• Supply
  • Social Media
VisitTAC - The Arnold Companies
Customer LOGIN
TACenergy
Customer
LOGIN

Big Week For Energy Prices

Monday, Jun 24 2019
Market Talk

It was a big week for energy prices with both gas and diesel futures adding around 10 cents on the prompt month contracts through the 21st. West Texas Intermediate crude oil futures lead the pack, however, with gains of $5 per barrel, Brent futures followed closely behind with gains of over $3.

Tensions in the Middle East, which seem to be heating up or cooling down depending on who you ask, are taking credit for the early buying pressure we are seeing this morning. With American crude up almost 50 cents and European crude flat, the latter is more likely the general consensus among traders. With prompt month RBOB up almost 3 cents and HO up 50 points, the early buying could be leftover bullish sentiment from last week’s FOMC meeting which pushed stocks to all-time highs.

Managed money in WTI saw a bump in net position last week, pulling their collective net length back from seasonal 5-year low. “Smart” money also added some length in refined product positions but continued consolidating in Brent crude futures, placing their position firmly below the 5-year average.

Baker Hughes reported an increase in national oil rig counts for the first time in 3 weeks. With 789 oil exploration rigs active as of last Friday, the total count is still 73 rigs shy of last year’s total, which makes sense given the big pullback in prices we’ve seen in WTI prices since October’s peak at $77.

CLICK HERE for a PDF of today's charts.

News & ViewsMarket Talk

News & Views
Latest Posts

KTBS 3 Spotlight on TACenergy Leadership COO Fred Sloan - Sharing Thoughts on Changes in the Gas Market
Go Rentals Opens 10 New Locations with Partner, TAC Air
Tac Air's new facility features B17-G model airplane, Military Situation Room
TAC Air B-17G Model Brings Nostalgia and Tears

News & Views
Archive

Market Talk
Latest Posts

Market Talk
Archive

TACenergy logo
Sales:  800-375-FUELSupply & Logistics:  800-808-6500

Get in Touch

Sign up to receive market talk updates in your inbox each day.
Establish a credit account.
Apply For Credit
Need to make a fuel order today?

Follow us

TACenergy
  • Supply
  • News & Views
  • Market Talk Updates
  • Social Media
  • Contact a Representative
  • Customer Login
  • Apply For Credit
Find Your Next Great Role With TACenergy.
Explore Careers
  • Privacy Policy
  • Terms of Use
  • Employee Login
  • Sitemap
TACenergy, LLC © 2022. All Rights Reserved.