Market Close: Nov 04 UP, Diesel UP $.0499, Gas UP $.0527
Nov 5th, 2024 by loren
Fueling Strategy: Please “KEEP YOUR TANKS TOPPED TODAY/TONIGHT”, Make sure you’re completely full of fuel by 23:00 CST tonight! – Wednesday prices will JUMP Up 5 Cents ~ Be Safe Today!
NYEX Crude $ 71.47 UP $1.9800
NYMEX ULSD $2.2841 UP $0.0499
NYMEX Gas $2.0192 UP $0.0527
NEWS
The December WTI trading session settled at 71.47 +1.98 had a high of 71.81, a low of 70.25. Cash price is at 69.52 (+0.23), while open interest for CLZ24 is at 339,370. CLZ settled above its 5 day (69.26), below its 20 day (70.78), above its 50 day (70.17), below its100 day (73.04) and below its 200 day (74.29) moving-averages. The COT report (Futures and Options Summary) as of 10/29 showed commercials with a net short position of -211,631 (a decrease in short positions by 18,244 compared to the prior report) to non-commercials who are net long +182,643 (a decrease in long positions by 21,347 compared to the prior report).
il markets began trading higher Sunday night after OPEC+ agreed to delay their planned December oil output rollout by one month. The rollout would have begun with an 180,000 barrels per day increase starting in December, gradually restoring 2.2 million barrels per day by the end of next year. OPEC+ is currently withholding 5.86 million barrels per day (roughly 5.7% of global crude demand). OPEC+ is scheduled to have their next meeting on December 1st. OPEC+ forecast oil demand growth at 1.93 million barrels per day for this year and 1.64 million barrels per day for 2025. This counters the International Energy Agency’s assessment, which sees global oil demand increasing by ~900,000 barrels per day for this year and ~1 million barrels per day for 2025.
The Wall Street Journal reported Sunday night that Iran is planning a retaliation strike on Israel involving “powerful warheads and other weapons”, with Iran’s Supreme Leader Ali Khamenei pronouncing that there would be a “tooth-breaking response” and Iran’s top general warning of “an unimaginable response”. This newest “tit for tat” comes after Israel took out defensive military equipment that protected Iran’s energy facilities. Iranian sources said the response will happen sometime after the U.S. election but before the presidential inauguration. On Friday the Pentagon announced that they would be sending B-52 bombers, additional fighter jets, and Navy Destroyers to the region.
Traders will be watching to see what Fed Chair Jerome Powell decides to do with interest rate cuts this Thursday at the Federal Open Market Committee meeting. Economists expect interest rates to be cut by 25 basis points, with the CME Fed watch tool currently showing a 98% probability. Last week’s U.S. jobs report was disappointing, showing only +12,000 jobs created against a forecast of +112,500 jobs created that economists had expected, the unemployment rate stayed flat at 4.1%, while job gains for August and September were revised lower by a combined 112,000 positions. Last week’s U.S. GDP number covering the July through September quarter came in at 2.8%, slightly weaker than the previous 3% that covered the April through June quarter. The Dollar Index closed lower on the day by 0.38%.
Have a Great Day!
Loren R Bailey, President
Office: 479-846-2761
Cell: 479-790-5581
SCHEDULED OUT OF OFFICE
Nov 08th Out of Office at 13:00
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As always, thank you so much for being a part of the Fuel Manager Services, Inc. family, and we look forward to making this the best year yet!
“Celebrating 31-years of Service Excellence”
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