RCC Energy update Friday 09/14/2018
NYMEX @ the close.
- October WTI Crude up $0.40 @ $68.99. Up $1.24 from last Friday.
- October RBOB down 2.27 cents. N/C from last Friday.
- October ULSD down 1.43 cents. Down .09 cents from last Friday.
- Gasoline down 1 cent. Up 1.75 cents from last Friday.
- Diesel up 3/4 cent. Down 1/2 cent from last Friday.
- LP down 3/4 cent at the Conway, Kansas hub.
Hurricane Florence, trade wars, and a tightening oil supply with Iranian sanctions/Venezuelan problems were the weeks headlines. Not changing much lately.
I’ve read several different commentators that are predicting that we might not see that Thanksgiving/Super Bowl market dip this year due to the aforementioned Iranian sanctions/Venezuelan problems. Stay in touch with your fuel guy to help make your plans for next year.
Positive market news: The active US oil rig count increased by 7 this week to 867. That is a 3 year, 6 month high. Canada is up a whopping 36 active oil rigs over this time a year ago.