Oil Market Update

1 Mins read

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.
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