Market Close: May 03 DOWN, Diesel DN $.0009, Gas DN $.0465
May 3rd, 2024 by loren
Fueling Strategy: Please “FUEL AS NEEDED” today/tonight, Prices are down 7 cents, Saturday look for another penny drop ~ Please Be Safe
NMEX Crude $ 77.99 DN $.9600
NYMEX ULSD $2.4422 DN $.0009
NYMEX Gas $2.5500 DN $.0465
NEWS
June WTI crude oil on Friday closed down -0.96, and June RBOB gasoline closed down -4.65. Crude oil and gasoline prices Friday were under pressure the entire day and posted 1-1/2 month lows. Improved prospects for a cease-fire in the Israeli-Hamas war have curbed geopolitical risks in the Middle East and undercut crude prices. Also, US energy demand concerns are negative for crude due to Friday’s weaker-than-expected economic reports on Apr nonfarm payrolls and the Apr ISM services index. Limiting losses in crude was Friday’s fall in the dollar index, which fell to a 3-week low.
Easing geopolitical tensions reduces the risk premium for crude and is bearish for prices. Hamas said on Friday that it was studying the current cease-fire proposal and plans to send a delegation to Egypt to continue negotiations. The improved cease-fire prospects reduce the chances of an escalation of the Israel-Hamas conflict that could jeopardize crude shipments from the Middle East.
Friday’s weaker-than-expected US economic news is bearish for energy demand and crude prices. Apr nonfarm payrolls rose +175,000, below expectations of +240,000 and the smallest increase in 6 months. Also, the Apr ISM services index unexpectedly fell -2.0 to 49.4, weaker than expectations of a rise to 52.0 and the steepest pace of contraction in 16 months.
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Loren R Bailey, President
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