Diesel Futures Weaken With Crudes as Libyan Rebels Give Up Ports
Diesel futures fell after Libyan rebels surrendered control of two oil ports to the government, enabling the OPEC country to increase exports.
Prices slid as much as 1 percent as the rebels also pledged to return control of two more ports to Libyan authorities.
“The oil market is under pressure, as it appears that Libyan exports may resume over the next couple of days, and that has dragged down Brent as well as the products,” Andy Lipow, president of Lipow Oil Associates LLC in Houston, said by phone today.
Ultra low sulfur diesel declined 1.82 cents to $2.8897 a gallon at 11:18 a.m. on the New York Mercantile Exchange on volume that was 57 percent below the 100-day average.
May-delivery gasoline declined 1.31 cents to $2.9182 a gallon. Volume was 6.9 percent above the 100-day average.
The average U.S. pump price rose 0.2 cent to $3.579 a gallon, the 16th consecutive increase, according to data from Heathrow, Florida-based AAA.