Oil prices are down this morning after closing yesterday just shy of $75/bbl. All eyes are on Hurricane Michael as the storm makes its way to land, taking Gulf Coast crude production offline in the meantime. WTI Crude is currently trading at $73.26, a decline of $1.70 this morning.
Fuel prices are also in the red today, following crude lower. Diesel prices are currently $2.3934, down 3.0 cents since yesterday’s close. Gasoline prices are trading at $2.0196, a loss of 5.8 cents.
Markets are generally unchanged this morning as traders focus on the storm approaching the US, though Iran sanctions remain in the back of mind. Indian companies are seeking waivers to purchase Iranian crude oil, though the State Department has yet to grant a waiver despite indications that exceptions would be possible. This week’s API and inventory reports are delayed due to Columbus Day, forcing markets to wait on inventories and simply track the storm.
More information on Hurricane Michael will be published in today’s FUELSNews Storm Alert.
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