Market Close: Aug 30 DOWN, Diesel DN $.0325, Gas DN $.0360
Aug 31st, 2024 by loren
Aug 31 Fueling Strategy: Please, If possible, “PARTIAL FILL ONLY TODAY/TONIGHT” Prices are UP over 5 cents today BUT will DROP 3 Cents Sunday ~ Be Safe
NYEX Crude $ 73.55 DN $2.3600
NYMEX ULSD $2.2515 DN $0.0325
NYMEX Gas $2.2117 DN $0.0360
NEWS
Oct WTI crude oil Friday closed down -2.36 (-3.11%), and Oct RBOB gasoline closed down -1.48 (-0.70%).
Crude oil and gasoline prices Friday fell sharply. Friday’s rally in the dollar index to a 1-1/2 week high weighed on energy prices. Crude also came under pressure Friday on a Reuters report that said OPEC+ plans to proceed with its previously announced production hikes in the fourth quarter.
Reuters reported Friday that several delegates within the OPEC+ coalition said they expect to add 543,000 bpd of crude output in October as it gradually restores the crude output halted since late 2022. The International Energy Agency (IEA) predicts that the global oil market will tip into surplus next quarter if OPEC+ increases production.
Friday’s global economic news was mixed for energy demand and crude prices. On the negative side, Japan’s July industrial production rose +2.8% m/m, weaker than expectations of +3.5% m/m. Also, Japan’s July jobless rate unexpectedly rose +0.2 to a 17-month high of 2.7%, showing a weaker labor market than expectations of no change at 2.5%. On the positive side, the US Aug MNI Chicago PMI unexpectedly rose +0.8 to 46.1, stronger than expectations of a decline to 44.8. Also, the Eurozone July unemployment rate unexpectedly fell -0.1 to a record low of 6.4%, showing a more robust labor market than expectations of no change at 6.5%.
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
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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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