Market Close: June 16 Up
Jun 16th, 2020 by loren
Fueling Strategy: Please keep tanks topped today/tonight, Wednesday prices will go UP 4 cents – Be Safe
NYMEX Crude $ 38.38 UP $1.2600
NYMEX ULSD $1.1822 UP $0.0452
NYMEX Gas $1.2073 UP $0.0416
NEWS – Why Oil Prices Can Turn Negative
- A historic drop occurred on April 20, when the price of West Texas Intermediate crude dropped by almost 300%, trading at around negative $37 per barrel.
- The crash in demand that followed the spread of Covid-19, along with a price war between oil giants Saudi Arabia and Russia in early March spurred the move into negative prices.
- As the delivery date for WTI grew near, investors began a massive sell-off to take the contract off their hands.
- The price of oil has steadily recovered, jumping nearly 90% in May and registering the best month on record for WTI.
Have a Great Day,
Loren R Bailey, President
Fuel Manager Services Inc.
Office: 479-846-2761
Cell: 479-790-5581
“Serving the trucking industry since 1992”