Fueling Strategy: VERY IMPORTANT – Please top all tanks before 23:00 CST tonight due to Friday AM wholesale prices will jump up over 11 cents, Yes 11 Cents THEN Saturday UP another 8 Cents – Be Safe Today!

New Help Desk number is 479-846-2761

NYMEX Crude $ 51.06 UP $1.6200
NY Harbor ULSD $1.6479 UP $0.0716
NYMEX Gasoline $1.5470 UP $0.0645

NEWS
Oil prices surged as much as 5 percent on Thursday, with Brent crude at its highest in about 16 months, extending gains after OPEC and Russia agreed to restrict output to reduce the global supply glut more quickly.

The Organization of the Petroleum Exporting Countries agreed on Wednesday to its first oil output reduction since 2008 after de-facto leader Saudi Arabia accepted “a big hit” and dropped a demand that arch-rival Iran also slash output. The deal also included the group’s first coordinated action with non-OPEC member Russia in 15 years. On Thursday, Azerbaijan said it was also willing to engage in talks on cuts. Doubts about the historic deal were widespread in the market.

The Intercontinental Exchange Inc also said ICE Brent crude futures hit a daily volume record of 1.96 million contracts on Wednesday. Even after Thursday’s steep rise, oil prices remained about half their mid-2014 levels, when prices began to collapse to the lowest in a generation.

OPEC produces a third of global oil, or around 33.6 million bpd, and the deal aims to reduce output by 1.2 million bpd from January 2017, similar to January 2016 levels, when prices fell to 10-year lows amid ballooning oversupply. “We do not believe that oil prices can sustainably remain above $55 per barrel, with global production responding first and foremost in the U.S.,” Goldman Sachs said. The head of the International Energy Agency Fatih Birol warned of greater volatility after the OPEC deal. “Unlike in the past OPEC decisions, if prices move to around $60, a substantial amount of oil in United states is ready to come to the markets,” Birol said.

Coinciding with the OPEC cuts, supply of the four major North Sea grades of crude oil will hit a one-year high next month, according to monthly loading programs.