Market Close: Feb 07 UP, Diesel UP $.0725, Gas UP $.0457
Feb 7th, 2024 by loren
Fueling Strategy: Please “KEEP YOUR TANKS TOPPED” prices will JUMP up another 2 cents Thursday ~ Be Safe
NMEX Crude $ 73.86 UP $.5500
NYMEX ULSD $2.8152 UP $.0725
NYMEX Gas $2.2630 UP $.0457
NEWS
March WTI crude oil on Wednesday closed up +0.55 (+0.75%), and Mar RBOB gasoline closed up +4.57 (+2.06%). Crude oil and gasoline prices Wednesday settled moderately higher. A weaker dollar on Wednesday was bullish for energy prices. Also, ongoing geopolitical risks in the Middle East are underpinning crude prices as Houthi rebels attacked two more ships in the southern Red Sea. Gains in crude prices were limited after weekly EIA crude inventories rose more than expected.
Geopolitical tensions in the Middle East continue to support crude prices. The U.S. and UK have ramped up airstrikes against Houthi rebels in Yemen in retaliation for Houthi attacks on commercial shipping in the Red Sea. Last month, the U.S. Navy advised vessels to avoid the southern Red Sea. Houthis started attacking ships in the Red Sea in mid-November in support of Hamas in the Israeli-Hamas war and said they won’t stop the attacks until Israel ends its assault on Gaza. Attacks on commercial shipping in the Red Sea by Iran-backed Houthi rebels have forced shippers to divert shipments around the southern tip of Africa instead of going through the Red Sea, disrupting global crude oil supplies.
Strength in the crude crack spread supports crude prices as the crack spread on Wednesday climbed to a 4-1/2 month high. The stronger crack spread encourages refiners to boost their crude oil purchases and refine it into gasoline and distillates.
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Loren R Bailey, President
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