Summary​

Crude oil in the US trades today at $75 per barrel. Benchamrks continue downtrend and wholesale fuel follows closely.

As seen by wholesale fuel prices collected by DACO on July 30th, wholesale diesel prices mark around $3.05 per gallon on average. We see a reported low of $2.94 per gallon (76 / Phillips) and a high of $3.15 per gallon (Mobil).

Wholesale gasoline prices on average marked around $3.14 per gallon, with a low of $3.04 per gallon (BVI Gas Inc.) and a high of $3.24 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

What to expect​

Crude oil benchmarks have been sliding down for the last couple of week, where US WTI currently marking at around $76 per barrel. We are finding two contributing factors impacting crude oil and wholesale fuel prices. First, US summer driving demand is less than expected causing an oversupply of fuel leading to the current downward pressure reflected in lower fuel prices. Secondly, we perceive reduced geopolitical risks causing bechmarks to slide lower over the past weeks.

We dont expect much activity this week apart from upcoming July closing numbers that could potentially drive short term market activity.

Highlights​

• Gasoline demand lower then expected: Gasoline demand declined during the week ending July 23, as reported by the Energy Information Administration. The reduction in driving activity following the July 4 travel period, along with Hurricane Beryl disrupting exports, contributed to an increase in supply.
• Hedge funds slash bets at gasoline demand underwhelm: Hedge funds are experiencing a level of disappointment in gasoline demand not seen since the height of the pandemic, leading speculators to significantly reduce their net-bullish bets during the underwhelming US summer driving season. In the week ending July 23, money managers' net-long position in gasoline futures dropped by 9,001 lots to 22,158, according to the Commodity Futures Trading Commission. This marks the lowest level in four years, defying the usual seasonal increase in gasoline demand during the summer travel period. Additionally, these funds now hold their largest short-only position in approximately seven years.
• Elections weigh on energy prices: Neal Dingmann, Truist Securities energy research managing director, discussed oil price movements, predicting prices to stay around $80 for the rest of the year. He attributed the recent selloff to reduced geopolitical risk. Looking towards the presidential election in November, Dingmann suggested that if former President Trump takes office, energy restrictions would likely decrease, potentially stabilizing prices. Conversely, if Kamala Harris is elected and Democrats maintain energy restrictions, production might drop, causing prices to rise above $90 per barrel.

Crude Oil Benchmarks​

References​

• https://finance.yahoo.com/quote/CL%3DF
• https://finance.yahoo.com/quote/RB=F/
• https://finance.yahoo.com/news/hedge-funds-send-bullish-gasoline-202903510.html
• https://finance.yahoo.com/video/us-election-restrictions-could-drive-144829808.html
• https://finance.yahoo.com/news/trump-wants-to-bring-down-energy-prices--why-thats-not-easy-172143525.html

Summary​

As seen by wholesale fuel prices collected by DACO on July 27th, wholesale diesel prices mark around $3.09 per gallon on average. We see a reported low of $2.98 per gallon (76 / Phillips) and a high of $3.19 per gallon (Mobil).

Wholesale gasoline prices on average marked around $3.18 per gallon, with a low of $3.09 per gallon (76 / Phillips) 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​

US WTI marks slightly higher than yesterday at $78 per barrel.

As seen by wholesale fuel prices collected by DACO on July 26th, wholesale diesel prices mark around $3.09 per gallon on average. We see a reported low of $3.02 per gallon (76 / Phillips) and a high of $3.24 per gallon (Texaco).

Wholesale gasoline prices on average marked around $3.19 per gallon, with a low of $3.10 per gallon (76 / Phillips) 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​

Crude oil benchamrk continue on a downwards trends, with US WTI marking at around $76 per barrel.

As seen by wholesale fuel prices collected by DACO on July 25th, wholesale diesel prices mark around $3.09 per gallon on average. We see a reported low of $3.01 per gallon (Bita's Fuel Corp.) and a high of $3.24 per gallon (Texaco).

Wholesale gasoline prices on average marked around $3.18 per gallon, with a low of $3.10 per gallon (76 / Phillips) 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​

Crude oil in the US currently trades at around $77 per barrel via CL price ticker.

As seen by wholesale fuel prices collected by DACO on July 24th, wholesale diesel prices mark around $3.09 per gallon on average. We see a reported low of $2.99 per gallon (76 / Phillips) and a high of $3.21 per gallon (Texaco).

Wholesale gasoline prices on average marked around $3.15 per gallon, with a low of $3.07 per gallon (76 / Phillips) and a high of $3.24 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 WTI currently trades at around $79 per barrel.

As seen by wholesale fuel prices collected by DACO on July 23rd, wholesale diesel prices mark around $3.11 per gallon on average. We see a reported low of $3.02 per gallon (BVI Gas Inc.) and a high of $3.21 per gallon (Mobil).

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

What to expect​

Crude oil benchmarks trade lower on a variety of factor playing into the dynamic which we discuss in the highlights below. We see these as minor impacts mostly caused by trading activity and dont represent market driven changes to our past expectations. We dont believe we have reached peak summer prices so we continue to monitor upward pricing pressure.

Nonetheless, the market benefits from lower crude oil prices which was reflected in local wholesale fuel prices.

Highlights​

• US Stockpiles Drop: Oil prices (BZ=F, CL=F) rose on Wednesday after the US Energy Information Administration (EIA) reported a decrease in US crude oil stockpiles by 4.9 million barrels last week.
• China Growth Concerns: Oil prices fell more than 1% on Tuesday as traders reacted to disappointing economic data from China. The Chinese economy grew by 4.7% in the second quarter, missing the projected 5.1% GDP growth.

  "Weaker economic data from China, along with disappinting government support programs, have led to reduced fuel demand and refinery cutbacks." - Dennis Kissler, senior vice president at BOK Financial

Crude Oil Benchmarks​

References​

• https://finance.yahoo.com/quote/CL%3DF
• https://finance.yahoo.com/quote/RB=F/
• https://finance.yahoo.com/news/oil-prices-fall-as-traders-assess-china-growth-worries-153829466.html
• https://finance.yahoo.com/video/2-reasons-why-oil-remain-160816063.html
• https://finance.yahoo.com/video/oil-gains-drop-us-crude-210455640.html

Summary​

Crude oil benchmarks closed the week lower, with US WTI closing yesterday at around $80.13 per barrel. This drew some relief on local wholesale fuel prices.

As seen by wholesale fuel prices collected by DACO on July 20th, wholesale diesel prices mark around $3.11 per gallon on average. We see a reported low of $3.00 per gallon (BVI Gas Inc.) and a high of $3.21 per gallon (Mobil).

Wholesale gasoline prices on average marked around $3.19 per gallon, with a low of $3.10 per gallon (76 / Phillips) 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​

Crude oil benchmarks remain steady for the last day of the week, with US WTI hovering around $82 per barrel today.

As seen by wholesale fuel prices collected by DACO on July 19th, wholesale diesel prices mark around $3.15 per gallon on average. We see a reported low of $3.06 per gallon (76 / Phillips, BVI Gas Inc.) and a high of $3.24 per gallon (Mobil).

Wholesale gasoline prices on average marked around $3.23 per gallon, with a low of $3.14 per gallon (76 / Phillips) and a high of $3.32 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