Fueling Strategy: Today, Friday, prices have dropped 19 cents, yes 19 cents, Saturday prices will drop another 5.5 cents THEN Sunday prices will drop 12 cents ~ Be Safe
Fueling Strategy: For Gasoline Users – Please do not fill tonight if possible, Saturday gasoline prices will drop 13 cents – Be Safe
NMEX Crude $ 73.39 DN $2.4900
NYMEX ULSD $2.7753 DN $0.1214
NYMEX Gas $2.3210 DN $0.1313
NEWS
Oil slumped as long-term headwinds overwhelmed the positive sentiment from a strong US labor market.
Brent crude, the global benchmark, plunged below $80 a barrel, reaching the lowest since mid-January. While oil futures were boosted by a positive US jobs report earlier in the session, the fundamental picture for the commodity remains bearish.
US crude inventories are at the highest since mid-2021, signaling supply remains ample. Meanwhile, the demand picture has blurred as the strength of China’s recovery remains in question while central banks around the world continue to hike interest rates, a move that could provoke a global economic slowdown.
With markets starting to price in the potential for higher interest rates, the US dollar will strengthen, causing “liquidation pressure in crude,” said Dennis Kissler, senior vice president of trading at BOK Financial Securities.
Weekly data on market positioning published by the Commodity Futures Trading Commission will be delayed after a cyberattack on ION Trading UK meant some clearing members were unable to provide accurate data.
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