Market Close: March 19 Mixed, Diesel DN $.0275, Gas UP $.0049
Mar 19th, 2024 by loren
Fueling Strategy: Please “KEEP YOUR TANKS TOPPED” today/tonight, Wednesday prices will go UP 6 cents ~ Be Safe
NMEX Crude $ 83.47 UP $.7500
NYMEX ULSD $2.7607 DN $.0275
NYMEX Gas $2.7622 UP $.0049
NEWS
April WTI crude oil closed up +0.75, and Apr RBOB gasoline closed up +0.0049 and ULSD closed down $.0275. Crude oil and gasoline prices today are mixed, with crude climbing to a 4-1/2 month high. Ukrainian drone attacks on Russian refineries over the weekend damaged several Russian oil processing facilities, limiting Russian fuel export prospects. JPMorgan Chase said it sees 900,000 bpd of Russian refinery capacity that could be offline “for several weeks if not months” from the attacks, adding $4 a barrel of risk premium to oil prices. Crude oil and gasoline prices were undercut by today’s rise in the dollar index rose to a 2-week high.
Better-than-expected global economic news today is supportive of energy demand and crude prices. US Feb housing starts rose +10.7% m/m to 1.521 million, stronger than expectations of 1.440 million. Also, the German Mar ZEW expectations of economic growth survey rose +11.8 to a 2-year high of 31.7, stronger than expectations of 20.5.
The recent strength of Chinese crude oil demand is bullish for prices. Monday’s government data showed that China processed a record 118.76 MMT of crude in January and February, up +3% from the same time last year. Also, Chinese fuel demand jumped, with expressway passenger volumes 54% higher than 2019 levels, while airlines saw 19% more people than the pre-pandemic peak.
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Loren R Bailey, President
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