Crude oil and refined product futures prices were moving higher to start the week, with gasoline and diesel futures seeing solid gains heading into Monday afternoon.
ULSD futures were up by about 3.8% at 11:15 a.m. ET, with the August ULSD contract climbing by 12.27cts to $3.3049/gal. September prices were 11.69cts higher to $3.2428/gal.
RBOB futures were up by more than 3%, with August prices trading 9.66cts higher to $3.0139/gal while September prices were up by 7.73cts to $2.8229/gal.
By comparison crude gains were much more muted. West Texas Intermediate crude contracts were seeing nominal gains, with August prices up 3cts to $68.72/bbl while September was climbing by 9cts to $68.74/bbl.
September Brent prices were flat at $72.12/bbl while the October contract was seeing gains of 2cts to $72.34/bbl.
Crude prices are being pressured after OPEC members and their allies on Sunday announced the group will raise production by 188,000 b/d beginning in August.
The announcement, along with the resumption of tanker traffic through the Strait of Hormuz, has helped to ease fears of global crude supply disruption and has led to the start of talk about the possibility of oversupply.
Refined products, meanwhile, are being supported by tight supplies and solid demand amid the summer driving season in the northern hemisphere.
In an analysis Monday, Samer Hasn, senior market analyst at XS.com, noted that markets are currently weighing the possibility of oversupply against the risk that renewed fighting in Iran could again hamper traffic through the strait.
"For now, the market seems cautiously optimistic that the ceasefire will hold, and the geopolitical risk premium has eroded significantly as a result," he said. "Still, even with OPEC+'s recent hike seemingly downplayed by the market, that increase may not remain confined to paper if the truce holds over the coming months."
Hasn noted that while the OPEC+ agreement could lead to more oil coming to market "global stockpiles may struggle to absorb the surge if the strait stays open and flows continue uninterrupted."
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 Michael Kelly, mkelly@opisnet.com
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