RCC Energy update Friday 08/31/2018
NYMEX @ the close.
- October WTI Crude down $0.45 @ $69.80. Up $1.08 from last Friday.
- October RBOB down 1.2 cents. Up 6.58 cents from last Friday.
- October ULSD down 1.13 cents. Up 3.91 cents from last Friday.
- Gasoline down 2 cents. Down 1 cent from last Friday.
- Diesel down a 1/2 cent. Up 3 cents from last Friday.
- LP down ¼ cent at the Conway, Kansas hub.
Labor day weekend marks the historical end of the driving season and there will be a lot of downward pressure on gasoline starting next week. It will be interesting to see how this effects diesel pricing.
With the many late September refinery turn arounds scheduled and the drop in gasoline demand, it would seem to put pressure on crude too.
With harvest time approaching we could see diesel stay strong, but keep a close watch past harvest for dips in the market.
The traders can and will poke holes in any theory at the drop of a hat, but technically we should see some easing on pricing longer term.