Market Close: Aug 27 Down, Diesel DN $.0618, Gas DN $.0330
Aug 28th, 2024 by loren
Fueling Strategy: Please, If possible, “PARTIAL FILL ONLY TODAY/TONIGHT” or better yet don’t fuel today, Thursday prices will DROP 6 Cents ~ Be Safe Today!
NYEX Crude $ 75.53 DN $1.8900
NYMEX ULSD $2.2862 UP $0.0618
NYMEX Gas $2.2469 DN $0.0330
NEWS
Oct WTI crude oil Tuesday closed down -1.89 (-2.44%), and Oct RBOB gasoline closed down -3.73 (-1.75%). Crude oil and gasoline prices settled moderately lower on Tuesday. Crude prices came under pressure Tuesday after Goldman Sachs cut its 2025 Brent crude forecast to $77 a barrel from a prior estimate of $82 per barrel. Tuesday’s slump in the crude crack spread to a 3-1/2 year low is another bearish factor for crude prices. In addition, an increase in Russian crude exports is negative for crude prices.
Weakness in the crude crack spread is bearish for oil prices as the crack spread Tuesday fell to a 3-1/2 year low, discouraging refiners from purchasing crude oil and refining it into gasoline and distillates.
An increase in Russian crude exports has boosted global supplies and is bearish for oil prices. Weekly vessel-tracking data from Bloomberg showed Russian crude exports rose by +390,000 bpd to 3.35 million bpd in the week to August 25, the highest in nearly two months. Meanwhile, increased Russian crude production is negative for oil prices after Russia’s Energy Ministry reported last Friday that Russia’s July crude production was 9.045 million bpd, about 67,000 bpd above the output target it agreed to with OPEC+.
Crude oil prices have support after Libya’s eastern government declared force majeure on all oil fields, terminals, and crude export facilities as it called for a halt to all crude production and exports due to political conflict over who controls the country’s central bank and oil revenues.
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Loren R Bailey, President
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Cell: 479-790-5581
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