Oil Investors Unmoved By Trade News, Says DeHaan

Despite Congress approving USMCA and sending it to President Trump for his signature, and despite the U.S. and China signing the Phase One trade agreement last week, oil investors remain unimpressed. Patrick DeHaan with GasBuddy.com said oil prices were trading the holiday Monday around $58 per barrel, down considerably from the prices reported last week. That decrease was due, primarily because of improved relations with Iran.

DeHaan said investors knew the U.S. and China would sign the Phase One last week, but few if any questions were answered.

“There are not a whole lot of specific amounts. It seems like there are more targets in what the U.S. is looking for from China in terms of purchases. So, the market wasn’t really thrown any curveballs so from that standpoint, oil prices didn’t really react.”

DeHaan noted U.S. gasoline inventories are high, reducing downward pressure on oil prices.

The National average for a gallon of diesel sits at $3.00, down one cent in the past week. Washington’s average was unchanged at $3.36 a gallon Oregon price dropped two cents to $3.24 a gallon. Idaho’s diesel prices saw the largest drop, trimming four cents to $3.20 a gallon.

Here are some of the lowest diesel prices we could find across the region: