Crude oil and refined product futures were higher near midday Friday, with all on track for week-to-week gains.

The NYMEX June West Texas Intermediate contract was up 50cts to $84.07/bbl as of 11:30 a.m. ET and the July WTI contract was trading up 53cts to $83.28/bbl.

The June Brent crude contract was 56cts higher at $89.57/bbl and July Brent added 57cts to $88.34/bbl. The front-month WTI contract is about $2/bbl above its April 19 settlement.

Gasoline futures were modestly higher. The NYMEX May RBOB contract was up 0.77ct to $2.7659/gal while the June contract was 1.06cts higher at $2.7439/gal. RBOB futures are on track for a fourth-straight day of gains, with the May contract up more than 5cts/gal week to week.

The NYMEX May ULSD contract was 1.89cts higher at $2.5693/gal and the June contract was up by 2.12cts to $2.5816/gal. The front-month contract was about 2cts/gal above the April 19 settlement.

The week-to-week gains come as energy contracts saw choppy trading through much of the week, with crude contracts rising twice over the last four sessions.

Diesel contracts rose in three of the last four sessions.

Friday's gains came despite the Friday morning release of Commerce Department data that showed personal expenditure prices rose by an annual rate of 2.8% in March.

The hotter-than-expected inflation report reinforces supported speculation that the Federal Reserve will not cut interest rates in the near future.

U.S. spot gasoline and diesel prices were rising in most markets, though spot gasoline values in San Francisco were down by about 1.5cts/gal.

Ethanol related D6 and biomass-based diesel D4 Renewable Identification Number credit prices were on track for a third straight day of declines, with each down by 1.5cts.


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

04-26-24 1232ET