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Market Close: May 01 Down, Diesel DN $.0681, Gas DN $.1138

Fueling Strategy: Please “PARTIAL FILL ONLY” today/tonight, Thursday prices will drop 1.5 cent ~ Please Be Safe

NMEX Crude      $ 79.00 DN $2.9300

NYMEX ULSD     $2.4595 DN $0.0681

NYMEX Gas       $2.5774 DN $0.1138

NEWS

June WTI crude oil on Wednesday closed down -2.93, and June RBOB gasoline closed down -11.38. Crude and gasoline prices Wednesday tumbled to 1-1/2 month lows and closed sharply lower.   Crude prices are under pressure due to the potential for a cease-fire between Israel and Hama, which eases concerns about the escalation of the conflict and possible disruptions to Middle East crude supplies.  Losses in crude accelerated Wednesday after weekly EIA crude inventories unexpectedly rose to a 10-month high.

Wednesday’s US economic news was mixed for energy demand and crude prices.  On the negative side, Mar JOLTS job openings fell -325,000 to a 3-year low of 8.488 million, showing a weaker labor market than expectations of 8.680 million.  Also, the Apr ISM manufacturing index fell -1.1 to 49.2, weaker than expectations of 50.0.  In addition, Mar construction spending unexpectedly fell -0.2% m/m, weaker than expectations of a +0.3 % m/m increase.  On the positive side, the Apr ADP employment change rose +192,000, stronger than expectations of +183,000.

A decrease in crude in floating storage is bullish for prices.  Monday’s weekly data from Vortexa showed that the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -17% w/w to 62.83 million bbl as of April 26.

Reduced crude demand in India, the world’s third-largest crude consumer, is negative for oil prices after India’s March oil demand fell -0.6% y/y to 21.09 MMT.

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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www.FuelManagerServices.com

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Categories: Fuel News
loren: Fuel Manager Services Inc. "Serving the trucking industry since 1992" I've been in and around the trucking industry for 45-years beginning in owner operator operations at Willis Shaw Express. I bought a small trucking company that I ran for 6-years then sold and went to work for J.B. Hunt Transport in 1982. After 10-years with Hunt, I started Fuel Manager Services, Inc., we are in our 29th year of serving the American trucking companies. Our simple goal was and is to bridge the gap between the trucking companies and the fuel suppliers.