Fuels Market Watch 24
Exclusive daily fuels market analysis by Dr. Nancy Yamaguchi.
FUEL MARKETS TODAY – Market Overview
Crude oil prices weakened over the past 24 hours. WTI (West Texas Intermediate) crude prices in today’s trading session opened at $67.53/b, down by $0.29 from yesterday’s opening. Gasoline and diesel futures prices opened slightly lower in today’s session. There was an increase in early-morning buying for crude and products, but it waned, and the oil complex is currently trading sideways.
Hurricane Florence continued to gain power yesterday. It was upgraded to a Category 4 storm yesterday, and it could hit the U.S. East coast by Thursday night or Friday morning. The Governors of North Carolina, South Carolina, and Florida have issued mandatory evacuation orders for coastal areas. The evacuations in South Carolina may affect approximately one million people. In the Pacific Ocean, Hurricane Olivia was downgraded, but it is projected nonetheless to bring heavy rains and wind to the Hawaiian Islands.
The stormy weather thus far has not fueled an oil price rally in the U.S. Surveys of industry experts point to a build-up of oil inventories this week, indicating ample supplies. Reinforcing this, the Baker Hughes active rig count data on Friday showed two oil rigs exiting service. Traders appear to be waiting for additional news on U.S. supply and demand. On the international scene, there are supply concerns over an attack on Libya’s national oil company, and the looming sanctions on Iran.
Gasoline opened on the NYMEX at $1.9595 today, down by 1.54 cents from yesterday’s opening. Over the last 24-hour trading period from 9AM EST to 9AM EST, gasoline prices decreased by 0.4 cents/gallon (0.2%.) There was an early morning bump-up in buying, which has now levelled off. Currently, gasoline prices are stable. The latest price is $1.9741/gallon.
Diesel opened on the NYMEX at $2.219/gallon today, down by 0.29 cents from yesterday’s opening. Over the last 24-hour period from 9AM EST to 9AM EST, diesel prices decreased fractionally by 0.07 cents/gallon (0.03%.) Diesel prices now are stable and hovering in the range of $2.21-$2.23/gallon. The latest price is $2.2226/gallon.
WEST TEXAS INTERMEDIATE
WTI (West Texas Intermediate) crude prices opened on the NYMEX at $67.53/b today, down by $0.29 from Friday’s opening price. Over the last 24-hour period from 9AM EST to 9AM EST, crude prices continued to ebb, losing another $0.43/b (0.63%.) Currently, crude prices have stabilized, and they are hovering within a range of $67.50-$67.85/b. The latest price is $67.67/b.