RCC Energy update Friday 10/19/2018
NYMEX @ the close.
- November WTI Crude up $0.47 @ $69.12. Down $2.22 from last Friday.
- November RBOB up 2.28 cents. Down 2.81 cents from last Friday.
- November ULSD up .71 cents. Down 1.93 cents from last Friday.
- Gasoline up .75 cents.
- Diesel down .5 cents.
- LP up 1.5 cents at the Conway, Kansas hub.
Another volatile week in the petroleum markets (so what’s new?):
Bullish news; how are the Saudi’s going to react if they are found guilty of killing the journalist in Turkey. Some are still predicting global oil demand to outstrip production the rest of fourth quarter.
Bearside; WTI crude had a big gain in inventories this week. Gasoline stocks are at near record highs for this time of year. And in contrast to what I mentioned above, other people are worried about oil demand shrinking due to economic growth slowing, especially in China.
Oil companies activated 4 rigs in the United States this week to lift the US oil rig count to 873. The most since March of 2015 and up 137 from a year ago.