Weekly Fuel Market Update (WFMU) | October 7th, 2015
Venezuelan Oil Minister Eulogio del Pino called for eight non-OPEC countries to attend a meeting today in Vienna to discuss coordinated production cuts. His aim is to promote a structure that increases crude barrel prices to $70 on it’s “first-floor” with an end goal of $100 a barrel down the road. We’ll see if the plan works or if the OPEC countries decide to increase output and maintain their market share.
Supply is tightening up throughout New Mexico for both gas and diesel. Local refineries are predicting continuous production through out the end of the year without any planned disruptions. The group three has been more volatile with it’s pricing but has still been following the general trends of the national markets.
Supply continues as the Permian Basin reports an increase of crude production while the nation is showing a decrease. Refineries are producing efficiently, with no setback as of now. The average prices at the pump last week for Amarillo ($2.204/gal), Lubbock ($1.995/gal) and Odessa ($2.065) were below the national average of $2.296/gal.
The average gas price at the pump last week was $2.251/gal which was below the national average of $2.296/gal.
Questions? I’m here to answer any market questions you may have. As always, you can reach me 24/7/365 at (888) 750-FUEL (3835)