Crude oil and ULSD futures were weakening Monday morning amid profit-taking following a six-day streak of gains.

Gasoline futures are also in the red, adding to losses recorded Friday.

Crude losses are in the range of about $1 a barrel after contracts rose about 4.5% last week. Prices for May-delivered West Texas Intermediate crude were 83cts lower at 11:40 a.m. ET, to $86.08/bbl while June prices were 92cts lower at $85.18/bbl.

Prices for June Brent crude, which had fallen below the $90/bbl mark in trading earlier in the day, were $1.03 in the red to $90.14/bbl. July prices were shedding 98cts to $89.15/bbl.

ULSD futures, which had shot up about 5.7% last week, were seeing the steepest losses of the day heading into the afternoon, with May prices pared by 5.66cts to $2.7194 a gallon while June prices were 5.23cts lower to $2.7102/gal.

RBOB prices rose just about 2.5% last week and were surrendering about half the week's gain on Monday, with the front-month contract falling 3.76cts to $2.7510/gal and June prices off 3.56cts to $2.7301/gal.

Cash prices in spot markets around the nation were largely reflecting moves seen in the Nymex futures, though gasoline in both the Chicago and Pacific Northwest markets were seeing gains of about 0.74ct/gal as afternoon approached.

Prices for Renewable Identification Numbers were seeing another day of losses, with both D4 biodiesel RINs and D6 ethanol RINs sinking 1ct. Both types of RINs saw losses each day last week and ended Friday at three-week lows.

Monday's declines come ahead of several events later in the week that could impact prices. News reports indicate Israel has committed to fresh talks on a potential ceasefire in its ongoing war with Hamas. The Energy Information Administration on Tuesday releases its latest Short Term Energy Outlook and on Wednesday its weekly data on petroleum supply and demand.

The OPEC cartel releases its monthly report Thursday, while the International Energy Agency's monthly Oil Market Report is scheduled for release Friday.


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


(END) Dow Jones Newswires

04-08-24 1237ET