Market Close: July 05 UP, Diesel UP $.1160
Jul 5th, 2023 by loren
Fueling Strategy: Please fuel as needed today/tonight ~ Be Safe
NMEX Crude $ 71.79 UP $2.0000
NYMEX ULSD $2.4933 UP $0.1160
NYMEX Gas $2.5183 UP $0.0559
NEWS
Crude oil and gasoline prices Wednesday rallied to 1-week highs and closed sharply higher. The outlook for tighter global crude supplies is pushing prices higher after Saudi Arabia and Russia announced Monday that they would cut their crude production.
In a supportive factor for oil prices, Saudi Arabia said it would extend its unilateral 1 million bpd production cut through August, keeping Saudi Arabia’s crude output at about 9 million bpd, the lowest level in several years. Also, Russia pledged Monday that it would voluntarily cut 500,000 bpd of crude output in August.
Comments Wednesday from Saudi Energy Minister Price Abdulaziz bin Salman were bullish for oil prices when he said he would do “whatever is necessary” to keep the oil market stable and that Russia’s pledge to cut crude production is meaningful because it applies to oil exports.
Have a Great Day,
Loren R Bailey, President
Office: 479-846-2761
Cell: 479-790-5581
SCHEDULED OUT OF OFFICE
JULY 07 AT 2:00 PM
JULY 11 AT 2:00 PM
JULY 18 AT NOON
JULY 21 AT 3:00 PM
Tell Us How We’re Doing On Google Business
https://g.page/r/CUyL9wDolv04EAI/review
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 30-years of Service Excellence”
“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.” ~ Douglas Adams