Market Close: Feb 02 Down, Diesel DN $.0529, Gas DN $.0473
Feb 2nd, 2024 by loren
Fueling Strategy: Please “PARTIAL FILL ONLY” tonight, Saturday prices will drop 7.5 cents then Sunday look for prices to drop another 5 cents ~ Be Safe
NMEX Crude $ 72.28 DN $1.5400
NYMEX ULSD $2.6600 DN $0.0529
NYMEX Gas $2.1475 DN $0.0473
NEWS
March WTI crude oil on Friday closed down -1.54 (-2.09%), and Mar RBOB gasoline closed down -4.73 (-2.16%). Crude oil and gasoline prices on Friday tumbled to 2-week lows and closed moderately lower. Friday’s rally in the dollar index to a 7-week high weighed energy prices. Also, advanced negotiations to halt the war in Gaza and release hostages are reducing the geopolitical risk premium in crude prices. Technical selling added to Friday’s decline in crude after prices fell below their 50 and 200-day moving averages, triggering trend-following algorithms.
Crude prices are under pressure as negotiations continue for a halt in the war in Gaza, which has threatened crude shipments from the Middle East. Bloomberg reported that talks are advancing for an agreement to pause the Israel-Hamas war and free civilian hostages captured by Hamas.
Friday’s stronger-than-expected U.S. economic news is bullish for energy demand and crude prices. Jan nonfarm payrolls jumped +353,000, stronger than expectations of +185,000 and the biggest increase in a year. Also, the Jan unemployment rate was unchanged at 3.7%, showing a stronger labor market than expectations of an increase to 3.8%. In addition, the University of Michigan U.S. Jan consumer sentiment index was revised upward by +0.2 to a 2-1/2 year high of 79.0, stronger than expectations of 78.9.
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Loren R Bailey, President
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