NYMEX Pricing Chart December 17, 2019

Oil Follows Equities Higher

By Published On: December 17, 2019Categories: Crude, Daily Market News & Insights, Diesel, Gasoline

Crude is up in early trading this morning.  Crude is currently trading at $60.48, a gain of 27 cents.

Fuel prices are up.  Diesel is trading at $2.0179, a gain of 1.3 cents.  Gasoline is trading at $1.6685, a gain of 0.6 cents.

Yesterday, crude traded at three-month highs as markets continue to remain positive on the Phase 1 trade deal between the US and China.  A strong rally in most equity markets around the world helped give oil prices a comfortable tail wind.  Providing further support is the positive sentiment produced by the OPEC+ supply cuts.  Finally, a declining US Dollar also helped to lift crude prices.

China’s refiners and traders are importing IMO 2020-compliant fuel as costly tariffs discourage domestic production.  Taxes on locally-produced shipping fuel were expected to be reduced or rolled back ahead of the International Maritime Organization rules that take effect January 1; however, delays in their implementation have prompted Chinese buyers to haul fuel from Singapore into bonded storage in zones such as Zhoushan, where cargoes aren’t subject to tariffs.

NYMEX Pricing Chart December 17, 2019

This article is part of Crude

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