Fueling Strategy: Please “PARTIAL FILL ONLY TODAY/TONIGHT OR BETTER YET WAIT TO FUEL UNTIL FRIDAY AM”,Prices are UP 4 Cents Today,  Friday prices will go DOWN 5 Cents ~ Be Safe Today!  

NYEX Crude      $  68.54 DN $1.4000

NYMEX ULSD     $2.1674 DN $0.0503

NYMEX Gas       $1.9391 DN $0.0233

NEWS

January WTI crude oil Wednesday closed down -1.40, and January RBOB gasoline closed down -0.0233. 

Crude oil and gasoline prices Wednesday gave up an early advance and settled moderately lower.  Weaker than expected US economic news Wednesday on Nov ADP employment and Nov ISM services is negative for energy demand and weighed on crude prices.   Wednesday’s rally in the S&P 500 to a new record high supported crude as it shows confidence in the economic outlook supporting energy demand and crude prices.  Wednesday’s weekly EIA report was mixed for crude and products after crude inventories fell more than expected, but gasoline and distillate stockpiles unexpectedly rose.

Wednesday’s US economic news was weaker than expected and bearish for crude prices.  The Nov ADP employment change rose +146,000, slightly weaker than expectations of +150,000.  Also, the Nov ISM services index fell -3.9 to 52.1, weaker than expectations of 55.3.

A decline in crude oil held worldwide on tankers is bullish for oil prices.  Vortexa reported Monday that crude oil stored on tankers that have been stationary for at least seven days fell by -2.5% w/w to 68.74 million bbl in the week ended November 29.

Crude has support from expectations that OPEC+ will delay an expected +180,000 bpd of production from January until Q2 of 2025, when the group meets online on December 5.  The group had previously agreed to restore 2.2 million bpd of output in monthly installments between January and late 2025.  Also, the UAE is being allowed to gradually phase in a further 300,000 bpd in recognition of recent increases in its production capacity.  OPEC Nov crude production rose +120,000 bpd to 27.02 million bpd.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

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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!

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