Fueling Strategy: Please keep all tanks topped, tonight before 23:00 CST please top your tanks, Friday AM wholesale prices will jump UP 6 cents – Keep’em Topped Tonight!!
NYMEX Crude $ 40.20 UP $1.7400
NY Harbor ULSD $1.2545 UP $0.0233
NYMEX Gasoline $1.4383 UP $0.0200
NEWS
The U.S. oil futures benchmark closed above $40 a barrel for the first time in 2016, a day after the Federal Reserve dialed back its expectations for rate increases and major oil producers set a meeting date to discuss a supply freeze.
On the New York Mercantile Exchange, West Texas Intermediate crude futures for April delivery jumped $1.74, or 4.5%, to settle at $40.20 a barrel—the highest close for a front-month contract since Dec. 3. May Brent crude the global benchmark, rose $1.21, or 3%, to finish at $41.54 on London’s ICE Futures exchange—the highest finish since Dec. 4.
The gains follow a policy meeting by the Fed that ended Wednesday with central bankers pushing back their timeline for interest rate increases in the U.S, pointing to risks posed by weak global growth and volatility in financial markets. The dollar weakened sharply in the wake of the Fed announcement, helping lift oil and most commodities. The ICE U.S. dollar index a measure of the currency against a basket of six major rivals fell 1.1% Thursday after a 0.4% fall on Wednesday.
In addition, oil prices remained propped up by news Wednesday that Qatar will host a meeting April 17 for major producers, both in and outside of the Organization of the Petroleum Exporting Countries. “It appears the historic meeting between OPEC and non-OPEC producers is going to happen and the market is taking that as a sign we will see production restraint. This comes with more signs that producers can’t take much more pain,” said Phil Flynn, senior market analyst at Price Futures Group, in a note to clients.