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Market Close: Aug 01 DOWN, Diesel DN $.0319, Gas DN $.0445

Aug 02 Fueling Strategy: Please, If possible, “PARTIAL FILL ONLY TODAY/TONIGHT” Saturday prices will DROP 3 Cents ~ Be Safe

NYEX Crude      $  76.31 DN $1.6000

NYMEX ULSD     $2.4064 DN $0.0319

NYMEX Gas       $2.3980 DN $0.0445

NEWS 

Sep WTI crude oil on Thursday closed down -1.60 (-2.05%), and Sep RBOB gasoline closed down -4.45 (-1.82%). 

Crude oil and gasoline prices on Thursday fell back from 1-1/2 week highs and posted moderate losses on global energy demand concerns after the US Jul manufacturing index contracted by the most in 8 months and the China Jul Caixin manufacturing index contracted by the most in 9 months.  A stronger dollar on Thursday was also bearish for energy prices.  Losses in crude accelerated Thursday as the stock market retreated.

Crude prices Thursday initially moved higher on the escalation of geopolitical tensions in the Middle East that could lead to a disruption of the region’s crude supplies after Iran’s Supreme leader Ayatollah Ali Khamenei said that Iran plans to retaliate against Israel for killing a Hamas leader in Tehran.  Crude also has carryover support from Wednesday when weekly EIA crude inventories fell more than expected to a 5-3/4 month low.

Thursday’s global economic news was bearish for energy demand and crude prices.  US weekly initial unemployment claims rose +14,000 to a nearly 1-year high of 249,000, showing a weaker labor market than expectations of 236,000.  Also, the US Jul ISM manufacturing index unexpectedly fell -1.7 to 46.88, weaker than expectations of an increase to 48.8 and the steepest pace of contraction in 8 months.  

In addition, the China Jul Caixin manufacturing PMI fell -2.0 to 49.8, the steepest pace of contraction in 9 months.

Have a Great Day!

Loren R Bailey, President

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Cell: 479-790-5581

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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.