Market Close: July 30 DOWN, Diesel DN $.0382, Gas DN $.0282
Jul 31st, 2024 by loren
July 31st Fueling Strategy: Please, If possible, don’t fuel today or “PARTIAL FILL ONLY TODAY/TONIGHT” Prices are down 4.5 cents but will go down another 4 cents Thursday~ Be Safe
NYEX Crude $ 74.73 DN $1.0800
NYMEX ULSD $2.3368 DN $0.0382
NYMEX Gas $2.3871 DN $0.0282
NEWSep WTI crude oil (CLU24) on Tuesday closed down -1.08 (-1.42%), and Sep RBOB gasoline (RBU24) closed down -2.50 (-1.05%). Crude oil prices Tuesday extended Monday’s slide, with crude posting a new 7-week low. Tuesday’s rally in the dollar index (DXY00) to a 2-1/2 week high was bearish for energy prices. Also, energy demand concerns in China, the world’s second-largest crude consumer, are weighing on crude prices after Citigroup cut its 2024 China GDP estimate to 4.8% from 5.0%. Tuesday’s global economic news was stronger than expected and positive for energy demand and crude prices. US Jun JOLTS job openings fell -46,000 to 8.184 million, showing a stronger labor market than expectations of 8.000 million.
Also, the Conference Board US Jul consumer confidence index rose +2.5 to 100.3, stronger than expectations of 99.7. In addition, Eurozone Q2 GDP grew +0.3% q/q and +0.6% y/y, stronger than expectations of +0.2% q/q and +0.5% y/y. Finally, the Japan Jun jobless rate unexpectedly fell -0.1 to 2.5%, showing a stronger labor market than expectations of no change at 2.6%.Crude oil prices have underlying support from the Hamas-Israel conflict. Israel’s military continues to conduct operations in Gaza, and there is the continued risk that the war might spread to Hezbollah in Lebanon or even to a direct conflict with Iran.
Meanwhile, ongoing attacks on commercial shipping in the Red Sea by Iran-backed Houthi rebels have forced shippers to divert shipments around the southern tip of Africa instead of going through the Red Sea, disrupting global crude oil supplies.An increase in crude oil held worldwide on tankers is bearish for prices.
Vortexa reported Monday that crude oil stored on tankers that have been stationary for at least 7 days rose by +1.1% to 78.45 million bbl in the week ended July 26.
Have a Great Day!
Loren R Bailey, President
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Cell: 479-790-5581
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