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Market Close: July 31 UP, Diesel UP $.0787, Gas UP $.0949

Fueling Strategy: Prices are down 4 cents today, Please “KEEP YOUR TANKS TOPPED TODAY/TONIGHT” ahead of Friday price JUMP UP 8 Cents ~ Be Safe Today

NYEX Crude      $  77.91 UP $3.1800

NYMEX ULSD     $2.4155 UP $0.0787

NYMEX Gas       $2.4820 UP $0.0949

NEWS

Sep WTI crude oil on Wednesday closed up +3.18 (+4.26%), and Sep RBOB gasoline closed up +9.82 (+4.19%).Crude oil prices Wednesday rallied sharply.  

Wednesday’s fall in the dollar index to a 1-1/2 week low was bullish for energy prices.  Crude is also climbing on increased geopolitical tensions in the Middle East that could lead to a disruption of the region’s crude supplies after Israel launched an airstrike in Iran that killed a Hamas leader and an airstrike in Beirut that killed a Hezbollah leader.   Iranian Supreme leader Ayatollah Ali Khamenei said he had a “duty to seek vengeance” and that Israel should prepare for “severe punishment.”  

Crude prices extended their gains after weekly EIA crude inventories fell more than expected to a 5-3/4 month low.  Wednesday’s global economic news mixed for energy demand and crude prices.  On the positive side, US Jun pending home sales rose +4.8% m/m, stronger than expectations of +1.5% m/m and the biggest increase in 6 months.  

Also, Japan Jun retail sales rose +0.6% m/m and +3.7% y/y, stronger than expectations of +0.2% m/m and +3.2% y/y.  On the negative side, the US Jul ADP employment change rose +122,000, weaker than expectations of +150,000 and the smallest increase in 6 months.  Also, the BOJ cut its 2024 Japan GDP forecast to 0.6% from 0.8% 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.

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!

“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.