Oil Above $100 Pushes U.S. Fuel Prices to New Records
Continental Strikes Venezuela Oil Deal with PDVSA What I Cover Tsvetana Paraskova is an energy and commodities journalist who has contributed to Oilprice.com for nearly a decade, covering global energy markets, commodities,… Oil markets appear to have reached the inflection point that many analysts had predicted weeks ago as the Middle East conflict re-escalated with no diplomatic push in sight and global inventories continue to slump.
Oil prices are back above $100 per barrel, lifting diesel and gasoline prices, including in the United States.
The Trump Administration is looking to downplay the price spikes it sees as only temporary.
Prices would“drop like a rock”when the Iran war ends, U.S.
President Donald Trump said, but he appears to have acknowledged that there may be no respite before the mid-term elections in early November.
Meanwhile, the record-high diesel prices and the highest gasoline prices for this time of year on record could do damage to the economy and consumer spending.
average diesel price hit $6.301 per gallon while gasoline prices jumped to an average of $4.355 per gallon, according toGasBuddy data.
“Diesel could hit $6.60/gal in a few days, surpassing the inflation-adjusted peak seen in 2022,” said Patrick De Haan, Head of Petroleum Analysis at GasBuddy.Related: Russia Extends Diesel Export Ban Through October At the end of last week, diesel prices in the U.S.topped $6 per gallonfor the first time ever.
There is no path in sight toward significant declines in the short term, oil industry executives say, after warning for weeks the market is heading for a fuel crunch.
Chevron CEO Mike Wirth said on Friday that the market buffers have now been “played out” and oil prices could rise further over the coming months.
“It's harder to envision a scenario where prices soften and quickly,” Wirth said, as carried byReuters.
“I think the risks remain to the upside over the next few months.” “I wish I could tell you that I saw some reason why things would ease, but it’s difficult right now to see that happen,” Wirth said at an event in Texas, cited by theWall Street Journal.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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