The week began with the year’s highest prices, which had climbed by double digits since OPEC’s meeting on November 30. From the morning of November 30 until Monday, December 5, WTI crude prices rose around 14%, diesel prices rose by 12% and RBOB prices rose by 13%. As the markets adjusted this week and awaited positive news from OPEC and the other producers, prices ebbed, falling Tuesday, Wednesday and Thursday. Prices this morning opened higher once again, but were lower than Monday’s opening.
WTI crude prices opened at $50.92/b this morning, a -1.2% decrease from Monday’s opening of $51.46. Yesterday’s upward price trend is continuing this morning in early trading, however, and WTI prices have climbed back above $51/b. It is possible for the week to end with prices in the black, barring any bearish news today.
WTI prices ranged from a low of $49.61/b on Thursday to a high of $52.42/b on Monday, a range of $2.81.
Distillate prices opened Monday at $1.6561/gallon. They opened this morning at $1.6231/gallon, a decrease of -2.2% (3.3 cents). Prices ranged from a low of $1.6066/gallon on Thursday to a high of $1.6774/gallon on Monday, a range of 7.08 cents. Distillate prices are trending up this morning, but not at a rate that seems likely to fully reverse the week’s downward movement.
Gasoline RBOB prices opened Monday at $1.5581/gallon. Today’s opening price of $1.5055/gallon was down -3.8%, or 5.26 cents, for the week. Prices ranged from a low of $1.484/gallon on Thursday to a high of $1.5789/gallon on Monday, a range of 9.49 cents. Gasoline prices are strengthening this morning, but, like distillate prices, the upward trend does not appear strong enough to reverse the week’s losses.