fluctuation due to the on again/off again Iranian nuclear
sanctions deal, the price of crude has remained relatively
stable over the past two weeks. Even with a reduction
in shale field oil rig counts, domestic US crude production
continues at a record setting pace. Accordingly, OPEC,
led by Saudi Arabia, has maintained its production levels
and will in all likelihood at least until its next scheduled
meeting in June.
Refined product prices continue to be sensitive to seasonal
demand trends with wholesale gasoline prices facing upward
pressures due to increased seasonal demand and the
conversion to more expensive summer grade products.
Wholesale distillate prices should continue to fall off as
heating season winds down.