Today’s Market Trend

Alan Apthorp

The oil complex is trading higher this morning across the board. Crude oil prices ended yesterday marginally in negative territory, but the losses have reversed this morning. Crude prices are trading mostly flat at $71.53 currently, up just 4 cents.

Fuel prices ended the day with mixed results yesterday. Diesel closed over a penny higher, while gasoline lost more than half a cent. However, both products are moving higher this morning. Diesel prices are currently trading at $2.2928, up 1.2 cents since yesterday. Gasoline prices are $2.2597, seeing gains of 1.6 cents this morning.

The Brent-WTI spread reached over $8/bbl again this morning. The market continues to focus on the increasing price of Brent crude oil and the widening Brent-WTI spread. Brent is pushing higher supported by geopolitical tensions, OPEC/non-OPEC production cuts, the crashing Venezuelan oil market and the impeding Iranian sanctions. Record high U.S. production also plays a role in the recently widening gap between American WTI and International Brent.

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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