Fueling Strategy: Please “PARTIAL FILL ONLY” today due to Friday wholesale prices will DROP 5 Cents ~ Be Safe

NMEX Crude      $ 72.02 UP $.6500

NYMEX ULSD     $2.6738 UP $.0732

NYMEX Gas       $2.1143 UP $.0470

NEWS

February WTI crude oil on Thursday closed up +0.65 (+0.91%), and Feb RBOB gasoline closed up +4.70 (+2.27%). Crude oil and gasoline prices Thursday settled moderately higher on an escalation of geopolitical risks in the Middle East after Iran seized an oil tanker in the Gulf of Oman.  

The increased number of hostile incidents in the Red Sea against commercial shipping is bullish for oil prices.  On Tuesday, the rebels launched one of their biggest attacks to date on commercial shipping lanes in the Red Sea as the U.S. Central Command said eighteen drones, two anti-ship cruise missiles, and one anti-ship ballistic missile were shot down by allied forces Tuesday in the Red Sea.  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.  U.S. Secretary of State Blinkin on Tuesday said there would be “consequences” for the Houthis if they continued to assault ships.

Crude oil prices have support from tighter global crude supplies after Libya’s National Oil Corporation on Sunday declared force majeure at its Sharara oil field that was shut down last Wednesday after protestors entered the facility.  The Sharara oil field is Libya’s largest and pumps about 300,000 bpd.

Have a Great Day!

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!

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