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Market Close: Jan 11 UP, Diesel UP $.0732, Gas UP $.0470

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!

“Celebrating 31-years of Service Excellence”

www.FuelManagerServices.com

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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.