Market Close: April 17 Down, Diesel DN $.0731, Gas DN $.0936
Apr 17th, 2024 by loren
Fueling Strategy: Please “FUEL AS NEEDED” today/tonight ~ Be Safe
NMEX Crude $ 82.69 DN $2.6700
NYMEX ULSD $2.5782 DN $0.0731
NYMEX Gas $2.7250 DN $0.0936
NEWS
May WTI crude oil on Wednesday closed down -2.67, and May RBOB gasoline closed down -9.36. Crude and gasoline prices Wednesday sold off sharply, with crude falling to a 3-week low and gasoline dropping to a 2-week low. Crude prices tumbled after Wednesday’s weekly EIA report showed crude inventories rose more than expected to a 10-month high.
Crude oil prices are supported by Israel-Iran tensions. Top Israeli military officials said Monday that their country has no choice but to respond to Iran’s weekend attack. There are hopes that any Israeli retaliation will be limited and will perhaps conclude the latest round of tensions that began with Israel striking an Iranian consulate in Syria and killing some top Iranian military generals. Reduced crude demand in India, the world’s third-largest crude consumer, is negative for oil prices after India’s March oil demand fell -0.6% y/y to 21.09 MMT.
Crude has support from the recent Ukrainian drone attacks on Russian refineries that damaged several Russian oil processing facilities, limiting Russia’s fuel exporting capacity. Russia’s fuel exports in the week to April 7 fell by -450,000 bpd from the prior week to 3.39 million bpd. 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.
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