Fueling Strategy: Please tonight before 23:00 CST top all tanks, Friday AM wholesale prices will jump UP 6.5 cents – Be Safe Today!!
NYMEX Crude $ 37.26 DN $.4900
NY Harbor ULSD $1.1257 DN $.0146
NYMEX Gasoline $1.3812 DN $.0135
NEWS
Oil futures ended lower Thursday, failing to extend gains to a third straight day as bullish momentum in the wake of an unexpected decline in U.S. crude inventories faded and investors shunned assets perceived as risky on concerns about the global economic outlook.
Brent crude the global oil benchmark, fell 41 cents, or 1%, to settle at $39.43 a barrel on London’s ICE Futures exchange. On the New York Mercantile Exchange, West Texas Intermediate futures fell 49 cents, or 1.3%, to $37.26 a barrel. Oil lost ground amid concerns about world growth, analysts said. Those concernshelped sink equities and contributed to weakness in the dollar, while assets perceived as havens, such as gold and Treasurys, rallied. Both benchmarks rallied more than 5% on Wednesday after U.S. supply data showed a surprise drop in U.S. crude inventories of 4.9 million barrels last week. But analysts said other numbers in the report took off some of the bullish shine. Product markets “show large and unexpected inventory builds, suggesting end-use demand is not as strong as the headline suggests,” wrote analysts at Credit Suisse, in a note.
Oil prices have rallied in the past two months in part on expectations that major producers will agree to limit their output in a bid to alleviate the global oversupply and support prices. Several key players, including Saudi Arabia and Russia, are expected to meet on April 17 in Doha, Qatar, to discuss the plan.
Earlier this week, oil prices fell after Saudi Arabia said the kingdom will freeze its oil production only if Iran agrees to curb its output. Tehran, however, has vowed to keep ramping up production until output rises to pre-sanction levels. There are also growing doubts about Libya’s attendance of the talks. “While Kuwait’s OPEC [minister] has noted that an agreement is possible without Iran, any agreement in the absence of Iran, Iraq and Libya should have a limited impact on physical balances as additional supply is mainly pumped by these three producers,” the Credit Suisse analysts wrote. “In short, vulnerabilities remain.”