Fueling Strategy: Please “KEEP YOUR TANKS TOPPED TODAY/TONIGHT”, Wednesday prices will go UP 1 Cents ~ Be Safe Today!

NYEX Crude      $  73.56 DN $.4000   

NYMEX ULSD     $2.3552 UP $.0074

NYMEX Gas       $2.0317 DN $.0182

NEWS

The February WTI  trading session settled at 73.56 (-0.40) , a high of 74.99, a low of 73.20. Cash price is at 73.94 (+0.84), while open interest for CLG25 is at 310,913. CLG25 settled above its 5 day (72.66), above its 20 day (70.27), above its 50 day (69.41), above its 100 day (69.67), above its 200 day (72.65) and above its year-to date (73.52) moving averages. The COT report (Futures and Options Summary) as of 12/24 showed commercials with a net short position of -271,751 (an increase in short positions by -15,345 from the previous week) and non-commercials who are net long +266,318 (an increase in long positions by +18,085 from the previous week).

The White House announced this morning that President Biden will be moving forward with his executive order to permanently ban new offshore oil and gas development in more than 625 million acres of U.S. coastal waters. According to Bloomberg, “Biden’s planned declaration is rooted in a 72-year-old law that gives the White House wide discretion to permanently protect US waters from oil and gas leasing without explicitly empowering presidents to revoke the designations.” In an interview with Hugh Hewitt this morning incoming President Trump said  “The good news is I can change it immediately, it’ll be changed on day one.” It was also reported that the Biden administration is looking to tack on more sanctions on Russia’s oil market before leaving office on the 20th, specifically targeting shipping tankers, Reuters reported.

On Truth Social, President-elect Trump dismissed a story published by the Washington Post, who cited anonymous sources claiming Trump would alter and roll back some of his proposed tariff policies. In response Trump said the Washington Post story was quote “just another example of Fake News.”. The U.S. Dollar Index closed lower by -0.66%.

Canada’s Prime Minister Justin Trudeau announced he would be stepping down after Canada held elections to find his replacement. On online betting markets, such as Polymarket, Pierre Poilievere, leader of the Conservative Party of Canada, has the highest odds to succeed Mr. Trudeau. Mr. Poilievre has said in past interviews that he would repeal Canada’s carbon tax, roll back red tape affecting the country’s energy policies, and work to open new Canadian oil refineries, nuclear power plants, and natural gas facilities, while also remaining committed to green energy initiatives.

After previously being rumored last week, Saudi Aramco has raised its crude oil prices for the Asian market for February by 60 cents per barrel, which is the first increase in three months after selling at a four-year low in December. I believe, as well as many others who follow the crude markets, that this signals Saudi’s optimism that oil demand is picking up.

U.S. dockworker union leaders and the U.S. Maritime Alliance will resume negotiations today. The previous dockworkers’ strike was halted in October after the parties reached a tentative deal. The deadline for a new agreement is January 15th. Roughly 47,000 dockworkers on the East and Gulf Coast will be affected, and according to data from the American Association of Port Authorities, the affected ports handle about half of America’s container volumes. The world’s second largest container carrier, Maersk, told companies last week to remove cargo from the affected ports before January 15th. Economists estimate that daily lost revenue could range from $1 billion to $5 billion, with the potential for this figure to grow as the strike continues.

Have a Great New Years!

Loren R Bailey

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 32-years of Service Excellence”

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“Coming Together is the Beginning; Keeping Together is Progress; Working Together is Success”  ~ Henry Ford