June was a particularly volatile month for crude oil prices. However, the closing price for the month settled slightly below where the month started. The following graph displays the daily volatility:
During May, crude oil prices increased again for the third straight month and briefly spiked above the $50/barrel mark. May’s closing price of just over $49 is approximately 33% higher than where it ended 2015. Even more notable is that May’s closing price was almost double compared to mid-February’s $26 which was the lowest point of the year.
During April, crude oil prices continued increasing for the second month in a row and closed the month at approximately $46/barrel. April was an active month with a number of factors that influenced pricing. Most notable was the meeting in Doha, Qatar during mid-April where many oil producing nations gathered in an attempt to rein in supply production. No agreement
Lately, I’ve seen a lot of headlines that highlight companies that are adding or replacing vehicles in their fleets with natural gas units. Various suppliers are also investing millions of dollars to expand their distribution networks so that CNG and LNG can be obtained more conveniently.
The DOE reported the national cost for diesel fuel prices fell four-tenths of a penny to $3.879 a gallon. After coming off 2 straight weeks of increases it’s nice to see a fall back. The national average diesel fuel cost is 11.2 cents lower than a year ago at this time.
If Sunoco shutters the plant, it would be the third refinery closing in southeast Pennsylvania since September — representing 50% of the total refining capacity in the Northeast — said the agency, which is part of the U.S. Department of Energy. Diesel fuel prices could be hurt the most by this happening.
Nearly 42.2 million travelers are expected to hit the roads or take airplanes during the Thanksgiving holiday. According to AAA, that’s an increase of 11.4 percent over last year.
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