Fueling Strategy: Please keep tanks topped today/tonight, Saturday prices will jump UP 3 cents then another 2.5 cents Sunday – Be Safe
NYMEX Crude $ 75.16 DN $.0700
NYMEX ULSD $2.1791 UP $.0229
NYMEX Gas $2.2998 UP $.0322
NEWS
OPEC and non-OPEC ministers finished Friday’s meeting without a resolution and they will meet again on Monday on oil output policy, CNBC’s Brian Sullivan reported. The energy alliance, often referred to as OPEC+, met via videoconference on Friday afternoon to decide on whether to keep output policy unchanged or to ramp up supply further. OPEC+ except for the United Arab Emirates agreed to an easing of cuts and their extension to the end of next year, according to Reuters citing an OPEC+ source. The UAE said the extension is conditional to revising its baseline production, Reuters reported.
Oil prices moved on the news, rising slightly Thursday before losing momentum Friday as traders digested the implications. International Brent crude futures traded at $76.03 a barrel, up 0.2% for the session, while WTI Crude futures settled 7 cents lower at $75.16 a barrel Friday.
The OPEC alliance had agreed in principle to increase supply by 400,000 barrels per day from August to December 2021 in order to meet rising demand, Reuters reported, citing unnamed OPEC+ sources. OPEC kingpin Saudi Arabia and non-OPEC leader Russia had also proposed extending the duration of cuts until the end of 2022, according to Reuters. However, Reuters reported that the UAE opposed these plans on the grounds that OPEC+ should change the baseline for cuts, effectively raising its production quota.
Have a Great Day,
Loren R Bailey, President
Fuel Manager Services Inc.
“Serving the trucking industry since 1992”
Office: 479-846-2761
Cell: 479-790-5581
“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.”
