Today’s Market Trend

Crude prices this morning are $43.85, down $.38 (2.1%) from yesterday’s close of $44.23. Crude opened this morning at $44.35, a full $1 below Friday’s open.

Diesel price are $1.4384, with a loss of $.0098 from yesterday’s close. Prices opened this morning at $1.4512, roughly $.025 below yesterday’s open.

Gasoline prices are $1.4809, losing $.0175 since yesterday. Prices opened at $1.5064, just under two cents lower than Friday’s open.

Oil prices were strongly down on Friday following the Baker Hughes announcement that rig counts had once again resumed their growth. After 23 weeks of continued rig count additions, last week showed a decline of 1 rig. This week, rig counts rebounded with an addition of 12, to reach 952 rigs in the U.S. So far, U.S. producers are not backing down despite the low-price environment.

Markets are concerned over a lack of gasoline price action. Gasoline prices normally rise higher in the summer before falling in early autumn in the face of reduced driving demand. With gasoline markets lacking enthusiasm, traders worry that prices could drop even lower going into September.

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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