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Market Close: April 10 Mixed

Fueling Strategy: Please fuel as needed today/tonight~Be Safe

 

NMEX Crude     $ 79.74 DN $.9600

NYMEX ULSD    $2.6814 UP $.0209

NYMEX Gas      $2.8054 DN $.0054

NEWS

Oil fell in a low-volume session, unable to withstand a rising US dollar while investors waited for upcoming supply constraints to hit the market.

Traders exited risk assets Monday, pausing a rally in which prices have risen roughly 20% in the last three weeks. OPEC+’s surprise decision to slash output beginning in May reignited bullish bets on prices, yet some demand indicators are flashing signs of weakness. “We’re waiting to see what’s really happening with the economy, but it is a slower recovery,” Ed Morse, global head of commodities research at Citigroup Inc., said in a Bloomberg Television interview. “It’s a services recovery. If anything, that will be an end-of-year phenomenon.”

Traders are awaiting insights this week into monthly outlooks from OPEC and the International Energy Agency as well as US inflation data and Federal Reserve minutes.  Separately, Turkey wants to negotiate payments it owes Iraq before a pipeline that exports 400,000 barrels a day is reopened, according to Turkish officials familiar with the situation. 

Russia’s Energy Ministry, meanwhile, said that the nation reduced its oil output by about 700,000 barrels a day last month, according to a person familiar with the data. Nevertheless, that figure is inconsistent with indicators on the nation’s March seaborne exports and supplies to domestic refineries.

Have a Great Day,

 Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

 

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MAY 04 & 05, 2023

JUNE 15 TO JUNE 18, 2023

JULY  22 TO JULY 30, 2023

 

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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!

 

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Categories: Fuel News
loren: Fuel Manager Services Inc. "Serving the trucking industry since 1992" I've been in and around the trucking industry for 45-years beginning in owner operator operations at Willis Shaw Express. I bought a small trucking company that I ran for 6-years then sold and went to work for J.B. Hunt Transport in 1982. After 10-years with Hunt, I started Fuel Manager Services, Inc., we are in our 29th year of serving the American trucking companies. Our simple goal was and is to bridge the gap between the trucking companies and the fuel suppliers.