Crude oil and refined product futures were weaker near midday Friday, but remain on track for solid week to week gains.

NYMEX ULSD contracts were leading the way lower with the July contract down by 1.11cts to $2.4757/gal at about 11:45 a.m. ET. The August ULSD contract was down by 0.75ct to $2.4892/gal.

The NYMEX July RBOB contract was off by 0.02ct to $2.4154/gal while the August contract was 0.72ct higher to $2.4092/gal.

Crude oil futures were modestly lower. The NYMEX July West Texas Intermediate contract was off by 19cts to $78.43/bbl and the August WTI contract was down by 34cts to $77.92/bbl. The August Brent crude contract was 12cts lower at $82.63/bbl and September Brent was down by 17cts to $82.20/bbl.

Still, oil contracts are on track to end the week about $3/bbl above where they settled on June 7. ULSD futures are on course for a 13ct week to week increase and RBOB futures could close out the week with gains of almost 4cts/gal.

Energy prices are being supported by expectations that the decision by OPEC+ to continue voluntary production curbs will lead to tighter crude supplies during the busy summer driving season.

Refined products are also being boosted by bullish implied demand numbers for gasoline and distillate reported Wednesday by the Energy Information Administration.

While cash gasoline and diesel prices were mostly following futures lower at midday, West Coast spot gasoline prices in Los Angeles and San Francisco were up by about 1ct/gal near midday. Chicago spot gasoline prices were off by about 1ct/gal.

This content was created by Oil Price Information Service, which is operated by Dow Jones & Co. OPIS is run independently from Dow Jones Newswires and The Wall Street Journal.

--Reporting by Steve Cronin, scronin@opisnet.com; Editing by Jeff Barber, jbarber@opisnet.com


(END) Dow Jones Newswires

06-14-24 1242ET