Fueling Strategy: Please keep tanks topped tonight, Wednesday AM wholesale prices will jump UP 5 cents – Be Safe Today!

NYMEX Crude $ 48.85 DN $.5200
NY Harbor ULSD $1.5167 DN $.0107
NYMEX Gasoline $1.5929 UP $.0102

NEWS
Oil futures finished with a loss on Tuesday, pulling back from their highest level in more than a week as investors weighed continued uncertainty ahead of the U.K. referendum on European Union membership and its potential impact on energy demand.

The moves came ahead of weekly data that are expected to show a decline in U.S. crude supplies. July West Texas Intermediate crude lost 52 cents, or 1.1%, to settle at $48.85 a barrel on the New York Mercantile Exchange after touching a low of $48.16. It had climbed over the past two trading sessions to settle Monday at the highest level since June 9. The July contract expired at the settlement, contributing to market volatility. August WTI crude which became the front-month contract, settled at $49.85, down 11 cents, or 0.2%. August Brent crude fell 3 cents, or 0.1%, to $50.62 a barrel on London’s ICE Futures exchange.

The oil market has been jostled by gyrations in the polls ahead of Thursday’s U.K. referendum on its European Union membership. After falling for much of last week, oil had notched a two-day gain, pushing Brent crude back above the $50 threshold Monday, as polls showed more British voters in favor for their country remaining in the bloc. Polls released late Monday night were mixed, however, with an online survey conducted by YouGov giving a lead of two points to the “leave” camp at 44%, compared with 42% for “remain.” By contrast, the pro-EU faction held a two-point lead in a phone poll from ORB International, with 49%. Against that backdrop, “crude oil has been unable to decouple itself from risk assets, which continue to track the movements in [the British pound] as we get closer to the all-important Brexit vote,” Fawad Razaqzada, technical analyst at Forex.com, told MarketWatch. The British pound was little changed vs. the U.S. dollar in Tuesday trading, but up about 2.1% week to date. A stronger dollar and profit-taking following the sharp two-day crude rally have also had an influence on oil prices, he said. Analysts said that while a Brexit may not have an immediate impact on oil, the market could suffer collateral damage. A departure could dampen appetite for riskier assets such as commodities. Oil could also take a hit from a rising dollar, which analysts expect to strengthen if the U.K. votes to leave. On Tuesday, Federal Reserve Chairwoman Janet Yellen said Brexit could pose a significant risk to the U.S. economy. That raised worries over the outlook for energy demand.

Meanwhile, reports of a cease-fire between Nigeria’s government and rebels who have attacked the country’s oil facilities in recent months are further weighing on oil, analysts at Commerzbank said. The attacks have knocked off a significant amount of production and if the detente holds, that could mean output returning quickly to the market. The market will be watching Wednesday’s weekly U.S. crude stockpile data from the Energy Information Administration. Trade group the American Petroleum Institute will release its own figures late Tuesday.

Analysts polled by S&P Global Platts forecast a weekly decline of 1.4 million barrels in crude supplies. They also expect gasoline inventories to fall by 800,000 barrels and distillates, which include heating oil, to be unchanged for the week.