Market Close: July 29 DOWN, Diesel DN $.0447, Gas DN $.0452
Jul 30th, 2024 by loren
July 30th Fueling Strategy: Please, If possible, don’t fuel today or “PARTIAL FILL ONLY TODAY/TONIGHT” Wednesday prices will drop 4.5 cents ~ Be Safe
NYEX Crude $ 75.81 DN $1.3500
NYMEX ULSD $2.3750 DN $0.0447
NYMEX Gas $2.4153 DN $0.0452
NEWS
Sep WTI crude oil Monday closed down -1.35 (-1.75%), and Sep RBOB gasoline closed down -4.47 (-1.85%).Crude oil prices Monday posted moderate losses, with crude tumbling to a 7-week low. Monday’s rally in the dollar index (DXY00) to a 2-week high undercut energy prices. Also, energy demand concerns in China, the world’s second-largest crude consumer, are weighing on crude prices after China recently reported Q2 GDP that was the slowest economic growth in five quarters.
Crude oil prices have underlying support from the Hamas-Israel conflict. Israel’s military continues to conduct operations in Gaza, and there is the continued risk that the war might spread to Hezbollah in Lebanon or even to a direct conflict with Iran. Meanwhile, ongoing 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.
An increase in crude oil held around the world on tankers is bearish for prices. Vortexa reported Monday that crude oil stored on tankers that have been stationary for at least 7 days rose by +1.1% to 78.45 million bbl in the week ended July 26.
OPEC+ rolled out a plan to restore some crude production in Q4, which sparked worries about a glut in global oil supplies. On June 2, OPEC+ extended the 2 million bpd of voluntary crude production cuts into Q3 but said they would gradually phase out the cuts over the following 12 months, beginning in October. OPEC pledged to extend its crude production cap at about 39 million bpd to the end of 2025. Also, the UAE was given a 300,000 bpd boost to its production target for 2025. In June, OPEC crude production fell -80,000 bpd to 26.98 million bpd.
Have a Great Day!
Loren R Bailey, President
Office: 479-846-2761
Cell: 479-790-5581
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July 26 Out After 15:00 CST
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