Fueling Strategy: Please fuel as needed today/tonight as prices are down another 6.5 cents but Saturday prices will go back UP 3.5 cents so make sure tanks are full of fuel tonight before 23:00 CST, Sunday prices will drop 13.1 cents ~ Be Safe
Fueling Strategy: For Gasoline Users – Please don’t fuel tonight Saturday gasoline prices will drop 2.5 cents ~ Be Safe
NMEX Crude $ 79.68 DN $1.3300
NYMEX ULSD $3.2655 DN $0.1310
NYMEX Gas $2.5886 DN $0.0235
NEWS
Bulls approached and quickly withdrew from oil’s 100-day moving average, driving crude to its first weekly loss since the start of the year.
West Texas Intermediate shed 2% this week with much of that retreat occurring on Friday. Throughout the week, oil rallied on optimism driven by China’s gathering rebound only to swing as risk-off sentiment descended upon broader markets amid uneven corporate earnings and lingering questions over how the Federal Reserve will react.
Despite oil encountering resistance after running headlong into the 100-day moving average at $81.99, investors are still betting on growth. Money managers increased their bullish positions on Brent, the global benchmark, to the highest in 11 months. Brent’s spread flipped into a premium this week, signaling expectations that demand will outstrip supply in the short term.
Crude has recovered from a massive drop at the start of the year, with much of the optimism coming from China, the biggest importer. Investors are monitoring the impact of European Union sanctions on Russia’s seaborne shipments of petroleum products early next month, which some warn could be more disruptive than past restrictions. Analysts at JP Morgan Chase & Co said in a note Friday that the profit margin for turning oil into products like diesel is soaring and supportive of further crude demand.
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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