Market Close: March 21 DOWN, Diesel DN $.0269, Gas DN $.0061
Mar 21st, 2024 by loren
Fueling Strategy: Please “PARTIAL FILL ONLY” today/tonight, Friday prices will drop 6 cents ~ Please Be Safe
NMEX Crude $ 81.07 DN $.2000
NYMEX ULSD $2.6688 DN $.0269
NYMEX Gas $2.7271 DN $.0061
NEWS
May WTI crude oil on Thursday closed down -0.25 (-0.31%), and May RBOB gasoline closed down -0.71 (-0.26%). Crude oil and gasoline prices Thursday settled moderately lower as a stronger dollar undercut energy prices. Also, technical selling weighed on crude as prices neared overbought levels after climbing to a 4-1/2 month high on Tuesday. Losses in crude were limited as Thursday’s rally in the S&P 500 to a new record high shows optimism in the economic outlook that is bullish for energy demand.
Thursday’s US economic news was stronger than expected, supporting energy demand and crude prices. Weekly initial unemployment claims unexpectedly fell -2,000 to 210,000, showing a stronger labor market than expectations of an increase to 213,000. Also, the Mar S&P U.S. manufacturing PMI unexpectedly rose +0.3 to a 1-3/4 year high of 52.5, stronger than expectations of a decline to 51.8. In addition, Feb existing home sales unexpectedly rose +9.5% m/m to a 1-year high of 4.38 million, stronger than expectations for a decline to 3.95 million.
Crude has support from the recent Ukrainian drone attacks on Russian refineries that damaged several Russian oil processing facilities, limiting Russian fuel export prospects. JPMorgan Chase said it sees 900,000 bpd of Russian refinery capacity that could be offline “for several weeks if not months” from the attacks, adding $4 a barrel of risk premium to oil prices.
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Loren R Bailey, President
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