Today’s Market Trend
Yesterday’s trading session saw mixed results after the EIA reported the 8th consecutive stock draw from crude oil, and stock builds for both products. Crude gained 30 cents from its opening price to settle at a three year high of $63.80. Today, crude prices are trending lower, with prices currently at $63.24, a loss of 56 cents (-0.88%). Despite weaker prices this morning, Crude is still set to end the week in the green.
Refined fuels are following crude prices lower this morning after a relatively flat day of trading with mixed outcomes during yesterday’s session. Diesel prices shed 40 points yesterday and continue to weaken this morning, losing another 76 points (.37%) to trade at $2.0691. Gasoline traded mostly flat yesterday with a net price change of 0.02 cents. Today, prices have dropped .85 cents (-0.46%), with prices currently at $1.8285.
The market has been rather light on headline news this week. Traders continue to wait for President Trump’s decision regarding whether or not to temporarily waive the sanctions against Iran. Most traders and White House officials are expecting that Trump will once again waive the sanctions, but will add other economic sanctions (Los Angeles Times). The decision is expected to occur this week. Market Analysts from OPIS note that reinforcement of the sanctions could boost prices yet again if disruptions in Iran’s oil exports occur.