RCC Energy update Friday 09/21/2018
NYMEX@ the close.
- WTI Crude up $0.46 @ $70.78. Up $1.79 from last Friday.
- RBOB up .25 cents. Up 4.69 cents from last Friday.
- ULSD down .2 cents. Up 1.68 cents from last Friday.
- Gasoline down .5 cent. Up 15 cents from last Friday.
- Diesel up .5 cent. Up 6.25 cent from last Friday.
- LP no change at the Conway, Kansas hub.
Both WTI & Brent crude hit multi-month highs today before backing off a bit.
OPEC and their ten best friends are meeting this weekend and traders are trying to anticipate if they will cover Iranian and Venezuelan production short fall.
Thrown into the mix is the fact that Russia and Saudi Arabia may be reaching the limits of just how much they can produce and the US is producing more than it ever has.
We may well be in new territory for a while.