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.
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