Crude oil and gasoline futures were on track for a third day of losses Tuesday as expected production increases by OPEC and its allies and the imposition of new tariffs on U.S. imports from Canada, Mexico and China continue to weigh on markets.
Oil prices were down by about $1/bbl at 11:30 a.m. ET, with the NYMEX April West Texas Intermediate crude contract falling by 95cts to $67.42/bbl and May prices shedding $1.14 to $66.92/bbl. May Brent crude was $1.29 lower to $70.33/bbl and June Brent was off by $1.27 to $69.889/bbl.
Gasoline futures were also seeing solid losses, with April RBOB 1.46cts in the red to $2.1732/gal and May prices dropping 1.63cts to $2.1766/gal.
ULSD prices were mixed, with the front-month contract rising by 1.28cts to $2.2732/gal while May prices crept lower by 0.05ct to $2.2130/gal.
Diesel prices seem to be receiving some support from a winter storm bringing blizzard conditions this week to many sections of the central U.S.
Prices have been falling since reports Monday indicating OPEC and its allies will stick with a plan to begin unwinding long-standing production cuts in April. With global production already high, there had been some speculation that OPEC+ members would decide to delay the production increase.
On Tuesday, President Trump also moved ahead with his threat to impose tariffs on Canada and Mexico and to increase the levy on Chinese imports. While markets have priced in the expected tariffs, the announcement has led to a continued sharp selloff in equity markets that is also weighing on energy prices.
Gasoline and diesel prices in spot markets around the country are generally following movements on the NYMEX screen, with gasoline prices falling while diesel prices are seeing small increases.
This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.
--Reporting by Steve Cronin, scronin@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com
(END) Dow Jones Newswires
March 04, 2025 12:14 ET (17:14 GMT)
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