Futures Prices Jump Around
Futures prices jumped around some yesterday trying to discern the status and implication of the Wuhan virus; questionable data from China isn’t helping much. The complex had a mixed settlement yesterday with diesel adding nearly 50 points while gasoline drifted just south of unchanged.
The EIA published a note this morning that natural gas prices have reached a new two decade seasonal low citing low demand from an abnormally warm weather as the culprit. The same phenomenon seems to be a factor in the tumble diesel prices taken since the beginning of the year.
WTI futures are looking to hold on to its first weekly gain since the beginning of January as it leads the complex higher this morning with gains of 1.25 percent. Gas and diesel futures are drifting higher in tandem adding .3 percent so far this morning. Valentine’s day and the general Friday feel-goods might be enough to buoy prices through the weekend amid global energy demand concerns.