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Market Close: July 30 DOWN, Diesel DN $.0382, Gas DN $.0282

July 31st Fueling Strategy: Please, If possible, don’t fuel today or “PARTIAL FILL ONLY TODAY/TONIGHT”  Prices are down 4.5 cents but will go down another 4 cents Thursday~ Be Safe

NYEX Crude      $  74.73 DN $1.0800

NYMEX ULSD     $2.3368 DN $0.0382

NYMEX Gas       $2.3871 DN $0.0282

NEWSep WTI crude oil (CLU24) on Tuesday closed down -1.08 (-1.42%), and Sep RBOB gasoline (RBU24) closed down -2.50 (-1.05%). Crude oil prices Tuesday extended Monday’s slide, with crude posting a new 7-week low.  Tuesday’s rally in the dollar index (DXY00) to a 2-1/2 week high was bearish for energy prices.  Also, energy demand concerns in China, the world’s second-largest crude consumer, are weighing on crude prices after Citigroup cut its 2024 China GDP estimate to 4.8% from 5.0%.  Tuesday’s global economic news was stronger than expected and positive for energy demand and crude prices.  US Jun JOLTS job openings fell -46,000 to 8.184 million, showing a stronger labor market than expectations of 8.000 million.  

Also, the Conference Board US Jul consumer confidence index rose +2.5 to 100.3, stronger than expectations of 99.7.  In addition, Eurozone Q2 GDP grew +0.3% q/q and +0.6% y/y, stronger than expectations of +0.2% q/q and +0.5% y/y.  Finally, the Japan Jun jobless rate unexpectedly fell -0.1 to 2.5%, showing a stronger labor market than expectations of no change at 2.6%.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 worldwide 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.

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

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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.