Fueling Strategy: Please “KEEP YOUR TANKS TOPPED” today/tonight, Saturday prices will go UP another 7.5 Cents ~ Be Safe

NMEX Crude      $ 72.68 UP $.6600

NYMEX ULSD     $2.6693 DN $.0045

NYMEX Gas       $2.1203 UP $.0060

NEWS

February WTI crude oil on Friday closed up +0.66 (+0.92%), and Feb RBOB gasoline  closed up +0.60 (+0.28%). Crude oil and gasoline prices Friday climbed to 2-week highs and settled moderately higher.  Crude prices rose on an escalation of geopolitical risks in the Middle East after the U.S. and its allies launched airstrikes against Houthi rebels in Yemen, retaliating for attacks on commercial ships in the Red Sea.   Late Thursday, President Biden said air strikes had been conducted against a number of targets in Yemen for attacking ships in the Red Sea.  In response, the Houthis said all U.S. and UK shipping interests are now legitimate targets for attacks. Crude prices fell back from their best levels after a recovery in the dollar sparked long liquidation in energy futures.

The increased number of hostile incidents in the Red Sea against commercial shipping is bullish for oil prices.  The Houthis started attacking ships in the Red Sea in mid-November in support of Hamas in the Israeli-Hamas war and said they won’t stop the attacks until Israel ends its assault on Gaza.  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.  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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