Diesel prices surge, turning losses into gains
- ULSD futures prices have lifted the entire petroleum futures complex
- Diesel has reversed the market trend
- Front month diesel contract is moving higher at a faster pace than outer contracts
- April ULSD futures are up 3.19cts at $2.6941/gal
- RBOB contracts have turned losses into gains in the 1.25-1.5cts range
- Physical markets in Chicago and New York are seeing mixed increases
- April WTI is trading at $79.28/bbl
- Brent contract is moving higher with May Brent last trading up 29cts at $83.25/bbl
ULSD futures prices have experienced a significant turnaround, leading to gains in the entire petroleum futures complex. Diesel prices, which are typically the laggard during this time of year, have reversed the market trend. The front month diesel contract is moving higher at a faster pace compared to outer contracts, resulting in a 6cts difference between the April and May contracts. April ULSD futures are currently up 3.19cts at $2.6941/gal. RBOB contracts have also turned losses into gains in the 1.25-1.5cts range. Physical markets in Chicago and New York are experiencing mixed increases. April WTI is trading at $79.28/bbl, while the Brent contract is moving higher with May Brent last trading up 29cts at $83.25/bbl.
Factuality Level: 3
Factuality Justification: The article provides detailed information about the movements in petroleum futures prices, but it lacks context and relevance for a general audience. It is highly technical and focused on minute price changes in the market, which may not be of interest or relevance to the average reader. The article also lacks broader analysis or implications of these price movements, making it less informative for a wider audience.
Noise Level: 2
Noise Justification: The article provides detailed information on the movements in petroleum futures prices, including specific price changes and market trends. It stays on topic and does not dive into unrelated territories. However, it lacks in-depth analysis, accountability, and actionable insights, which prevents it from scoring higher.
Financial Relevance: Yes
Financial Markets Impacted: Petroleum futures market
Presence Of Extreme Event: No
Nature Of Extreme Event: No
Impact Rating Of The Extreme Event: No
Rating Justification: The article discusses the turnaround in ULSD futures prices, which has lifted the entire petroleum futures complex. This information is relevant to the financial markets, specifically the petroleum futures market.
Private Companies: Oil Price Information Service (OPIS)
Key People: Denton Cinquegrana (Reporter), Andrew Atwal (Editor)
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