Summary​

Crude oil (WTI) via CL futures closed on Feb 13th, 2024 at $77.87 per barrel (+$0.96 higher than last trade close on Feb 12th) with intraday trading hovering between $77-$78.50 per barrel. We notice slight increases in other crude oil benchmarks as well (Brent crude and OPEC Reference basket), enhancing our expectations of increases to local fuel prices in the coming days.

As reported by DACO, wholesale diesel prices marked at $3.57 per gallon of diesel on average, a one cent difference comapred to yesterday. We observe a reported low of $3.43 per gallon (BVI Gas Inc. dba Cabo Rojo Gas and Oil) and a high of $3.70 per gallon (Texaco).

Wholesale gasoline prices on average stood at $3.17 per gallon increasing by a 3 cents (+$0.03) from last computed average prices with a low $3.08 (76, Phillips) and a high of $3.24 (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 (WTI) via CL futures closed on Feb 12th, 2024 at $76.92 per barrel ($0.04 higher than last trade close on Feb 9th) with intraday trading opening today at around $77 per barrel.

As reported by DACO, wholesale diesel prices marked at $3.58 per gallon of diesel on average with a -0.83% decrease from last observed average. We observe a reported low of $3.45 per gallon (BVI Gas Inc. dba Cabo Rojo Gas and Oil) and a high of $3.70 per gallon (Texaco).

Wholesale gasoline prices on average stood at $3.14 per gallon increasing by a cent from last reported prices with a low $3.06 (76, Phillips) and a high of $3.23 (Texaco, 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

What to expect​

Expectations are a slight increase on fuel costs for this week given tensions in the middle east and increase in barrel of oil prices during last week trading.

Highlights​

• WTI last traded at $76.60 a barrel on Feb 9th, 2024

• Middle east tensions remain high as cease fire proposal for Gaza war was rejected by Israel

• Attacks by Houthis keep commercial trade routes on edge in Red Sea adding delays to shipping times and increasing freight rates

• Short term energy outlook was published forecasting a slight drop in US oil production until February 2025 and expectations of "mid-$80/b range" for crude prices during 2024

Crude Oil Benchmarks​

Crude oil benchmark (CL=F) for WTI last traded at $76.60 barrel on Feb 9th, 2024.

References​

• https://finance.yahoo.com/video/oil-prices-extend-gains-amid-161059470.html
• https://www.washingtoninstitute.org/policy-analysis/houthi-ship-attacks-are-affecting-red-sea-trade-routes
• https://edition.cnn.com/2023/12/19/middleeast/red-sea-crisis-explainer-houthi-yemen-israel-intl/index.html
• https://www.eia.gov/outlooks/steo/
• https://www.eia.gov/todayinenergy/detail.php?id=61363

Summary​

Crude oil benchmarks appear to be near a plateau with WTI (CL futures) last observed price at $76.60 per barrel.

Reported wholesale diesel prices by DACO marks a low of $3.50 per gallon (American Petroleum) and a high of $3.74 per gallon (Texaco). Average wholesale diesel price stands at about $3.61 with an approximate spread difference to NY Harbor ULSD of $0.57, which last traded on NYMEX at $2.96 per gallon.

Gasoline wholesale prices show steadiness from last reported price with a low $3.03 (76, Phillips) and a high of $3.21 (Texaco, Total Petroleum). Average gasoline wholesale prices stands around $3.12 per gallon with a price difference of $0.79 compared to RB gasoline futures contract which last traded on February 9th at around $2.34 per gallon.

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​

West Texas Intermediate (WTI) last traded on NYMEX via CL futures contracts at approximately $76.60 per barrel, up $4.32 per barrel when compared last week representing a percentage increase of 5.64%.

Puerto Rico wholesale diesel prices as reported by DACO show a low of $3.41 per gallon (by American Petroleum) and a high of $3.70 per gallon (Texaco). Diesel prices are trending upward with a difference of $0.13 from last week due to increasing crude oil prices.

Gasoline wholesale prices marked a low of $3.04 (76 and Phillips) and a high from of $3.21 (Texaco and Total Petroleum). Gasoline has also been showing an uptrends trend similar to diesel prices.

We expect local prices to to inch upward latest behavior of of crude oil future prices.

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​

Puerto Rico wholesale diesel prices fluctuated between a reported low of $3.22 per gallon (by BVI Gas Inc dba Cabo Rojo Gas & Oil) and a high of $3.55 per gallon (Texaco) representing a $0.33 difference.

Gasoline wholesale prices reported a low of $2.91 (76, BVI Gas Inc and Phillips) and a high from American Petroleum of $3.13. Gasoline price has mostly hovered around the $3 per gallon over the past 90 days.

According to crude oil futures contract due in March, a barrel of oil (WTI) in the United Stated last traded at $72.28 on 2024/02/02, dropping $5.54 from a high of $77.82 for the week. OPEC last reported $78.61 for a barrel of oil (ORB).

Wholesale Diesel (Puerto Rico)​

Wholesale Gasoline (Puerto Rico)​

References​

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