Market Close: Aug 01 DOWN, Diesel DN $.0319, Gas DN $.0445
Aug 2nd, 2024 by loren
Aug 02 Fueling Strategy: Please, If possible, “PARTIAL FILL ONLY TODAY/TONIGHT” Saturday prices will DROP 3 Cents ~ Be Safe
NYEX Crude $ 76.31 DN $1.6000
NYMEX ULSD $2.4064 DN $0.0319
NYMEX Gas $2.3980 DN $0.0445
NEWS
Sep WTI crude oil on Thursday closed down -1.60 (-2.05%), and Sep RBOB gasoline closed down -4.45 (-1.82%).
Crude oil and gasoline prices on Thursday fell back from 1-1/2 week highs and posted moderate losses on global energy demand concerns after the US Jul manufacturing index contracted by the most in 8 months and the China Jul Caixin manufacturing index contracted by the most in 9 months. A stronger dollar on Thursday was also bearish for energy prices. Losses in crude accelerated Thursday as the stock market retreated.
Crude prices Thursday initially moved higher on the escalation of geopolitical tensions in the Middle East that could lead to a disruption of the region’s crude supplies after Iran’s Supreme leader Ayatollah Ali Khamenei said that Iran plans to retaliate against Israel for killing a Hamas leader in Tehran. Crude also has carryover support from Wednesday when weekly EIA crude inventories fell more than expected to a 5-3/4 month low.
Thursday’s global economic news was bearish for energy demand and crude prices. US weekly initial unemployment claims rose +14,000 to a nearly 1-year high of 249,000, showing a weaker labor market than expectations of 236,000. Also, the US Jul ISM manufacturing index unexpectedly fell -1.7 to 46.88, weaker than expectations of an increase to 48.8 and the steepest pace of contraction in 8 months.
In addition, the China Jul Caixin manufacturing PMI fell -2.0 to 49.8, the steepest pace of contraction in 9 months.
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