Crude oil prices are relatively unchanged since yesterday’s trading session. Crude prices are down slightly this morning at $47.29, losing 8 points (.17%) from yesterday’s close. Prices have continued their losses this week, shedding $1.22 since Friday’s surprising close. Although crude has given up the majority of its late week gains, it has yet to reach the lows of last week where the market saw crude at $46.46.
Refined products have also retracted last week’s gains. Diesel prices are $1.5695, down 17 points (.11%) cents since yesterday’s close. Diesel gave up nearly 5 cents during yesterday’s trading sessions and has yet to recover any losses from yesterday’s opening price of $1.6211. Gasoline is up slightly (.3%) since yesterday’s close; however, like diesel, prices are down almost 4 cents since yesterday’s opening. Prices this morning are $1.5888, up 47 points from its close yesterday.
As expected, the OPEC/non-OPEC meeting was non-eventful. The announcement was made that OPEC members are set to discuss whether to end production cuts or to extend the agreement that will expire in March 2018 during their November meeting. Sources from the meeting said that July compliance for the group was at 94%.
The market is anticipating the API inventory report that will be published this afternoon. The market is expecting yet another drop in U.S. crude inventories, continuing to follow the draw pattern of the last seven weeks. Although last week’s numbers were below the levels of last year, inventories remain much higher than the five-year average for this same week.