Petroleum futures were rising midday Tuesday on the day that May West Texas Intermediate futures expire, reaching highs seen late last week.

Oil and refined products were moving higher, coinciding with a roughly 2% rally in U.S. equities. Refined product futures were outpacing crude oil, giving refining margins on the screen a bit of a boost.

At noon ET, WTI for the May and June contracts were trading at the highs of the day and looking to extend those gains. The thinly traded May contract last printed at $64.99/bbl, up $1.91. Although there is not much action in May, the contract has not topped $65 since the first few days of April, when the selloff began. The more-active June contract was last printing at $64.23/bbl, up $1.81.

June Brent is also up, though slightly lagging WTI and trading at $67.92/bbl, up $1.66.

The refined product contracts are seeing increases in the 5cts area, with May RBOB and ULSD up by almost the same amounts. RBOB was last printing at $2.116/gal, up 5.07cts, with ULSD at $2.1609/gal, up 5.2cts.

More activity is taking place in the June contracts, with RBOB up an even 5cts at $2.1056/gal and ULSD trading at $2.115/gal, up 4.64cts.

Cash markets are largely following the paper markets. The Northeast gasoline margin is essentially the only U.S. spot market that is not posting a 5ct increase as prices are fairly flat on the day. As spot and futures product prices have rallied, Renewable Identification Number credit prices have started to narrow slightly.

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 Denton Cinquegrana, dcinquegrana@opisnet.com; Editing by Michael Kelly, mkelly@opisnet.com

(END) Dow Jones Newswires

April 22, 2025 12:53 ET (16:53 GMT)

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