Energy Market Updates

Today the NYMEX settled out much more reasonably than yesterday, with ULSD finishing off up .0192 to 1.908, and RBOB settled down 6 points to 1.9354. 

The Vermont Motor Fuel Transportation Infrastructure Assessment Fee will be $0.0398 per gallon, down from $0.0547 per gallon, effective tomorrow, April 1st 2015. 

Oil continued downward today on the back of the EIA inventory report for last week that indicated Crude stockpiles were up 9mmbl to a record high of about 407mmbbls. At the close, Crude dropped below $45/bbl, -1.78 to 44.45. ULSD and RBOB closed lower as well, ULSD settling down .0310 to 1.6318, and RBOB settled down .0051 to 1.345.

In addition to the inventory report, as we mentioned, the new Saudi leader has indicated the largest OPEC producer will continue on its track to hit production goals set. Both of these factors mean traders are still concerned with longterm over supply, which is continuing to drive down prices.

Quick note on the news this week - King Abdullah of Saudi Arabia died yesterday, temporarily rattling the markets. 

2015 is off to a wild start, with Crude dancing around and then dropping below $50/bbl. Wednesday (the 7th) Crude closed out at $48.65, yet another 5 year record. Gasoline and distillates have closed down every day this week, so it looks like the 2014 slide has no intention of stopping.

Oil prices kept sliding this week on positive signs, despite a draw in US Crude supplies. 

After the mulityear lows hit last week, oil started to rally today.