Photo credit: www.cnbc.com
The Phillips 66 Carson refinery has announced plans to close its significant oil processing facility located in the Los Angeles area by late 2025, a decision that could have a substantial impact on California’s fuel availability. This announcement was made public on October 17, 2024, highlighting concerns over the state’s future oil supply.
In the context of these developments, U.S. crude oil futures saw a continuation of gains on Tuesday, building on a nearly 2% increase from the previous day. This recovery comes after a significant downturn last week, as the market responds to traders’ reassessments of potential supply disruptions in the Middle East, particularly relating to increasing tensions between Israel and Iran.
However, lingering weak demand from China has exerted downward pressure on prices recently. The situation in China took a turn when Beijing lowered its benchmark lending rates on Monday, which provided some support to the oil futures market amid ongoing global economic uncertainties.
Here are the latest energy prices as of Tuesday:
West Texas Intermediate (WTI) November contract: $71.22 per barrel, up 66 cents, or 0.94%. Year-to-date, U.S. crude oil prices have experienced a slight drop.
Brent December contract: $74.85 per barrel, increasing by 56 cents, or 0.75%. Year-to-date, this global benchmark has seen a decline of nearly 3%.
RBOB Gasoline November contract: $2.0342 per gallon, an increase of 0.97%. Year-to-date, gasoline prices have contracted by approximately 3%.
Natural Gas November contract: $2.318 per thousand cubic feet, up 0.26%. Year-to-date, natural gas has dipped nearly 8%.
Don’t miss these energy insights from CNBC PRO:
Source
www.cnbc.com