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Market Close: Feb 5 Up

Fueling Strategy: Please partial fill only tonight, Friday AM wholesale prices will drop 8 cents – Be Safe!
NYMEX Crude         $  50.48 UP $2.0300
NY Harbor ULSD    $1.8059 UP $0.0393
NYMEX Gasoline   $1.5248 UP $0.0431
Reminder: For the BEST fuel additive (more parts per million of active ingredient) go www.FuelManagerServices.com then click on additive link –
NEWS

Crude-oil futures settled with a more than 4% gain to reclaim the $50-a-barrel level on Thursday, as better-than-expected jobless claims data in the U.S. and a higher economic growth forecast for the European Union helped improve the outlook for energy demand.

On the New York Mercantile Exchange, March crude rose $2.03, or 4.2%, to settle at $50.48 a barrel. Prices lost more than double that amount in the previous session. U.S. jobless claims bounced off a 14-year low, boosting hopes ahead of non-farm payroll data Friday, said Matt Smith, a commodity analyst at Schneider Electric. See Economic calendar. The European Union on Thursday also raised its growth forecast. Signs of economic improvement may lead to a boost in demand for energy, which may help reduce the glut of U.S. oil supplies.

On Thursday, Brent crude rose $2.41, or 4.5%, to end at $56.57 a barrel on London’s ICE Futures exchange. U.S. oil futures had tallied a gain of 19% within a span of four trading sessions that ended Tuesday, raising hopes among oil-market bulls that prices had bottomed. But a jump in U.S. crude supplies to their highest level in 80 years sent oil prices down sliding nearly 9% on Wednesday.

Few upward pressures on oil prices: Coming seasonal refinery maintenance and the resulting drop in oil demand at refineries is likely to lead to further large crude inventory increases, according to BNP Paribas.

Oil has shed more than half of its value since last summer as tepid demand created a global oil glut.

 

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.