Summary​

Crude oil in the US (WTI) continues to maintain its position around the $78 per barrel range for the majority of the week.

As seen by wholesale fuel prices collected by DACO on March 8th, wholesale diesel prices mark around $3.38 per gallon on average. We see a reported low of $3.25 per gallon (BVI Gas Inc.) and a high of $3.55 per gallon (Texaco, Total).

Wholesale gasoline prices on average marked around $3.17 per gallon, with a low of $3.10 per gallon (BVI Gas Inc.) and a high of $3.28 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​

No major price movements for crude oil, WTI continues to hover around the $78 per barrel range.

As seen by wholesale fuel prices collected by DACO on March 7th, wholesale diesel prices marks around $3.40 per gallon on average. We see a reported low of $3.25 per gallon (American Petroleum Inc.) and a high of $3.55 per gallon (Texaco).

Wholesale gasoline prices on average marked around $3.18 per gallon, with a low of $3.10 per gallon (76, BVI Gas Inc., Phillips) and a high of $3.28 per gallon (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​

US West Texas Intermediate (WTI) continues to hover around $78-$79 per barrel, similar to yesterday.

Wholesale fuel prices collected by DACO for March 6th show wholesale diesel prices around at $3.38 per gallon on average. We see a reported low of $3.21 per gallon (BVI Gas Inc.) and a high of $3.51 per gallon (Mobil, Texaco, Total Petroleum).

Wholesale gasoline prices on average marked around $3.16 per gallon, with a low of $3.06 per gallon (BVI Gas Inc.) and a high of $3.26 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) saw some relief as it moved away from that $80 per barrel mark, ending the trading session yesterday at $78.73. Intraday trading today is trading near $78.50 per barrel.

Wholesale fuel prices collected by DACO for March 5th show wholesale diesel prices around at $3.40 per gallon on average. We see a reported low of $3.25 per gallon (American Petroleum, BVI Gas Inc.) and a high of $3.55 per gallon (Texaco, Total Petroleum).

Wholesale gasoline prices on average marked around $3.19 per gallon, with a low of $3.11 per gallon (Phillips / 76) and a high of $3.28 per gallon (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

What to expect​

We are expecting overall higher wholesale gasoline prices in Puerto Rico when compared to last month (February 2024) due to US summer month specifications reaching the market. Should crude oil prices sustain its level at $80 per barrel we also expect higher wholesale diesel prices.

Highlights​

• Crude oil price: WTI crude oil (CF=F) closed last week around $80 per barrel, which was last seen at that level around November 2023, intraday trading today marks a bit lower around $79.68 per barrel

  "I think the rally in crude oil prices is on the expectation that OPEC+ will continue with their voluntary production cuts well into the second quarter of 2024," Andy Lipow of Lipow Oil Associates told Yahoo Finance on Friday.

• US Summer month specifications: As seen by reformulated gasoline futures price (RF=F) on Friday March 1st, we note +$0.30 spike due to US summer months gasoline specifications kicking in. Note that Puerto Rico wholesale gasoline prices typically trade at approximately +$0.80, while during the summer months this drops to about +$0.50 (a $0.30 spread). Reminder that US summer month gasoline specifications cost refiners a bit more to produce since it requires more refining to handle higher temperatures during the summer.
• OPEC Production Cuts: Several OPEC+ members have announced extended production cuts, with expactions being prodcutions cut will continue remain to sustain current oil prices. We note, current OPEC+ barrel price target is around $90 per barrel

  “They’ll have to extend their cuts,” Bob McNally, president of consultants Rapidan Energy Group and a former White House official, told Bloomberg Television. “Supply is exceeding demand, and to keep prices stable, OPEC+ has to keep that oil off the market.”

• US Supply Inventory Growth: US crude oil inventory stockpile grew moderetely by 4.2 million barrels, a bit lower than expected

  US crude inventories rose 4.2 million barrels last week, the Energy Information Administration said, a smaller buildup than the 8.4 million barrel gain projected in an industry report.

• Asia Demand: Demand for crude oil in Asia remains high, yet impacted by curbs in production from the Middle East

  New refineries in Kuwait and Oman have taken crude oil off the market and refiners in Asia and elsewhere need to look for alternative supplies. - Andy Lipow of Lipow Oil Associates.

Crude Oil Benchmarks​

References​

• https://finance.yahoo.com/video/oil-prices-rise-second-straight-161805017.html
• https://finance.yahoo.com/news/opec-watchers-predict-extension-oil-120759886.html
• https://finance.yahoo.com/news/oil-gains-for-second-month-in-a-row-up-more-than-8-in-2024-202916911.html
• https://www.opec.org/opec_web/en/press_room/7305.htm
• https://finance.yahoo.com/news/oil-declines-us-stockpiles-opec-235931875.html

Summary​

Crude oil in the US, as measured by CL=F (WTI) futures contract price, closed the week near $80 per barrel, with intraday trading on Friday marking a high of $80.85.

As seen by wholesale fuel prices collected by DACO for March 2nd, wholesale diesel prices stood at $3.45 per gallon on average. We see a reported low of $3.31 per gallon (American Petroleum, Phillips / 76) and a high of $3.59 per gallon (Peerless Oil).

Wholesale gasoline prices on average marked around $3.20 per gallon, with a low of $3.13 per gallon (Phillips / 76) and a high of $3.32 per gallon (Texaco).

As we noted yesterday, we a saw large uptick for RBOB gasoline futures price, +$0.30 spike (approx. +13%), understood to be the impact of summer gasoline specifications in United States. We expect to see higher wholesale gasoline prices in Puerto Rico over the coming days.

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
• RBOB Trends
• RBOB Explainer Content
• Summer / Winter Gasoline Specifications

Summary​

Crude oil prices in the US, as measured by the WTI benchmark, last traded yesterday at $78 per barrel but started trading this morning at around $79 per barrel.

Wholesale fuel prices collected by DACO on March 1st show wholesale diesel prices standing at $3.39 per gallon on average. We see a reported low of $3.23 per gallon (BVI Gas Inc.) and a high of $3.55 per gallon (Peerless Oil).

Wholesale gasoline prices on average marked around $3.14 per gallon, with a low of $3.06 per gallon (BVI Gas Inc.) and a high of $3.20 per gallon (Toral / Shell).

We noted this morning a $0.30 increase on RBOB gasoline futures price with latest trading at around $2.60 per gallon when compared to yesterday which closed at around $2.31 per gallon. RBOB will typically trade higher in the months of March and April due to switch to summer gasoline specifications in the US. This could imply an increase on local wholesale gasoline prices in the coming days. As a reminder,

RBOB gasoline is blended with ethanol to produce reformulated gasoline. Reformulated gasoline is mandatory in some states, so RBOB accounts for about 30% of the U.S. market.

whereas the RBOB gasoline futures contract has the following specifications,

The price for the RBOB gasoline futures contract is quoted in U.S. dollars and cents. The minimum price tick for RBOB is 0.0001, equivalent to a movement of $4.20 for one contract. The contract unit is for 42,000 gallons or 1,000 barrels. The RBOB gasoline futures contract is settled by physical delivery. This means most investors want to liquidate positions prior to the expiration of the contracts. If a position is not liquidated, the holder of a long contract might be responsible for taking delivery of 42,000 gallons of gasoline.

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
• RBOB Trends
• RBOB Explainer Content

Summary​

Crude oil in the US is has been trading at $78 per barrel range with no big price movements since last week.

Fuel prices collected by DACO on Feb 29th show wholesale diesel prices stand at $3.40 per gallon on average. We see a reported low of $3.22 per gallon (BVI Gas Inc.) and a high of $3.55 per gallon (Peerless Oil).

Wholesale gasoline prices on average marked around $3.11 per gallon, with a low of $3.03 per gallon (BVI Gas Inc.) and a high of $3.21 per gallon (Total Petroleum).

Prices for wholesale fuel in Puerto Rico saw a general decrease today.

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) is currently trading at $78 per barrel, a slight $1 increase from beginning of the week.

Fuel prices collected by DACO on Feb 28th show wholesale diesel prices stand at $3.45 per gallon on average. We see a reported low of $3.29 per gallon (American Petroleum) and a high of $3.59 per gallon (Peerless Oil).

Wholesale gasoline prices on average marked around $3.15 per gallon, showing a slight uptrend, with a low of $3.09 per gallon (76 / Phillips) and a high of $3.23 per gallon (Total Petroleum).

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) ended the trading day yesterday at around $77.58 per barrel, close to a $1 increase from last close the previous week.

As seen by fuel prices collected by DACO on Feb 27th, wholesale diesel prices stand at $3.47 per gallon on average. We see a reported low of $3.42 per gallon (BVI Gas Inc.) and a high of $3.58 per gallon (Texaco).

Wholesale gasoline prices on average marked around $3.12 per gallon, with a low of $3.05 per gallon (Bita's Fuel Corp.) and a high of $3.21 per gallon (Total Petroleum).

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