Market Close: July 16 DOWN, Diesel DN $.0448, Gas DN $.0141
Jul 17th, 2024 by loren
7/17/24 Fueling Strategy: Please, If possible, “PARTIAL FILL ONLY TODAY/TONIGHT” Thursday prices will DROP 4.5 Cents ~ Be Safe
NYEX Crude $ 80.76 DN $1.1500
NYMEX ULSD $2.5136 DN $0.0448
NYMEX Gas $2.4916 DN $0.0141
NEWS
WTI Crude Oil futures struggled to hold footing Monday after Chinese GDP came in at 4.7% y/y Sunday night, lower than the 5.1% forecast and the lowest since Q1 2023.
Although Industrial Production for June did beat at 5.3% versus 4.9%, it slowed from the prior month’s while Retail Sales also missed and Fixed Asset Investment hit a four-month low. The slate of poor economic data played into the “slowing China” narrative and left a difficult path for Crude Oil which has hit the lowest since June 26th this morning.
U.S. Retail Sales data came in better than expected this morning, which reinforces the idea of a strong economy domestically, and one that can support prices at the pump.
Have a Great Day!
Loren R Bailey, President
Office: 479-846-2761
Cell: 479-790-5581
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July 19 After Lunch
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