![]() ![]() Source: Prices as reported by DTN Instant Marketĭiesel opened on the NYMEX today at $1.0716 a gallon, up by 8.69 cents, or 8.8%, from last Friday’s open of $0.9847 a gallon. Gasoline futures prices are rising today, trading in the range of $1.142 a gallon to $1.21 a gallon. average retail prices for gasoline rose by 1.4 cents a gallon during the week ended June 1, averaging $1.974a gallon at the national level. This was a gain of 11.48 cents (11.2%.) March brought a crippling collapse of nearly 87 cents per gallon, but prices gradually crept back up in April. Gasoline prices rose strongly to open at $1.1428 a gallon today on the NYMEX, compared with $1.028 a gallon on May 29. Three summary charts are followed by the Price Movers This Week briefing, which provides a more thorough review. Our weekly price review covers hourly forward prices from Friday, May 29 through Friday, June 5. The week is heading for a finish in the black. WTI crude futures prices opened at $37.33 a barrel today, an increase of 10.8% from last Friday’s open of $33.68 a barrel. deaths attributed to the disease have reached 108,211. There have been approximately 45 million unemployment claims so far this year, more than 42.6 million of them in the 11 weeks since COVID-19 shelter-in-place orders were launched.Īs of the time of this writing, the Johns Hopkins Coronavirus Resource Center reports that global cases of COVID-19 have risen to 6,664,908, with 391,686 deaths. It was the first week since the week of March 13 that claims had receded below two million. This figure was higher than economists had predicted, but nonetheless it was an improvement. Department of Labor weekly data show 1.877 million initial jobless claims for the week ended May 30. The COVID-19 pandemic caused unemployment to spike up to 14.7% in April, but as shelter-in-place rules began to be relaxed, the unemployment rate declined to 13.3% in May. Bureau of Labor Statistics this morning released the Employment Situation May 2020 report, also known as the Jobs Report. This may reassure markets, but a new twist has emerged that could add to global oil supplies: The long-running civil war in Libya may be at an end, as the U.N.-backed Government of National Accord has captured the capital’s airport and regained full control of Tripoli. Reportedly, assurances have been given about compliance, a new meeting is scheduled for tomorrow and the regular OPEC meeting is scheduled for June 9 and 10. Some countries, including Iraq, Nigeria and Kazakhstan, had not adhered to their production ceilings. Saudi Arabia and Russia were in apparent accord over an extension of oil production cuts, but they could not bring other members into agreement until they threatened to phase out their own cuts. A hastily arranged and hastily canceled meeting this week first caused price volatility, but it is now back on for Saturday. ![]() ![]() employment data better than expected but oil prices also strengthened when reports emerged this morning that the OPEC+ group had resolved differences over production cut compliance. West Texas Intermediate (WTI) crude prices are hitting the $39 a barrel level and are striving to solidify these gains. Traders expect a Wall Street rally today. The Dow Jones Industrial Average rose above 26,000 this week for the first time in three months. The phased lifting of shelter-in-place rules is stimulating markets, and the major stock indices are pointing up this morning. This is allaying fears that the job destruction caused by COVID-19 would continue in May. unemployment, falling to 13.3% in May after spiking to 14.7% in April. Prices surged this morning when data were released showing a significant drop in U.S. Oil prices are back on an upward path today, building on gains during the week that brought crude prices back to the $37 a barrel level and now are moving on to $39 a barrel and possibly beyond. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |