National Average Price for Regular – Current: $2.290; Month Ago: $2.285; Year Ago: $1.963.
National Average Price for Diesel – Current: $2.515; Month Ago: $2.514; Year Ago: $2.072.
NYMEX-traded WTI (West Texas Intermediate) crude oil futures contracts for November delivery fell by 5.1% and closed at $47.10 per barrel on Monday, October 12, 2015. Prices fell due to mounting production from OPEC (Organization of the Petroleum Exporting Countries) despite the long-term oversupply concerns. ETFs like the United States Oil Fund LP (USO) and the ProShares Ultra DJ-UBS Crude Oil (UCO) mirrored WTI prices in yesterday’s trade. These ETFs fell by 4.3% and 8.3%, respectively, on October 12, 2015. OPEC released its MOMR (Monthly Oil Market Report) on October 12, 2015. The MOMR highlighted that OPEC produced 31.6 MMbpd (million barrels per day) of crude oil in September 2015.
U.S. crude stocks have shown a sustained decline over the last five weeks, giving oil bulls new inspiration that the market is rebalancing. Commercial crude inventories have fallen by 13 million barrels since the end of March, according to data from the U.S. Energy Information Administration. Stocks typically rise during the first four months of the year, reaching an annual peak in early May, before falling steadily through the middle of September. click Read More below for more of the story