Fueling Strategy: Please keep tank topped tonight before 23:00 CST please re-top all tanks, Thursday AM wholesale prices will jump up 3 cents – Be Safe Today!

NYMEX Crude $ 42.63 UP $1.5500
NY Harbor ULSD $1.3322 UP $0.0690
NYMEX Gasoline $1.5068 UP $0.0269

NEWS
Oil futures settled Wednesday at another high for the year, after U.S. government data showed a fall in weekly domestic crude production for a sixth straight week.

Prices had seen sharp losses early in the session, pressured after Kuwait oil workers ended a strike that had reduced the country’s crude output over the last three days. U.S. data, meanwhile, revealed a climb in weekly crude inventories, but the figure came in below what was reported by a trade group. West Texas Intermediate crude oil for May which expired at Wednesday’s settlement, tacked on $1.55, or 3.8%, to settle at $42.63 a barrel on the New York Mercantile Exchange. It was trading around $40.10 before the supply data. The June contract added $1.71, or 4%, to end at $44.18. Prices haven’t settled at levels this high since November. June Brent crude on London’s ICE Futures exchange rose $1.77, or 4%, to $45.80 a barrel. Oil also appeared to find some support as talk circulated on Twitter about the possibility of another meeting of large oil producers in Russia, though the rumors were soon shot down:

The U.S. Energy Information Administration early Wednesday reported a 2.1 million-barrel climb in crude-oil supplies to 538.6 million barrels for the week ended April 15. That was below the 3.1 million-barrel increase reported by the American Petroleum Institute late Tuesday, but above the climb of 1.6 million barrels expected by analysts polled by Platts. Total domestic oil production, meanwhile, declined by 24,000 barrels a day to 8.953 million barrels a day in the latest week, EIA data showed. The weekly decline was the sixth one in a row. “It was not exactly a solid report but good enough to keep the bears at bay, at least for the time being,” said Fawad Razaqzada, technical analyst at Forex.com and City Index. “I don’t think this is a strong enough report to provide meaningful support to oil prices,” he said. “That being said however, the ability of oil prices to shrug of negative news lately should not be ignored.” Among the oil products, gasoline supplies fell 100,000 barrels, while distillate stockpiles declined by 3.6 million barrels last week, according to the EIA.

Oil prices had posted declines early Wednesday. The Kuwaiti strike organizer Oil and Petrochemical Industries Workers Confederation said the three-day strike was “overwhelmingly successful,” according to the Kuwait News Agency. The strike had reduced around 60% of the country’s daily production, said BMI Research. Earlier in the week, prices rose as the market looked past the failure of a group of major oil producers to agree on an output freeze by focusing on supply outages around the world. Apart from Kuwait, disruptions in Iraq, Nigeria, and the North Sea also curtailed global output by around 750,000 barrels a day, roughly half the rate at which the total world supply is estimated to be growing.