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Market Close: Aug 08 UP, Diesel Up $.0022, Gas Up $.0419

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.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

Aug 09 – Out of Office Limited Access to email

Aug 23 – Out of Office after 15:00

Aug 30 – Out of Office after 15:00

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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”

www.FuelManagerServices.com

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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.