RCC Energy Update Friday 5:00 PM 3/23/2018
- Diesel up 2.61 cents on the day
- Up 10.66 cents from LAST Friday
- Gasoline up 2.40 cents on the day
- Up 8.77 cents from LAST Friday
- Crude up $1.58 @ $65.88 barrel on the day
- Up $3.64 from LAST Friday
- Diesel up 1.30 cents on the day
- Gasoline up 2.20 cents on the day
- LP up ¼ of a cent on the day
- Up 1.25 cents from LAST Friday
Crude oil prices jumped close to another 2.5% today after comments from Saudi Arabia’s Energy Minister Khalid al-Falih, who said he expects an extension of OPEC-led production cuts into 2019. This means OPEC members would need to work with Russia and other non-OPEC oil-producing countries on production cuts in 2019 to reduce global oil inventories. This news overshadowed the fact that Baker Hughes reported the number of oil rigs rose by four to 804 this week. The oil-rig count had also climbed by four last week.
Have a great weekend!