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Market Close: Jan 10 Mixed

Fueling Strategy: Please fuel as needed today/tonight, prices are down 7.5 cents and will go down another penny Saturday then another 2 cents Sunday – Be Safe
NYMEX Crude    $ 59.04 DN $.5200
NYMEX ULSD     $1.9284 DN $.0217
NYMEX Gas       $1.6596 UP $.0069
NEWS
Oil prices have now fallen below where they were before the assassination of General Soleimani, suggesting that traders have turned their focus away from geopolitical tensions and are instead worrying about a global oil glut in 2020. Oil prices are set to close out the week down sharply, lower than where they were before the Soleimani killing. WTI is currently nearing its one-month low. With de-escalation in the air, the geopolitical risk premium has disappeared for the time being.

Product stocks soar. Crude stocks rose slightly in the past week, but gasoline stocks shot up sharply. In the past two weeks, gasoline stocks have increased by more than 22 million barrels. The EIA data was released shortly after President Trump spoke about Iran, a move the market interpreted as a de-escalation. The EIA data combined with the Iran news sent oil prices tumbling.

Iran wants U.S. out of the Middle East. “It is in their interest that they pack and leave voluntarily, not only Iraq but Afghanistan and the Arabic countries,” Brig. Gen. Amir Ali Hajizadeh said on Thursday. The U.S. faces uncertainty in Iraq as the Iraqi parliament and Prime Minister have voiced support for expelling American forces from the country.

EPA tightens pollution on trucks. The U.S. EPA initiated a process to limit emissions of nitrogen dioxide from heavy trucks. The industry supports it, as analysts say the move could head off stricter state-level standards in California.

U.S. GHG emissions fall 2 percent. U.S. greenhouse gas emissions declined by 2.1 percent last year, due to an 18 percent decline in coal generation. Without policy changes, analysts say emissions declines will not accelerate.

Have a Great Day,
Loren R Bailey, President
Fuel Manager Services Inc.
Office: 479-846-2761
Cell: 479-790-5581
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.