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Market Close: Feb 02 Down, Diesel DN $.0529, Gas DN $.0473

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.

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!

“Celebrating 31-years of Service Excellence”

www.FuelManagerServices.com

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Categories: Fuel News
loren: Fuel Manager Services Inc. "Serving the trucking industry since 1992" I've been in and around the trucking industry for 45-years beginning in owner operator operations at Willis Shaw Express. I bought a small trucking company that I ran for 6-years then sold and went to work for J.B. Hunt Transport in 1982. After 10-years with Hunt, I started Fuel Manager Services, Inc., we are in our 29th year of serving the American trucking companies. Our simple goal was and is to bridge the gap between the trucking companies and the fuel suppliers.