Fueling Strategy: Please keep tanks topped out today, tonight before 23:00 CST make sure tanks are complete full of fuel, Wednesday prices will go UP 6.5 cents ~ Be Safe Today
Russia’s move into Ukraine has the potential to affect not just oil and natural gas but several commodities, including palladium, nickel and wheat — most of which moved higher Tuesday. “Escalating tensions between Russia and Ukraine are putting a strong bid in for commodities,” said Chris Blasi, president of precious-metals dealer Neptune Global. “Depending on the specifics of any proposed sanctions, should they be implemented, they could prove counterproductive,” he told MarketWatch. “If not thoughtfully constructed, the pain felt by Russia may be dwarfed by the inflationary pain the rest of the world could experience from rising commodity prices.”
Russian President Vladimir Putin said on Monday that he recognized the independence of pro-Moscow separatist factions in Luhansk and Donetsk, Ukraine, and ordered troops into the breakaway regions. President Joe Biden on Tuesday said the U.S. would sanction two Russian banks as well as the country’s sovereign debt , as he blamed Moscow for what he called the beginning of an invasion of Ukraine. The conflict between Russia and Ukraine has contributed to a rally for a number of a commodities over the past few weeks as it has the potential to have a wide impact on the commodities market.
Russia is a major producer of oil, natural gas, palladium, nickel, and wheat, while Ukraine is a major corn and wheat exporter and an important transit route for Russian natural-gas flows to Europe.
Both U.S. and global benchmark oil prices have recently touched their highest levels since about September 2014. “Global inventories have already been tightening before the latest developments in Ukraine,” said Marshall Steeves, energy markets analyst at IHS Markit. “So $100 oil had been priced in to the extent that tighter inventories warrant it.” “Further tensions and a ratcheting up in troops could support further gains. It remains to be seen how far this situation deteriorates,” he told MarketWatch.
On Tuesday, March West Texas Intermediate crude settled at $92.35 a barrel, up $1.28, or 1.4%, on the contract’s expiration day on the New York Mercantile Exchange session. The U.S. benchmark settled at $95.46 on Feb. 14, the highest since September 2014. April Brent crude tacked on $1.45, or 1.5%, to $96.84 a barrel on ICE Futures Europe — the highest front-month contract finish since September 2014.
https://g.page/r/CUyL9wDolv04EAI/review
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!
