Oil Follows Equities Higher

NYMEX Pricing Chart December 17, 2019

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

Market Condition Report - Disclaimer
The information contained herein is derived from sources believed to be reliable; however, this information is not guaranteed as to its accuracy or completeness. Furthermore, no responsibility is assumed for use of this material and no express or implied warranties or guarantees are made. This material and any view or comment expressed herein are provided for informational purposes only and should not be construed in any way as an inducement or recommendation to buy or sell products, commodity futures or options contracts.

Sign up for FUELSNews for daily market information and insights
Sign Me Up
Give Us a Call Today

We are happy to discuss your business challenges over the phone and answer any questions.


Send Us an Email

Ask your toughest questions. We'll get back to you with the best answer humanly possible.

Send Email

Find a Mansfield Location

Need to contact a specfic office? View contact information for offices across the country.

View Locations

Get a Quote Today

Let us know what type of fuel or service you need and a team member will get a quote to you quickly.

Get a Quote