RCC Energy Update Friday 3:30 PM 3/9/2018
- Diesel up 2.75 cents on the day
- Up 0.7 of a cent from LAST Friday
- Gasoline up 3.66 cents on the day
- Up 0.29 of cent from LAST Friday
- Crude up $1.92 @ $62.04 on the day
- Up $2.79 from LAST Friday
- Diesel up 2.70 cents on the day
- Gasoline up 3.90 cents on the day
- LP up 2.75 cents on the day
- Down ¼ of cent from LAST Friday
Oil prices ended the week on a high note as today’s rally took back a fair amount of the losses that were seen over the past two sessions. At the close, WTI saw an increase of 1.92 while heating oil and gasoline had gains of .0275 and .03366 respectively.
In other energy news, Baker Hughes reported that U.S. oil companies cut four oil rigs, the first drop of rigs in seven weeks, bringing somewhat of a surprise to the market with WTI trading over $60. The announcement of a meeting between President Trump and North Korea’s Kim Jong Un also supported prices. Naeem Aslam, chief market analyst with ‘ThinkMarkets’ summed up the bullish correlation between oil prices and the meeting by stating “Geopolitical stability defiantly supports demand for oil.”
Have a great weekend!