Market Close: Dec 06 DOWN, Diesel DN $.0231 Gas DN $.0263
Dec 7th, 2024 by loren
Fueling Strategy: Please “FUEL AS NEEDED TODAY/TONIGHT”,Prices are DOWN 1.25 Cents Today, Sunday prices will go DOWN another 3 Cents ~ Be Safe Today!
NYEX Crude $ 67.20 DN $1.1000
NYMEX ULSD $2.1326 DN $0.0231
NYMEX Gas $1.9062 DN $0.0263
NEWSJ
January WTI crude oil closed down -1.10 and January RBOB gasoline closed down -0.0263.
Crude oil and gasoline prices today are moderately lower, with crude posting a 2-1/2 week low and gasoline posting a 2-month low. A stronger dollar today is bearish for energy prices. Crude prices are also under pressure from a report from Macquarie Group that projects a “heavy surplus” next year of more than 1 million bpd as non-OPEC supply growth makes up for any supply restraints from OPEC+. Limiting losses in crude was better-than-expected US economic reports on Nov payrolls and Dec consumer sentiment, supportive factors for energy demand.
Today’s global economic news was mixed for crude prices. On the negative side, the US Nov unemployment rate unexpectedly rose +0.1 to 4.2%, showing a weaker labor market than expectations of no change at 4.1%. Also, German Oct industrial production unexpectedly fell -1.0% m/m, weaker than expectations of +1.0% m/m. Conversely, US Nov nonfarm payrolls rose +227,000 stronger than expectations of +220,000. Also, the University of Michigan US Dec consumer sentiment index rose +2.2 to an 8-month high of 74.0, stronger than expectations of 73.2.
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