Oil Prices Move Higher Despite President Trump COVID-19 Diagnosis

For the first time in several months, week-over-oil prices moved higher by a noticeable amount. Patrick DeHaan with GasBuddy says oil prices started to rally late last week, softened on the word of President Trump’s COVID-19 diagnosis, but continues to increase to start this workweek. West Texas Crude traded over $40 per barrel in Monday’s action.

DeHaan said despite this week’s increase, oil prices have been in a holding patterns for much of 2020, as fears of the pandemic stretching into the New Year hold down any optimism investors may feel. And he noted that holding pattern won’t change until substantial good news develops.

“We are getting closer, you know, to a vaccine and whenever news does break that there is a positive development I do expect that the stock market and oil prices will probably react accordingly.”

DeHaan added oil investors may be encouraged in lawmakers pass another stimulus bill, thinking that fuel demand will increase. DeHaan added many investors are optimistic looking ahead to 2021, but he noted that optimism is fairly guarded as well.

As far as those local pump prices are concerned:

  • $2.32 a gallon in the Tri-Cities
  • $2.29 a gallon in Wenatchee
  • $2.77 a gallon in Pullman
  • $2.28 a gallon in Lewiston
  • $2.29 a gallon in Moses Lake
  • $2.23 a gallon in Pendleton
  • $2.49 a gallon in Walla Walla
  • $2.45 a gallon in Yakima
  • $2.69 a gallon in Omak

The national average for a gallon of diesel dipped less than once cent this week to $2.38 a gallon.  Washington’s average slipped one cent down to $2.70, Idaho’s average diesel prices also dipped by a penny to $2.35, while Oregon’s price held steady at $2.58 a gallon.

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