A week after oil prices dropped into negative territory for the first time, West Texas has rebounded, slightly. As of Monday, WTI was trading at $13 per barrel. Patrick DeHaan said as over the past couple of weeks, the main culprits when it comes to pushing oil prices lower remain; coronavirus, Saudi Arabia and Russia.
“On one side you have demand that has been reduced significantly. As millions of Americans continue to stay home. And on the other side, you have OPEC, which has continued to produce more oil than the market needs. And that oil production cut they agreed to still doesn’t take affect for several more days.”
DeHaan noted last week, investors that purchased oil did not have a location to put that oil since reserves were full, thus pushing oil prices into negative territory. And while oil prices are now in the black, DeHaan does not anticipate oil prices to rebound to levels we saw a few months ago until states start to open up and demand starts to move higher.
Here are some of the lowest diesel prices we could find across the Inland Northwest:
- $2.41 a gallon in the Tri-Cities
- $2.28 a gallon in Wenatchee
- $2.68 a gallon in Pullman
- $2.23 a gallon in Lewiston
- $1.99 a gallon in Moses Lake
- $2.33 a gallon in Pendleton
- $2.59 a gallon in Walla Walla
- $2.29 a gallon in Yakima
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