Market Close: Feb 26 UP, Diesel UP $.0730, Gas UP $.0289
Feb 26th, 2024 by loren
Fueling Strategy: Please “FUEL AS NEEDED” today/tonight ~ Please Be Safe
NMEX Crude $ 77.58 UP $1.0900
NYMEX ULSD $2.7627 UP $0.0730
NYMEX Gas $2.3056 UP $0.0289
NEWS
April WTI crude oil on Monday closed up +1.09 (+1.43%), and Apr RBOB gasoline closed up +4.79 (+1.91%). Crude oil and gasoline prices on Monday shook off early losses and settled moderately higher. A weaker dollar on Monday was bullish for energy prices. Also, the disruption to some Libyan crude exports is supportive of crude. In addition, a jump in the crude crack spread Monday to a 5-month high is positive for crude prices.
Disruptions to Libya’s crude exports signal smaller global supplies that are bullish for crude after protesters forced the closure of Libya’s Wafa oil field, which produces 40,000 bpd to 45,000 bpd.
Strength in the crude crack spread supports crude prices as the crack spread Monday rose to a 5-month high. The higher crack spread encourages refiners to boost their crude purchases and refine them into gasoline and distillates.
Crude prices are supported by concern that the Israel-Hamas war will widen to Lebanon after the leader of Hezbollah said it would retaliate against Israel and hit “not just army sites” in Israel after Israel attacked positions and killed civilians in Lebanon. Hezbollah and Israel have traded fire almost daily since the Israel-Hamas war erupted on Oct 7. Also, the U.S. and UK have engaged in airstrikes against Houthi rebels in Yemen in retaliation for Houthi attacks on commercial shipping in the Red Sea. Attacks on commercial shipping in the Red Sea by Iran-backed Houthi rebels have forced shippers to divert shipments around the southern tip of Africa instead of going through the Red Sea, disrupting global crude oil supplies.
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