82 posts tagged with "fuel"

Summary​

A barrel of crude oil in the US, remains at around $79.

As seen by wholesale fuel prices collected by DACO on May 14th, wholesale diesel prices mark around $3.15 per gallon on average. We see a reported low of $3.02 per gallon (BVI Gas Inc.) and a high of $3.28 per gallon (Texaco, Total).

Wholesale gasoline prices on average marked around $3.27 per gallon, with a low of $3.19 per gallon (BVI Gas Inc.) and a high of $3.36 per gallon (Mobil, Texaco, Total).

Wholesale Diesel (Puerto Rico)​

Wholesale Gasoline (Puerto Rico)​

Crude Oil Benchmarks​

References​

• Datos de Combustible - DACO
• Crude Oil Futures via Yahoo Finance
• OPEC Reference Basket Price

What to expect​

Crude oil and derived fuels has seen some positive relief on prices during the past week bringing it back to levels seen during March 2024. We still see some space for continued price reduction before stablizing.

Stay tuned this upcoming week to see how price activity unfolds. Below we can appreciate local wholesale fuel trends in Puerto Rico over the past year compared with some market derivative contracts during the same period.

Highlights​

• US Crude Oil Inventory Drop: US based EIA, reported a drop in crude oil inventories

  "U.S. commercial crude oil inventories (excluding those in the Strategic Petroleum Reserve) decreased by 1.4 million barrels from the previous week. At 459.5 million barrels, U.S. crude oil inventories are about 3% below the five year average for this time of year."

• Middle East Cease Fire In Sight: Hightened hopes of a ceasefire by Israel and Hamas could bring additional relief to crude oil prices.

  "Headlines regarding a potential cease fire could further reduce crude prices by $3-4, but only if it signifies a genuine move to long lasting peace rather than a temporary pause in hostilities,” Rebecca Babin, US senior energy trader at CIBC Private Wealth

• OPEC+ Production Cuts Expectation: Expectation has OPEC+ extending prodcution cuts well beyond Q2 2024.

  “Incrementally bearish fundamentals increase the probability of a full extension of OPEC+ cuts beyond Q2” - Goldman Sachs

Crude Oil Benchmarks​

References​

• https://finance.yahoo.com/quote/CL%3DF
• https://finance.yahoo.com/quote/RB=F/
• https://finance.yahoo.com/news/gasoline-demand-growth-slow-ev-014322636.html
• https://finance.yahoo.com/video/commodities-rally-slip-us-dollar-145255945.html

Summary​

Crude oil in the US, via CL=F futures contract for WTI, closed the week at around $78 per barrel, remaining steady throughout the week.

As seen by wholesale fuel prices collected by DACO on May 11th, wholesale diesel prices mark around $3.15 per gallon on average. We see a reported low of $3.00 per gallon (BVI Gas Inc.) and a high of $3.28 per gallon (Texaco, Total).

Wholesale gasoline prices on average marked around $3.27 per gallon, with a low of $3.19 per gallon (BVI Gas Inc.) and a high of $3.36 per gallon (Mobil, Texaco, Total).

Wholesale Diesel (Puerto Rico)​

Wholesale Gasoline (Puerto Rico)​

Crude Oil Benchmarks​

References​

• Datos de Combustible - DACO
• Crude Oil Futures via Yahoo Finance
• OPEC Reference Basket Price

Summary​

US West Texas Intermediate (WTI), rose again slightly from yesterday, but still continues to trade around $79 per barrel.

As seen by wholesale fuel prices collected by DACO on May 10th, wholesale diesel prices mark around $3.18 per gallon on average. We see a reported low of $3.04 per gallon (BVI Gas Inc.) and a high of $3.32 per gallon (Texaco).

Wholesale gasoline prices on average marked around $3.30 per gallon, with a low of $3.21 per gallon (BVI Gas Inc.) and a high of $3.40 per gallon (Texaco).

Wholesale Diesel (Puerto Rico)​

Wholesale Gasoline (Puerto Rico)​

Crude Oil Benchmarks​

References​

• Datos de Combustible - DACO
• Crude Oil Futures via Yahoo Finance
• OPEC Reference Basket Price

Summary​

US West Texas Intermediate (WTI), has seen a slight increase from yesterday, currently trading at $79 per barrel.

As seen by wholesale fuel prices collected by DACO on May 9th, wholesale diesel prices mark around $3.18 per gallon on average. We see a reported low of $3.04 per gallon (American Petroleum) and a high of $3.32 per gallon (Texaco).

Wholesale gasoline prices on average marked around $3.30 per gallon, with a low of $3.21 per gallon (BVI Gas Inc.) and a high of $3.40 per gallon (Texaco).

Wholesale Diesel (Puerto Rico)​

Wholesale Gasoline (Puerto Rico)​

Crude Oil Benchmarks​

References​

• Datos de Combustible - DACO
• Crude Oil Futures via Yahoo Finance
• OPEC Reference Basket Price

Summary​

US West Texas Intermediate (WTI), closed the trading session yesterday at $78.37 per barrel. Today, the crude oil benchamark started trading lower at around $77.66 per barrel.

As seen by wholesale fuel prices collected by DACO on May 8th, wholesale diesel prices mark around $3.18 per gallon on average. We see a reported low of $3.04 per gallon (American Petroleum) and a high of $3.32 per gallon (Texaco).

Wholesale gasoline prices on average marked around $3.30 per gallon, with a low of $3.23 per gallon (BVI Gas Inc.) and a high of $3.40 per gallon (Texaco).

Wholesale Diesel (Puerto Rico)​

Wholesale Gasoline (Puerto Rico)​

Crude Oil Benchmarks​

References​

• Datos de Combustible - DACO
• Crude Oil Futures via Yahoo Finance
• OPEC Reference Basket Price

Summary​

Crude oil in the US (WTI), trades around $78.20 per barrel.

As seen by wholesale fuel prices collected by DACO on May 7th, wholesale diesel prices mark around $3.18 per gallon on average. We see a reported low of $3.05 per gallon (American Petroleum) and a high of $3.32 per gallon (Texaco).

Wholesale gasoline prices on average marked around $3.34 per gallon, with a low of $3.27 per gallon (American Petroleum, BVI Gas Inc.) and a high of $3.43 per gallon (Total).

Wholesale Diesel (Puerto Rico)​

Wholesale Gasoline (Puerto Rico)​

Crude Oil Benchmarks​

References​

• Datos de Combustible - DACO
• Crude Oil Futures via Yahoo Finance
• OPEC Reference Basket Price

What to expect​

Last week saw a large drop in crude oil and local fuel prices, driven by a variety of factors, most strongly by events in the US and heightened expectations of ceasefire talks between Israel and Hamas.

Should market activity remain the same, we should continue to expect further price relief in both crude oil and local fuel markets.

Highlights​

• Fuel price relief starts kicking in: As reported in our previous week review, events that would see some noticible price activity has kicked in as witnessed by a shart drop in crude oil and local fuel prices (see wholesale trends for last week).
• Softening demand for gasoline: EV sales and gasoline inventory supply increases have some organizations expecting a softening in demand for gasoline in 2024

  U.S. gasoline consumption fell to about 376 million gallons per day (8.94 million bpd) in 2023 after hitting a record 392 million gallons in 2018, according to the U.S. Energy Information Administration.

• Geopolitical outlook: Expectations of a ceasefire in Gaza have increased amid a renewed push from Egypt to revive talks between Hamas and Israel.

  "Futures have been on the defensive on calming Geopolitical issues ... traders are realizing no real barrels are being pulled off the global stage (other than [from] Ukraine attacks on Russia) which so far have been temporary disruptions," - Dennis Kissler, senior vice president at BOK Financial

• Commodity gains on softening dollar

  Investors are closely monitoring the commodity sector, which is experiencing a broad-based rally as the U.S. dollar (DX-Y.NYB) exhibits signs of weakness. Commodities like copper (HG=F) and gold futures (GC=F) are among the notable gainers, capitalizing on the dollar's softening momentum.

Crude Oil Benchmarks​

References​

• https://finance.yahoo.com/quote/CL%3DF
• https://finance.yahoo.com/quote/RB=F/
• https://finance.yahoo.com/news/gasoline-demand-growth-slow-ev-014322636.html
• https://finance.yahoo.com/video/commodities-rally-slip-us-dollar-145255945.html

Summary​

Crude oil continued its descent on last trading day of the week, closing at around $78.11 per barrel.

As seen by wholesale fuel prices collected by DACO on May 4th, wholesale diesel prices mark around $3.18 per gallon on average. We see a reported low of $3.04 per gallon (BVI Gas Inc) and a high of $3.32 per gallon (Texaco).

Wholesale gasoline prices on average marked around $3.32 per gallon, with a low of $3.23 per gallon (BVI Gas Inc.) and a high of $3.40 per gallon (Texaco).

Wholesale Diesel (Puerto Rico)​

Wholesale Gasoline (Puerto Rico)​

Crude Oil Benchmarks​

References​

• Datos de Combustible - DACO
• Crude Oil Futures via Yahoo Finance
• OPEC Reference Basket Price

Summary​

Crude oil benchamrks have all dropped this week, with US WTI pricing a barrel of oil at around $79. Lowest point we have seen in more than a month. Local fuel prices have all seen marked discounts as well.

As seen by wholesale fuel prices collected by DACO on May 3rd, wholesale diesel prices mark around $3.19 per gallon on average. We see a reported low of $3.04 per gallon (BVI Gas Inc) and a high of $3.32 per gallon (Texaco).

Wholesale gasoline prices on average marked around $3.35 per gallon, with a low of $3.23 per gallon (BVI Gas Inc.) and a high of $3.43 per gallon (Texaco).

Wholesale Diesel (Puerto Rico)​

Wholesale Gasoline (Puerto Rico)​

Crude Oil Benchmarks​

References​

• Datos de Combustible - DACO
• Crude Oil Futures via Yahoo Finance
• OPEC Reference Basket Price