RCC Energy Update Friday 5:00 PM 3/16/2018
- Diesel up 1.89 cents on the day
- Up 2.52 cents from LAST Friday
- Gasoline up 2.11 cents on the day
- Up 4.16 cents from LAST Friday
- Crude up $1.15 @ $62.32 on the day
- Up 30 cents from LAST Friday
- Diesel up 2.20 cents on the day
- Gasoline down 1.40 cents on the day
- LP neutral on the day
- Down 5 cents from LAST Friday
Good, bad or indifferent there really isn’t a smoking gun for today’s sudden rally in the energy market. Some traders pointed to buy stops kicking in for WTI once yesterday’s high mark of $61.54 was surpassed while others referenced a “60 Minutes” interview that is set to air this weekend in which the Saudi Arabia crowned prince is reported to have made comments that Saudi Arabia would obtain nuclear weapons if Iran develops their own. There has already been concerns of a power struggle between the two countries in recent history so these comments obviously “stoke the fire”.
Have a great weekend!