. Prices currently are continuing to rise. The latest price is $69.25/b.
Diesel opened on the NYMEX at $2.1376/gallon today. Over the last 24-hour period from 9AM EST to 9AM EST, diesel prices rose by 1.22 cents/gallon. Prices currently are continuing their upward path. The latest price is $2.1677/gallon.
Gasoline opened on the NYMEX at $2.0641 today. Over the last 24-hour period from 9AM EST to 9AM EST, gasoline prices rose by 0.68 cents/gallon. Prices currently are trending up. The latest price is $2.0921/gallon.