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Market Close: July 29 DOWN, Diesel DN $.0447, Gas DN $.0452

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

SCHEDULED OUT OF OFFICE  

July 26 Out After 15:00 CST

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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!

“Celebrating 31-years of Service Excellence”

www.FuelManagerServices.com

“Coming Together is the Beginning; Keeping Together is Progress; Working Together is Success”  ~ Henry Ford

Categories: Fuel News
loren: Fuel Manager Services Inc. "Serving the trucking industry since 1992" I've been in and around the trucking industry for 45-years beginning in owner operator operations at Willis Shaw Express. I bought a small trucking company that I ran for 6-years then sold and went to work for J.B. Hunt Transport in 1982. After 10-years with Hunt, I started Fuel Manager Services, Inc., we are in our 29th year of serving the American trucking companies. Our simple goal was and is to bridge the gap between the trucking companies and the fuel suppliers.