Fueling Strategy: Please “PARTIAL FILL ONLY” today/tonight, Friday prices will drop 7 cents ~ Please Be Safe
NMEX Crude $ 78.95 DN $.0500
NYMEX ULSD $2.4453 DN $.0066
NYMEX Gas $2.5924 UP $.0149
NEWS
June WTI crude oil on Thursday closed down -0.05 , and June RBOB gasoline closed +1.91.
Crude oil and gasoline prices settled mixed on Thursday, with crude posting a new 1-1/2 month low. 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. Crude also has a negative carryover from Wednesday, when weekly EIA crude inventories unexpectedly rose to a 10-month high. However, crude recovered from its worst levels Thursday, and gasoline pushed into positive territory after the dollar index (DXY00) dropped to a 2-1/2 week low. Easing geopolitical tensions reduces the risk premium for crude and is bearish for prices. The prospects for a cease-fire between Hama and Israel were bolstered today after Hamas said it was studying the current cease-fire proposal with a “positive spirit.”
Crude garnered some support Thursday after the Organization for Economic Cooperation and Development (OECD) raised its 2024 global growth forecast to +3.1% from +2.9% in February, a positive development for energy demand.
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.
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
Tell Us How We’re Doing On Google Business
https://g.page/r/CUyL9wDolv04EAI/review
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