Happy Martin Luther King Jr. Day.
After rocketing higher again on Friday, markets are trading slightly in the red, posting small losses as the markets observe shortened trading hours. Crude is trading at $53.70, pennies below Friday’s close.
Fuels are also ebbing lower slightly, generally trending nearly flat with Friday’s prices. Diesel prices are currently $1.9130, a mere 0.3 cents from Friday’s close. Gasoline prices are $1.4429, roughly a penny lower.
Fundamental news to drive the market is lacking this week – the CFTC did not publish data on Monday due to the shutdown, and geopolitical updates have been light. US-China trade talks have been one of the major market drivers recently, and chatter continues to point towards positive progress towards a trade war resolution. Still, notable issues remain, particularly around intellectual property.
In Mexico, a pipeline explosion caused the death of at least 71 people. A tapped pipeline spraying gasoline high in the air had attracted local attention, leading folks to rush out with buckets to collect the free fuel. Mexico’s government has been shutting off certain fuel pipelines to cut off cartel activity, leading to local shortages throughout the country.