Fueling Strategy: Please “FUEL AS NEEDED” today/tonight ~ Be Safe
NMEX Crude $ 85.68 UP $.0250
NYMEX ULSD $2.6611 DN $.0240
NYMEX Gas $2.7906 DN $.0123
NEWS
May WTI crude oil on Monday closed down -0.25, and May RBOB gasoline closed down -1.23. Crude and gasoline prices on Monday posted moderate losses, with crude prices falling to a 1-1/2 week low. Crude oil prices are lower on hopes that the Iran-Israeli conflict can be contained. Also, Monday’s rally in the dollar index (DXY00) to a 5-1/4 month high is negative for energy prices.
Crude oil prices recovered from their worst levels Monday on concerns about the Iran-Israeli conflict after Axios reported that Israeli Defense Minister Gallant said that Israel had no choice but to retaliate against Iran for its weekend drone and missile attack against Israel. Iran’s missile and drone strike was clearly telegraphed and did no major damage, but Iran nevertheless raised the stakes by attacking Israel directly from its own territory rather than via proxies. There are hopes that any Israeli retaliation will be limited and will perhaps conclude the latest round of tensions that began with Israel striking an Iranian consulate in Syria and killing some top Iranian military generals.
Monday’s economic reports showed signs of strength in the global economy that supports energy demand and crude oil prices. US Mar retail sales rose +0.7% m/m, stronger than expectations of +0.4% m/m. Also, Eurozone Feb industrial production rose +0.8% m/m, right on expectations. In addition, Japan Feb core machine orders rose +7.7% m/m, stronger than expectations of +0.8% m/m and the largest increase in 13 months.
Have a Great Day!
Loren R Bailey, President
Office: 479-846-2761
Cell: 479-790-5581
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JUN 06 VACATION LEAVE AFTER LUNCH
JUN 10 RETURN/ARRIVE 1300
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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”
“Coming Together is the Beginning; Keeping Together is Progress; Working Together is Success” ~ Henry Ford