Markets will be closed tomorrow in observation of the holiday. FUELSNews production will resume on Monday, December 2.
It’s a quiet trading day heading into the holiday weekend. Trump’s announcement yesterday that a trade deal is close was counteracted by weak inventory data. The oil complex is trading flat for the day as traders avoid causing waves before leaving for Thanksgiving vacation. Crude oil is currently trading at $58.46, barely changed from yesterday’s close.
Fuel markets are mixed this morning. Despite the record holiday driving season, travelers should see relatively low prices at the pump. This morning, gasoline prices are trading at $1.6986, down 0.6 cents from yesterday’s close. Diesel prices, on the other hand, are moving higher, up 0.6 cents to $1.9665.
The API released their weekly inventory estimates last night, which showed a large surprise build for crude inventories, which dampened yesterday’s 50-cent price rally. Diesel inventory draws are supporting diesel prices, while a hefty gasoline inventory build is pushing those prices lower.
Mansfield wishes you a safe and happy Thanksgiving holiday. This year, AAA estimates that over 55 million Americans will travel more than 50 miles for Thanksgiving to spend time with family and friends, which represents the highest level of travel since 2005. Air travel is also expected to reach record levels. If you’re flying today, you’re joining 2.98 million others. Sunday, December 1 will be the busiest travel day ever for airlines, with 3.1 million passengers according to Airlines for America.
This late Thanksgiving, however, comes at a time with treacherous weather conditions. Two strong winter storms will impact millions of travelers this weekend, delaying flights and making road conditions hazardous.
In the Northern Plains, a large winter storm is stretching from the Canadian border all the way to northeast Colorado, bring feet of snow in some areas. The storm will push strong winds down into the Mississippi Valley region, elevating the risk of severe thunderstorms from Louisiana to Missouri. The storm should continue pushing eastward, bringing plenty of snow to New England for the holidays along with plenty of strong winds afterwards. Make sure you packed a jacket.
For those traveling to the West Coast, a rare Pacific bomb cyclone is developing off the Oregon coast. A bomb cyclone is an area of rapid low pressure formation which acts like a vacuum, sucking air from the coast at extremely strong speeds. Forecasters estimate winds as high as 80 mph near the coastline. Along with intense winds from Oregon down to Northern California, a large snow system is working its way towards Northern California, bring 2-3 feet in mountainous areas. For the sunnier areas in California, brace yourself for a rainy weekend.
This article is part of Crude