Fueling Strategy: Please partial fill tonight, Saturday AM wholesale prices will drop 1.5 cents – Be Safe Today!

NYMEX Crude $ 44.29 DN $.9100
NY Harbor ULSD $1.4896 UP $.0024
NYMEX Gasoline $1.3695 UP $.0085

NEWS
Oil futures finished lower on Friday, lifting their weekly loss to almost 5%, after a far stronger-than-expected U.S. October jobs report made a decision by the Federal Reserve to lift interest rates at its December meeting much more likely.Data showing a weekly fall in the number of active U.S. rigs drilling for oil failed to offer support for dollar-denominated prices as the greenback strengthened. The U.S. government’s rejection of the Keystone XL pipeline project also failed to elicit much reaction from oil traders in the short term.

December West Texas Intermediate crude settled at $44.29 a barrel on the New York Mercantile Exchange, down 91 cents, or 2%. The settlement was the lowest since Oct. 27, based on the most-active contracts. Prices were about 4.9% lower for the week. December Brent crude on London’s ICE Futures exchange lost 56 cents, or 1.2%, to $47.42 a barrel—for a weekly loss of more than 4%. The main driver for the oil market was the jobs number, which has given significant strength to the U.S. dollar and that’s “a serious headwind for crude,” said Tariq Zahir, a managing member at Tyche Capital Advisors. Both WTI and Brent crude prices were trading higher early Friday but fell after a blowout October jobs report showed 271,000 jobs were created and the unemployment rate fell to 5%, the lowest since April 2008. “The prospect of higher interest rates will propel the U.S. dollar higher,” Matt Smith, a commodity analyst at ClipperData, wrote in a blog. On Friday, the ICE U.S. Dollar Index was up by more than 1%. Commodities priced in dollars often trade inversely with the dollar, as moves in the U.S. unit can influence the attractiveness of those commodities to holders of other currencies.

Oil prices stayed within the day’s trading range, though moved toward the lower end of it, after President Barack Obama said his administration rejected the Keystone XL pipeline project. “In terms of oil markets, it’s a non-story,” said Michael Lynch, president of Strategic Energy & Economic Research. “The oil will move by rail and barge.” Colin Cieszynski, Toronto-based chief market strategist at CMC Markets, said “the bigger impact on oil sands production going forward is more likely to be the oil price and whether a project is economic.”

Meanwhile, Baker Hughes said the weekly number of active U.S. oil-drilling rigs fell by 6 to 572 as of Friday. That was the 10th consecutive weekly decline.