Oil Market Update
On Tuesday, crude oil futures prices were lower, while refined product contracts were experiencing a second consecutive day of declines, highlighting ongoing concerns impacting the market.
Crude Oil Futures
- The NYMEX April West Texas Intermediate contract saw a slight increase of 11cts to $78.85/bbl.
- However, the May contract was down 3cts to $78.14/bbl.
- Meanwhile, European Brent crude contracts for May and June were each 9cts lower at $82.71 and $81.99/bbl.
Market Activity
- WTI and Brent were trading in narrow ranges compared to previous settlements.
Refined Products
- Despite subdued oil activity, refined products were facing significant losses.
- Gasoline futures showed the most prominent decline, with the NYMEX April RBOB contract down by 3.41cts to $2.5516/gal.
Diesel Futures
- Diesel futures also experienced a drop but bounced back from earlier lows.
Open Market Dynamics
- The recent decision by OPEC and its allies to extend production cuts did not significantly impact market sentiment.
- U.S. spot gasoline and diesel prices were following suit with declines in NYMEX prices.
Upcoming Reports
- The American Petroleum Institute and Energy Information Administration are set to release inventory data later in the week.