What to expect
Expectations are a slight increase on fuel costs for this week given tensions in the middle east and increase in barrel of oil prices during last week trading.
WTI last traded at $76.60 a barrel on Feb 9th, 2024
Middle east tensions remain high as cease fire proposal for Gaza war was rejected by Israel
Attacks by Houthis keep commercial trade routes on edge in Red Sea adding delays to shipping times and increasing freight rates
Short term energy outlook was published forecasting a slight drop in US oil production until February 2025 and expectations of "mid-$80/b range" for crude prices during 2024
Crude Oil Benchmarks
Crude oil benchmark (CL=F) for WTI last traded at $76.60 barrel on Feb 9th, 2024.