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
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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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