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Market Close: May 03 DOWN, Diesel DN $.0009, Gas DN $.0465

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

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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”

www.FuelManagerServices.com

“Coming Together is the Beginning; Keeping Together is Progress; Working Together is Success”  ~ Henry Ford

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.