Fueling Strategy: Please, If possible, “PARTIAL FILL ONLY TODAY/TONIGHT” Prices are DOWN 6 Cents BUT will DROP another 5 cents Friday ~ Be Safe Today!
NYEX Crude $ 74.38 DN $1.0100
NYMEX ULSD $2.2291 DN $0.0571
NYMEX Gas $2.2148 DN $0.0321
NEWS
Oct WTI crude oil Wednesday closed down -1.01 (-1.34%), and Oct RBOB gasoline closed down -3.21 (-1.44%).
Crude oil and gasoline prices posted moderate losses on Wednesday. Dollar strength Wednesday undercut energy prices. Crude prices extended their losses after weekly EIA crude inventories fell less than expected. Losses in crude were limited by heightened Middle East tensions and the halt to Libya’s crude exports that have taken more than 1 million bpd of crude off the global market.
Weakness in the crude crack spread is bearish for oil prices as the crack spread today dropped to a new 3-1/2 year low, discouraging refiners from purchasing crude oil and refining it into gasoline and distillates.
An increase in Russian crude exports has boosted global supplies and is bearish for oil prices. Weekly vessel-tracking data from Bloomberg showed Russian crude exports rose by +390,000 bpd to 3.35 million bpd in the week to August 25, the highest in nearly two months.
Meanwhile, increased Russian crude production is negative for oil prices after Russia’s Energy Ministry reported last Friday that Russia’s July crude production was 9.045 million bpd, about 67,000 bpd above the output target it agreed to with OPEC+.
Have a Great Day!
Loren R Bailey, President
Office: 479-846-2761
Cell: 479-790-5581
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Aug 30 – Out of Office after 15:00
Sep 20 – 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”
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