Fueling Strategy: Please fill as needed tonight, Friday prices will go up 2 cents then drop 5 cents Saturday – Be Safe
NYMEX Crude $ 22.60 DN $1.8800
NYMEX ULSD $1.0503 DN $0.0475
NYMEX Gas $0.5438 DN $0.0030
NEWS
Oil prices fell on Thursday following three days of gains, with the prospect of rapidly dwindling demand due to coronavirus travel bans and lockdowns offsetting hopes a U.S. $2 trillion emergency stimulus will shore up economic activity. WTI Crude futures slipped 7.7%, or $1.89, to settle at $22.60 per barrel, while Brent Crude futures fell $1.01, or 3.69%, to trade at $26.43 per barrel. “With lockdowns in many countries, expectations of oil demand contracting by more than 10 million barrels per day (bpd) are rising. Such demand loss will increase the supply glut,” Australia and New Zealand Banking Group analysts said in a note.
The collapse of a supply-cut pact between the OPEC and other producers led by Russia is set to boost oil supply, with Saudi Arabia planning to ship more than 10 million bpd from May. “Production increases by Saudi Arabia and Russia loom, and things still look uncertain due to the ongoing price war between these two countries,” ANZ said. U.S. crude inventories rose by 1.6 million barrels in the most recent week, the U.S. Energy Information Administration said on Wednesday, marking the ninth straight week of increases. Products supplied, a proxy for U.S. demand, dropped nearly 10% to 19.4 million bpd, EIA data showed.
Have a Great Day,
Loren R Bailey, President
Fuel Manager Services Inc.
Office: 479-846-2761
Cell: 479-790-5581
“Serving the trucking industry since 1992”