Today’s Market Trend

A falling dollar is giving support to crude oil prices, which today is once again pushing against new three-year high prices. Yesterday, prices fell slightly, though remained above $65 throughout the day. Today, prices are trending towards higher ground – although prices opened lower than yesterday’s close, prices are currently 9 cents above their closing price yesterday, trading at $65.60.

Diesel prices picked up half a cent yesterday, bucking the trend of falling oil prices. Overnight, prices erased most of yesterday’s gains, so markets are currently working to gain back their increases. Diesel prices are currently $2.1185, trading 0.3 cents higher than yesterday’s closing price.

Gasoline fell yesterday, giving up over half a cent to close at $1.9154. Overnight, gasoline prices fell a significant 1.2 cents (-.6%), so like diesel, gasoline is struggling to catch up to yesterday’s closing trade. Although prices have risen since this morning, they remain 0.4 cents below yesterday’s close, trading at $1.911.

The U.S. dollar has been struggling lately following the U.S. Treasury Secretary seemingly endorsing a weak dollar. Although President Trump commented that the dollar will be strengthened by his administration, markets are skeptical, particularly with Trump speaking at the World Economic Forum soon. A falling dollar gives added strength to crude markets, helping to spur the oil market rally still higher.

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.

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