by Bill McBride on 3/16/2015 01:54:00 PM
Monday, March 16, 2015
From the WSJ: Oil Prices Fall to Six-Year Intraday Low
Crude prices extended losses in early New York trading on a report, issued by a private data provider, that showed rising oil stockpiles at a key U.S. storage hub. Earlier, oil dropped as traders weighed the prospect of more Iranian crude hitting the global market, as negotiators came closer to a tentative political agreement on Tehran’s nuclear program.Click on graph for larger image
Recently, light, sweet crude for April delivery recently fell $1.65, or 3.7%, at $43.19 a barrel on the Nymex. It dipped as low as $42.85 a barrel, the lowest intraday price since March 12, 2009. Oil is now on pace for a five-session losing streak and is down nearly 14% in that span.
This graph shows WTI and Brent spot oil prices from the EIA. (Prices today added).
According to Bloomberg, WTI has fallen 2.8% today to $43.52 per barrel, and Brent to $53.23.
WTI oil prices are off almost 60% from the peak last year, and there should be further declines in gasoline prices over the next couple of weeks. Nationally gasoline prices are around $2,42 per gallon, and gasoline futures are down about 4 cents per gallon today.
Posted by Bill McBride on 3/16/2015 01:54:00 PM