Fueling Strategy: Please partial fill “only” tonight, Saturday AM wholesale prices will drop 2 cents then Sunday AM look for wholesale prices to change slightly UP (less than 1/4 Cent) – Be Safe Today!!

NYMEX Crude $ 38.50 UP $.6600
NY Harbor ULSD $1.2180 UP $.0019
NYMEX Gasoline $1.4443 UP $.0053

NEWS
Oil futures settled higher on Friday as U.S. prices scored a gain of more than 7% for the week, after a top energy monitor said prices might have bottomed on expectations that falling supplies will help alleviate the global glut of crude.

The International Energy Agency said prices have been supported by easing supply around the globe, but cautioned that the recent rally might not be sustainable as the demand outlook remains uncertain. Crude prices have rebounded by around 40% since their lows last month. For prices, there may be light at the end of what has been a long, dark tunnel,” the Paris-based agency said in its monthly report issued Friday. “But we cannot be precisely sure when in 2017 the oil market will achieve the much-desired balance.”

April West Texas Intermediate crude tacked on 66 cents, or 1.7%, to settle at $38.50 a barrel on the New York Mercantile Exchange, ahead of the contract’s expiration Monday. The settlement was the highest for a most-active contract since early December. For the week, prices gained roughly 7.2%, which marked a fourth straight weekly climb. Brent crude the global oil benchmark, rose 34 cents, or 0.9%, to $40.39 a barrel on London’s ICE Futures exchange, ending more than 4% higher on the week.

The IEA projected that U.S. oil output would fall by 530,000 barrels a day this year, while other suppliers like Brazil and Colombia would experience large losses. “Big producers cannot foresee their operations turning any profitability and there they are forced to shut down their operations,” Naeem Aslam, chief market analyst at AvaTrade told MarketWatch. “This has ostensibly made an impact on the oil supply.” Baker Hughes Friday reported that the number of total active U.S. oil rigs dropped to the lowest weekly level on record. The total active U.S. rig count fell 9 to 480 as of Friday. The previous record low was at 488 rigs on April 23, 1999, according to Baker Hughes

But Aslam said he doesn’t expect the extra supply glut to fade away “effortlessly, as it will take some time.” “Nonetheless, the worst could be in the rear window and the path of least resistance may remain skewed towards the upside,” he said. Goldman Sachs analysts, in a note, also ventured to suggest the oil market’s bottom may be forming. The Goldman team sees crude trading between $25 and $45 a barrel in Q2. Saudi Arabia, Russia, Qatar and Venezuela said last month they would be open to a production freeze at January levels, if other producers were to do so as well. Iran, however, has said it won’t join such a deal as it seeks to regain lost market share due to the sanctions.