- West Texas Intermediate eclipsed $90/Bbl for the first time since late 2014 on Thursday
- Oil prices are continuing to rally Friday morning due to a host of bullish catalysts
- Demand for diesel, one of the clearest signs of strength in refined fuels, is close to the highest level seasonally in at least 30 years (Bloomberg)
- Stockpiles in the Eastern U.S. is low, as well as inventories in Europe, according to data from Insights Global
- “Refinery runs haven’t kept pace with the recovery in demand, so stocks have been drawn down and are tight,” said Jonathan Leitch, an oil market analyst at Turner, Mason & Co (BBG)
- The average retail gasoline price in the U.S. has reached its highest level since September 2014
- Regular gasoline rose to $3.423/gal, according to data from AAA
- The surge in prices comes despite efforts from the Biden administration to tackle inflation
- Oil released from national reserves have done little so far to influence prices at the pump