Fueling Strategy: Please “KEEP YOUR TANKS TOPPED TODAY/TONIGHT, Thursday prices will go UP 4 Cents ~ Be Safe Today
NYEX Crude $ 81.57 UP $1.2400
NYMEX ULSD $2.5208 UP $0.0383
NYMEX Gas $2.4832 UP $0.0363
NEWS
July WTI crude oil on Tuesday closed up +1.24, and July RBOB gasoline closed up +3.63. Crude oil and gasoline prices Tuesday finished moderately higher, with crude posting a 7-week high and gasoline posting a 3-week high. A weaker dollar Tuesday was supportive of energy prices. Crude also has support on expectations that global oil supplies will remain tight in the medium term after Saudi Arabia said last week that it could reverse OPEC+ production changes to support crude prices and after Russia vowed to cut back its crude production.
Tuesday’s global economic news was mixed for energy demand and oil prices. On the positive side, US May manufacturing production rose +0.9% m/m, stronger than expectations of +0.3% m/m. Also, the German Jun ZEW survey expectations of economic growth rose +0.4 to a 2-1/3 year high of 47.5. Conversely, US May retail sales rose +0.1% m/m, weaker than expectations of +0.3% m/m. A decline in crude oil in floating storage is bullish for prices. Monday’s weekly data from Vortexa showed that the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -12% w/w to 78.66 million bbl as of June 14.
Crude has carryover support from last Thursday when after Russia’s Energy Ministry pledged to cut daily crude production this month by 971,000 bpd from the baseline of 9.949 million bbl. In April and May, Russia over-produced relative to its OPEC+ target, but it said it plans to comply strictly with its quota beginning this month.
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!
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