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.
Have a Great Day!
Loren R Bailey, President
Office: 479-846-2761
Cell: 479-790-5581
SCHEDULED OUT OF OFFICE
JUN 06 VACATION LEAVE AFTER LUNCH
JUN 10 RETURN/ARRIVE 1300
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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!
“Celebrating 31-years of Service Excellence”
“Coming Together is the Beginning; Keeping Together is Progress; Working Together is Success” ~ Henry Ford