Oil Prices have dropped over the past week, but by a very small amount. In Monday’s action, West Texas Crude traded in the mid-$39 a barrel range, down just a little over a dollar from last week’s numbers.
Patrick DeHaan said oil prices are holing steady because of conflicting information. On one side, you have lawmakers looking at another round of stimulus spending. However, talks have yet to produce a deal and case counts across the country continue to move higher.
DeHaan said right now, investors are pulling for additional stimulus, resulting in more cash in the hands of Americans, meaning many would increase their spending.
“Using it either to hit the road, or to travel around, maybe they’re still looking for work, but generally more stimulus means more economic activity and that bodes well for gasoline and oil demand. And I think that’s why the market is really waiting for and hoping for another round of stimulus, to kind of inject increase into the economy.”
And DeHaan does not believe oil prices will change much until a vaccination is developed and available for distribution. Flat oil prices means many of our local diesel prices have not changed this week:
- $2.32 a gallon in the Tri-Cities
- $2.29 a gallon in Wenatchee
- $2.79 a gallon in Pullman
- $2.28 a gallon in Lewiston
- $2.35 a gallon in Moses Lake
- $2.23 a gallon in Pendleton
- $2.49 a gallon in Walla Walla
- $2.59 a gallon in Yakima
- $2.59 a gallon in Omak
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