Fueling Strategy: Please “PARTIAL FILL ONLY” today/tonight, Thursday prices will drop 4 cents ~ Please Be Safe
NMEX Crude $ 79.72 UP $2.1600
NYMEX ULSD $2.6851 UP $0.0686
NYMEX Gas $2.6615 UP $0.0751
NEWS
April WTI crude oil on Wednesday closed up +2.16 (+2.78%), and Apr RBOB gasoline closed up +7.51 (+2.90%). Oil prices are higher today on a bullish U.S. EIA weekly inventory report and on Ukrainian drone strikes on three Russian refineries in the past two days. Rosneft’s Ryazan refinery near Moscow was set ablaze Wednesday by a Ukrainian drone strike, damaging one of Russia’s largest refineries with 340,000 bpd of capacity.
Wednesday’s weekly EIA was bullish after crude oil inventories fell -1.54 million bbl versus expectations for a 1.0 million bbl build. Also, gasoline inventories fell -5.66 million bbl, a larger decline than expectations of -2.2 million bbl. In a partially offsetting bearish factor, distillate inventories rose +888,000 versus expectations for a decline of -1.05 million bbl.
Oil prices were undercut Tuesday after the U.S. DOE Energy Information Administration (EIA), in its Short-Term Energy Outlook, forecasted that U.S. crude oil production in 2024 will rise +2.0% y/y to 13.19 million bpd, +0.7% higher than the previous projection of 13.10 million bpd. The EIA is predicting that U.S. oil production in 2025 will increase by +3.5% y/y to 13.65 million bpd, 1.2% higher than the previous forecast. Higher U.S. production will offset to some extent the OPEC+ production cuts. The EIA is forecasting a global oil deficit of 260,000 bpd this year, but a surplus of 360,000 bpd in 2025.
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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