Market Close: Aug 08 UP, Diesel Up $.0022, Gas Up $.0419
Aug 9th, 2024 by loren
July 09th Fueling Strategy: Prices are UP 6 cents this morning and Saturday look for a slight bump up, Please, if possible, partial fill only today or wait to fuel, Be Safe Today
NYEX Crude $ 76.19 UP $.9600
NYMEX ULSD $2.3578 UP $.0022
NYMEX Gas $2.3992 UP $.0419
NEWS
Sep WTI crude oil on Thursday closed up +0.96 (+1.28%), and Sep RBOB gasoline closed up +4.19 (+1.78%).
Crude oil and gasoline prices posted moderate gains on Thursday. Crude oil prices rallied on reduced US recessionary fears after weekly jobless claims fell more than expected. Crude prices also had carryover support from Wednesday when weekly EIA crude inventories fell more than expected to a 6-month low. In addition, strength in stocks Thursday boosted confidence in the economic outlook, which was positive for energy demand and crude prices. Strength in the dollar on Thursday limited gains in crude prices.
Crude prices are supported by expectations for a retaliatory attack by Iran against Israel, which could escalate the conflict in the Middle East and disrupt the region’s crude oil supplies. Iran has threatened to retaliate against Israel for last week’s assassination of a Hamas leader in Tehran. Israel’s military continues to conduct operations in Gaza, and there is the risk that the war might spread to Hezbollah in Lebanon or even to a direct conflict with Iran. Meanwhile, ongoing attacks on commercial shipping in the Red Sea by Iran-backed Houthi rebels have forced shippers to divert shipments around the southern tip of Africa instead of going through the Red Sea, disrupting global crude oil supplies.
Reduced crude production in Libya limits global crude supplies and is bullish for prices.
Libya’s Sharara oil field, the country’s biggest, has halted 250,000 bpd of crude production since Monday due to protestors and security concerns.
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