Fuels Market Watch 24
Exclusive daily fuels market analysis by Dr. Nancy Yamaguchi.
FUEL MARKETS TODAY – Market Overview
Crude oil and refined product prices fell significantly over the past 24 hours, as supply concerns eased. Tropical Storm Gordon is weakening and shifting away from oil infrastructure, and Cushing inventories reportedly rose. WTI (West Texas Intermediate) crude prices in today’s trading session opened at $69.43/b, down by $0.46 from yesterday’s opening. Gasoline prices opened slightly lower in today’s session, while diesel prices rose once again. The price gains seen last week largely have been handed back.
Product markets this morning remain volatile, but prices overall have trended back down with the weakening of Tropical Storm Gordon. Yesterday, Anadarko evacuated employees from two platforms off the Louisiana coast, but local refineries remained open. The storm is creating local impacts, but it is not expected to cause large-scale supply outages.
The U.S. trade deficit widened to $50.1 billion in July, up from a revised $45.7 billion in June. The U.S. Department of Commerce reported declines in the export of goods including civilian aircraft and soybeans. The value of imports climbed, with growth in imports including high-value computers and accessories, automotive vehicles and parts, and crude oil. Trade war concerns continue to weigh on futures markets.
Gasoline opened on the NYMEX at $1.9918 today, down by 0.45 cents from yesterday’s opening. Over the last 24-hour period from 9AM EST to 9AM EST, gasoline prices dropped significantly by 7.1 cents/gallon (3.47%.) Prices remain on a gentle downward path. The latest price is $1.9772/gallon.
Diesel opened on the NYMEX at $2.2534/gallon today, up by 0.69 cents from yesterday’s opening. Diesel prices last week rose by 4.38 cents/gallon (2.0%.) However, over the last 24-hour period from 9AM EST to 9AM EST, diesel prices dropped significantly by 5.44 cents/gallon (2.37%.) This morning, diesel prices appear to be stabilizing. The latest price is $2.2479/gallon.
WEST TEXAS INTERMEDIATE
WTI (West Texas Intermediate) crude prices opened on the NYMEX at $69.43/b today, down by $0.46 from yesterday’s opening price. Over the last 24-hour period from 9AM EST to 9AM EST, crude prices dropped significantly by $2.21/b (3.1%.) Currently, crude prices are stabilizing. The latest price is $69.49/b.