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Petroleum

Crude Oil and Refined Products Prices Drift Lower

Strategic Insights

— 1 min read

Markets for crude oil and refined products have been trending lower as the seasonal shift in demand approaches. The wholesale price of unleaded regular gasoline has decreased to $57.44/gallon, while the premium for December reformulated gasoline over November unleaded regular has risen to over 6.5/gallon. The oil companies have also reduced prices for various products, including heating oil and low-sulfur diesel. Natural gas futures have declined, but spot prices have increased in certain regions. The global demand for oil and refined products remains a key factor in market fluctuations.

Key Takeaways:

  • Crude oil and refined products prices have drifted lower as markets anticipate seasonally higher fourth-quarter demand.
  • The wholesale price of unleaded regular gasoline has decreased to $57.44/gallon, a drop of 0.23/gallon.
  • The premium for December reformulated gasoline over November unleaded regular has risen to over 6.5/gallon.
  • The oil companies have reduced prices for heating oil by 0.44/gallon, but low-sulfur diesel prices declined only 0.08/gallon.
  • October No. 2 heating oil futures slipped 0.26/gallon to 49.37/gallon.
  • West Texas Intermediate (WTI) crude oil futures for October delivery fell 14/bbl to $17.53/bbl.
  • Leading buyers of domestic crudes cut posted prices 25/bbl, lowering term-contract WTI to $16.
  • October North Sea Brent futures declined 11/bbl to $16.22/bbl on London's International Petroleum Exchange.

Statistics:

  • October futures prices for unleaded regular gasoline tumbled 0.92/gallon to 47.47/gallon on the New York Mercantile Exchange.
  • The premium on December reformulated gasoline futures over November unleaded regular rose to more than 6.5/gallon.
  • The oil companies sliced 0.23/gallon from wholesale unleaded regular gasoline to 57.44/gallon.
  • Premium was cut 0.30/gallon to 66.52/gallon.
  • October No. 2 heating oil futures slipped 0.26/gallon to 49.37/gallon.
  • Wholesale No. 2 prices were slashed 0.44/gallon to 54/gallon.
  • Low-sulfur diesel prices declined only 0.08/gallon to 55.71/gallon.
  • October natural gas futures declined 2.1/MMBtu to $1.638/MMBtu.

Sources:

  • The Oil Daily
  • Computer Petroleum Corp.

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