Today’s Market Trend
The oil complex is trading higher this morning across the board. Crude oil prices ended yesterday marginally in negative territory, but the losses have reversed this morning. Crude prices are trading mostly flat at $71.53 currently, up just 4 cents.
Fuel prices ended the day with mixed results yesterday. Diesel closed over a penny higher, while gasoline lost more than half a cent. However, both products are moving higher this morning. Diesel prices are currently trading at $2.2928, up 1.2 cents since yesterday. Gasoline prices are $2.2597, seeing gains of 1.6 cents this morning.
The Brent-WTI spread reached over $8/bbl again this morning. The market continues to focus on the increasing price of Brent crude oil and the widening Brent-WTI spread. Brent is pushing higher supported by geopolitical tensions, OPEC/non-OPEC production cuts, the crashing Venezuelan oil market and the impeding Iranian sanctions. Record high U.S. production also plays a role in the recently widening gap between American WTI and International Brent.
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