National Average Price for Regular Unleaded – Current: $2.375; Month Ago: $2.205; Year Ago: $2.746;
National Average Price for Diesel – Current: $2.361; Month Ago: $2.224; Year Ago: $2.872
The US benchmark WTI (West Texas Intermediate) crude oil futures contracts for December delivery fell by 2.9% and settled at $44.29 per barrel on November 11, 2015. Prices hit lows seen in August due to estimates of rising inventory in the oversupplied market. ETFs like the United States Oil ETF (USO) and the ProShares Ultra DJ-UBS Crude Oil ETF (UCO) moved in the direction of WTI oil prices in yesterday’s trade. These ETFs fell by 2.3% and 4.8%, respectively, on November 11, 2015. On November 10, 2015, the API (American Petroleum Institute) reported that crude oil stocks rose by 6.3 MMbbls (million barrels) for the week ending November 6, 2015. Market surveys from Bloomberg project that crude oils stocks could rise by 1.3 MMbbls for the same period. The consensus of rising crude oil stocks is putting pressure on crude oil prices.
USA crude CLc1 slipped 20 cents to $46.44 a barrel, stretching its losses so far this week, after settling down 2 cents at $46.64. But a few analysts were optimistic on the long-term outlook for oil markets. Brent’s new front-month December contract rose 40 cents, or 0.8 percent, to $50.13 a barrel by 0305 GMT, after ending up 4 cents at $49.73 a barrel. On Thursday, the Energy Information Administration stated that USA commercial crude inventories increased by 7.6 million barrels in the last week, reaching a total of 468.6 million barrels.