RCC Energy Market Update:

Monday 3/12/2018 5:00PM

NYMEX:

  • Diesel down 2.19 cents
  • Gasoline down 1.03 cents
  • Crude down 68 cents @ $61.36/bbl

GROUP 3:

  • Diesel down 1.90 cents
  • Gasoline down 1.70 cents

CONWAY:

  • Propane down ¼ of a cent

MARKET UPDATE:

Oil prices were weak today on comments from Iranian Oil Minister Bijan Zanganeh stating that OPEC could begin easing current oil production cuts. The problem OPEC is having, is that U.S. drillers have demonstrated that they can produce more oil for $60 a barrel, so higher prices only stimulate U.S. oil production growth. U.S. production has been growing steadily, hitting 10.37 million bpd.