Winter Storm Scott Shuts Down Northeast

Alan Apthorp

After prices plummeted Friday without a clear catalyst, oil is trading higher this morning. Crude is trading at $56.63, up 83 cents.

Fuel is also trading higher today with diesel trading at $2.0214, up 2 cents.  Gasoline prices are also higher in morning trading at $1.7530, up 2.3 cents.

Prices this morning are getting support from lower OPEC oil production and reduced export rates. Russia reported lower output on February, steeply cutting output to comply with OPEC agreements. Cuts reached 100 kbpd compared to the October base rate, an increase from the 50 kbpd cuts seen in January. In general, OPEC production seems to have been lower for the month, though we’ll wait for official data to confirm.

 

Winter Storm Alert

Winter Storm Scott brought heavy storms in the Northeast, shutting down highways over the weekend and causing fuel delivery delays. Delays have been seen in Pennsylvania, Massachusetts, New Jersey and New York. Fuel carriers are catching up on deliveries as they are able, but limited mobility are placing constraints on the supply chain. Please reach out to your Mansfield representative for more information about northeast fuel deliveries.

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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