By Crude-oil and refined product futures contracts are experiencing gains as the week comes to a close. These contracts are on track to end the week with strong increases.
Middle East Tensions Drive Prices Up
Renewed tensions in the Middle East, particularly between Israel and Hamas, are supporting these price gains. Israel’s rejection of Hamas’ conditions for a ceasefire has led to resumed strikes in the Gaza Strip.
West Texas Intermediate Crude Contracts
The March NYMEX contract for West Texas Intermediate crude saw a 52 cent increase, reaching $76.74 per barrel at noon EST. The April contract also rose by 47 cents to $76.66 per barrel. The front-month contract is currently 6% higher than last Friday’s settlement.
Brent Crude Contracts
Similarly, the April Globex contract for Brent crude experienced a 46 cent increase, reaching $82.09 per barrel. The May contract rose by 42 cents to $81.50 per barrel.
Diesel Prices Surge
Diesel prices continue to rise significantly. The March ULSD contract increased by 7.81 cents, reaching $2.9689 per gallon. Meanwhile, April prices added 6.29 cents, settling at $2.8776 per gallon. The front-month contract has risen by nearly 12% since last week.
RBOB Futures Mixed
RBOB futures showed mixed results as the March contract fluctuated between positive and negative territory, ultimately showing a loss of 0.28 cents at $2.3392 per gallon. On the other hand, the April contract rose by 0.53 cents to $2.5629 per gallon. This rise represents the upcoming shift to summer-specification gasoline. Regardless of the losses observed during the day, the April RBOB contract is currently almost 9% higher than last week’s settlement.
Gasoline Prices Retreat in Spot Markets
Gasoline prices decreased in most spot markets across the country. Chicago, Group 3, San Francisco, and the Pacific Northwest experienced losses of more than 2 cents per gallon.
Renewable Identification Number (RIN) Prices Increase
Renewable Identification Number prices, which have been fluctuating in recent days, are set to end the week with gains on Friday. D6 ethanol and D4 biodiesel RINs rose by 0.75 cents.
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