WTI Crude Breaks Above $80 Mark, EIA Expects Elevated Retail Fuel Prices

12 Jan 2022 , 02:32 PM

The WTI Crude oil futures soared sharply in last session, breaking comfortably above $80 per barrel mark as supportive cues from US equities and a firm demand outlook for medium term propelled the commodity higher. WTI Crude is currently trading up half a percent at $81.79 per barrel. Prices are near three month high following the latest spike. The US EIA noted yesterday that US regular gasoline retail prices averaged $3.02 per gallon (gal) in 2021, compared with an average of $2.18/gal in 2020. EIA forecasts that gasoline prices will average $3.06/gal in 2022 and $2.81/gal in 2023. The US diesel fuel prices averaged $3.29/gal in 2021, compared with $2.56/gal in 2020, and EIA forecasts that diesel prices will average $3.33/gal in 2022 and $3.27/gal in 2023. The MCX Crude oil futures broke above Rs 6000 per barrel in last session and currently trade at Rs 6043 per barrel, up 0.65% on the day.

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