RCC Energy Update Friday 5:00 PM 3/2/2018
- Diesel down 0.59 cents on the day
- Down 8.98 cents from LAST Friday
- Gasoline up ½ a cent on the day
- Up 9.29 cents from LAST Friday
- Crude up 26 cents @ $61.25 on the day
- Down $2.30 from LAST Friday
- Diesel up 0.0025 cents on the day
- Gasoline down 0.1425 cents on the day
- LP down 1.50 cents on the day
- Down 8.25 cents from LAST Friday
Crude was able to utilize some late buying to settle up $0.26 (to $61.25) on the day to break a 3 session streak of losses. Plus, it never did break through the $60 level on the day.
RBOB gas was also able to get to positive in the latter part of the session as it was up $0.0050 while ULSD diesel was weaker by $0.0059. The late session strength had ULSD up by about 3 cents from the session’s lows while RBOB was up more than $0.04 from the depths of the day. It appears some of this recovery can be attributed to short-covering ahead of the weekend.
Per today’s Baker Hughes report, the U.S. oil rig count did grow by 1 (to 800) which compares to 609 at this same time one year ago. Have a great weekend!