Market Close: March 05 Down, Diesel DN $.0407, Gas DN $.0529
Mar 5th, 2024 by loren
Fueling Strategy: Please “PARTIAL FILL ONLY” today/tonight, Wednesday prices will drop 6 cents ~ Be Safe
NMEX Crude $ 78.15 DN $.5900
NYMEX ULSD $2.6065 DN $.0407
NYMEX Gas $2.5328 DN $.0529
NEWS
April WTI crude oil on Tuesday closed down -0.59 (-0.75%), and Apr RBOB gasoline closed down -5.29 (-2.05%). Crude oil and gasoline prices on Tuesday gave up an early advance and turned lower. Crude prices came under pressure after Tuesday’s weaker-than-expected U.S. economic news on Jan factory orders and Feb ISM services raised concerns about energy demand. Also, Tuesday’s slump in equities dampened confidence in the economic outlook, which is negative for energy demand.
Crude on Tuesday initially rose after the dollar index slid to a 1-1/2 week low. Also, speculation that China will boost stimulus to revive its economy lifted crude prices. In addition, ongoing geopolitical risks in the Middle East are a supportive factor for crude oil.
Tuesday’s U.S. economic news was weaker than expected, a negative factor for energy demand and crude prices. Jan factory orders fell -3.6% m/m, weaker than expectations of -2.9% m/m and the biggest decline in 3-3/4 years. Also, the Feb ISM services index fell -0.8 to 52.6, weaker than expectations of 53.0.
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Loren R Bailey, President
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