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

Summary​

Crude oil in the US finally sees some relief by dropping below $80 per barrel, currently trading today at around $79.32 per barrel.

As seen by wholesale fuel prices collected by DACO on May 2nd, 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 $3.34 per gallon, with a low of $3.23 per gallon (BVI Gas Inc.) and a high of $3.45 per gallon (Shell).

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), crude oil benchmark trading under ticker CL=F, closed trading yesterday at $81 per barrel, and today trades around $80 per barrel.

As seen by wholesale fuel prices collected by DACO on May 1st, wholesale diesel prices mark around $3.24 per gallon on average. We see a reported low of $3.10 per gallon (BVI Gas Inc) and a high of $3.36 per gallon (Texaco).

Wholesale gasoline prices on average marked around $3.40 per gallon, with a low of $3.31 per gallon (BVI Gas Inc.) and a high of $3.47 per gallon (Texaco, Mobil).

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 (CL=F) trades for the day at around $83 per barrel.

As seen by wholesale fuel prices collected by DACO on April 30th, wholesale diesel prices mark around $3.26 per gallon on average. We see a reported low of $3.12 per gallon (American Petroleum) and a high of $3.36 per gallon (Texaco).

Wholesale gasoline prices on average marked around $3.42 per gallon, with a low of $3.35 per gallon (BVI Gas Inc.) and a high of $3.51 per gallon (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​

We expect local fuel markets catch up this week with broader interntional market up ticks seen last week. However, these should quickly subside and remian steady.

Wholesale gasoline has crossed wholesale diesel in Puerto Rico, starting to trade slighly higher. Crude oil trades the early hours of Monday at around $83 per barrel.

As seen below, wholesale diesel prices has seen a 90 day downtrend, while gasoline has been slowly increasing. We continue to expect these trends, with gasoline possibly starting to see some relief in the coming weeks before June.

Highlights​

• Expected relief for gasoline prices before June: A variety of mixed factors have gasoline prices in the US possibly falling before June. Some highlightable events to sustain this:

  • Reduction in escalations between Israel and Iran keeping the Middle East out of a regional war

  • EPA allows E15 sales over summer months

  • More refinery capacity in the US out of spring maintainance

  • Quick turnaround time to fix damaged Russian refineries from Ukranian attacks

    "Money managers were reducing their bets on higher energy prices last week, in what appears to be an unwind of the positions added the prior week when it seemed like we might have an all-out war between Israel and Iran," traders at wholesale fuel supplier TACenergy

• Exxon and Chevron Q1 earnings: Big Oil stocks fall last week due to year over year profit declines reported for Q1 due to lower natural gas prices and a decrease in refinery margins.

  "While consensus estimates forecast a decline from profit levels a year ago, the drop was a bit more severe than anticipated," Peter McNally, global sector lead for industrials, materials, and energy at Third Bridge

Crude Oil Benchmarks​

References​

• https://finance.yahoo.com/quote/CL%3DF
• https://finance.yahoo.com/quote/RB=F/
• https://finance.yahoo.com/news/chevron-exxon-stocks-fall-as-lower-refining-margins-falling-natural-gas-prices-hit-profits-092441200.html
• https://finance.yahoo.com/video/energy-exxon-chevron-drag-sector-203140131.html
• https://finance.yahoo.com/news/us-gasoline-prices-set-lose-175606710.html

Summary​

Crude oil in the US (CL=F) sees gains today trading at around $84 per barrel.

As seen by wholesale fuel prices collected by DACO on April 26th, wholesale diesel prices mark around $3.25 per gallon on average. We see a reported low of $3.12 per gallon (American Petroleum) and a high of $3.36 per gallon (Texaco).

Wholesale gasoline prices on average marked around $3.42 per gallon, with a low of $3.36 per gallon (American Petroleum) and a high of $3.51 per gallon (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 WTI (CL=F) remains steady at around $82 per barrel.

As seen by wholesale fuel prices collected by DACO on April 25th, wholesale diesel prices mark around $3.27 per gallon on average. We see a reported low of $3.12 per gallon (American Petroleum) and a high of $3.38 per gallon (Total).

Wholesale gasoline prices on average marked around $3.41 per gallon, with a low of $3.33 per gallon (American Petroleum) and a high of $3.49 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