Fuels Market Watch 24

FUEL MARKETS TODAY – Market Overview

Crude oil prices have gradually strengthened over the past 24 hours. WTI (West Texas Intermediate) crude prices in today’s trading session opened at $68.93/b, a slight gain of $0.14 from Friday’s opening. Since then, WTI prices have continued to recover, and they now have surpassed the $69/b mark. Gasoline and diesel futures prices were down significantly at today’s market opening, but they also have been trending back up.

WTI crude futures prices held on to part of the midweek price surge, finishing the week $1.17 in the black. Diesel futures prices finished last week 1.27 cents in the red, falling from $2.2219/gallon at Monday’s opening to $2.2092/gallon at Friday’s close. Gasoline futures prices were 0.47 cents in the red last week, falling from $1.9749/gallon on Monday to $1.9702/gallon at Friday’s closing.

Trade war concerns are escalating once again on the China front, but potentially easing on the Canada front. China may decline the next offer of trade talks if there appears to be no progress to be made. But NAFTA talks between the U.S and Canada are scheduled to resume this week on Thursday. The U.S. dollar has slipped modestly, which is allowing global crude oil prices to strengthen.

The Eastern states hit by Hurricane Florence are now contending with extensive flooding, as rivers continue to rise. Assessing the damage to farmlands and structures will be impossible until flood waters recede. The storm’s latest death toll stands at 15 fatalities. Over 700,000 people are estimated to be without power.