August 22 Fueling Strategy: Please “FUEL AS NEEDED TODAY/TONIGHT” prices are down less than 1/4 cent but Friday prices will drop 1.5 cents ~ Be Safe Today!
NYEX Crude $ 71.93 DN $1.2400
NYMEX ULSD $2.2497 DN $0.0135
NYMEX Gas $2.2050 DN $0.0513
NEWS
Oct WTI crude oil Wednesday closed down -1.24 (-1.69%), and Oct RBOB gasoline closed down -3.22 (-1.55%).
Crude oil and gasoline prices Wednesday gave up early gains and tumbled to 6-1/2 month lows. US energy demand concerns are undercutting crude prices after the US Bureau of Labor Statistics (BLS) revised US payrolls down more than expected. Also, hopes for a cease-fire deal between Israel and Hamas are taking some risk premium out of crude prices. Crude prices sold off Wednesday despite a fall in the dollar index (DXY00) to a 7-1/2 month low, and after weekly EIA crude inventories fell more than expected to a 6-1/2 month low.
Signs of a weaker US labor market are bearish for energy demand and crude prices after the BLS revised US payrolls down by -818,000 for the year through March, a bigger decline than expectations of -600,000 and the largest downward revision since 2009, signaling a weaker labor market than was originally reported.
Weakness in the crude crack spread is bearish for crude prices as the crack spread sank to a 2-3/4 year low Wednesday, discouraging refiners from purchasing crude oil and refining it into gasoline and distillates.
Have a Great Day!
Loren R Bailey, President
Office: 479-846-2761
Cell: 479-790-5581
SCHEDULED OUT OF OFFICE
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”
“Coming Together is the Beginning; Keeping Together is Progress; Working Together is Success” ~ Henry Ford