RCC Energy Update Friday 5:00 PM 2/16/2018
- Diesel up 1.88 cents on the day
- Up 5.53 cents from LAST Friday
- Gasoline up 1.51 cents on the day
- Up 5.07 cents from LAST Friday
- Crude up 34 cents @ $61.68 on the day
- Up $2.48 from LAST Friday
- Diesel up 2.10 cents on the day
- Gasoline up 1.60 cents on the day
- LP down 2.0 cents on the day
- Down 3.75 cents from LAST Friday
Crude futures rose today by $0.34 to close $61.68 a barrel. Heating Oil futures were higher by $0.0188 while RBOB futures also showed strength, climbing $0.0151.
The value of the dollar had hit a 3 year low this week but make a slight rebound today. Drillers added 7 oil rigs in the week to Feb. 16, bringing the total count to 798, the highest level since April 2015. This is the first time since June of last year that drillers added rigs for 4 consecutive weeks. Next week expect more volatility as market analysts will be watching for the next round of oil and product stocks, the fluctuation of the dollar and any new headlines Saudi may want to put out to the media to try and push prices higher.