Fueling Strategy: Please fill as needed tonight – Be Safe!!
NYMEX Crude $ 82.71 DN $.0400
NY Harbor ULSD $2.4856 DN $.0120
NYMEX Gasoline $2.2002 DN $.0325
DON’T FORGET TO BUY YOUR ADDITIVE:
www.fuelmanagerservices.com then click on buy-additive
NEWS
Crude-oil futures ticked lower Monday, ending a brief relief rally that emerged late last week. Traders remained unsure whether prices for the commodity have hit bottom and oversupply concerns continued.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in November declined 4 cents, or less than 0.1%, to settle at $82.71 a barrel. December Brent crude on London’s ICE Futures exchange declined 76 cents, or 0.9%, to finish at $85.40 a barrel, also putting a stop on two straight days of gains. The U.S. oil benchmark lost 3.6% last week and has been down for three consecutive weeks, while Brent crude in London has fallen for four weeks in a row, losing 4.9% last week. This week will be telling for oil markets, said Allison Hornek, a commodities analyst with Schneider Electric, in a note. After the recent multiyear lows, gains are likely. However, up ticks could be short-lived as markets are looking oversupplied well into 2015, Hornek added.
Oil markets are looking for any indication from the Organization of the Petroleum Exporting Countries for cuts in oil supply levels. So far, the prevailing notion is that OPEC might not move to cut output and boost prices. The cartel meets at the end of November in Vienna. Meanwhile, money managers such as hedge funds cut bullish bets on Nymex crude in the week ended Oct. 14, Commodity Futures Trading Commission data showed. “Overall holdings across the U.S. petroleum markets declined to the lowest level since September 2010,” analyst Tim Evans at Citi Futures said.