Market Close: Nov 01 Up
Nov 1st, 2019 by loren
Fueling Strategy: Please fuel as needed today/tonight but plan on Saturday’s 3.5 cent drop and keep tanks topped due to Sunday prices will shoot UP over 6 cents – Be Safe
NYMEX Crude $ 56.20 UP $2.0200
NYMEX ULSD $1.9331 UP $0.0573
NYMEX Gas $1.6557 UP $0.0611
NEWS
- U.S. oil production surged by almost 600,000 barrels per day (bpd) in August, government data published Thursday showed, hitting a record of 12.4 million.
- Meanwhile, a Reuters survey on OPEC production showed production rose by 690,000 bpd in October.
- “This latest ramp up in OPEC and U.S. supply extinguished any remaining pockets of upside potential,” Stephen Brennock, oil analyst at PVM Oil Associates, said in a research note published Friday.
- Note: Oil prices rose nearly 4% on Friday on signs of progress in U.S.-China trade talks and stronger-than-expected economic data in both countries, including U.S. employment and Chinese manufacturing activity numbers. But the move higher was not enough to recover losses earlier in the week and oil ended the week lower.
Have a Great Day,
Loren R Bailey, President
Fuel Manager Services Inc.
Office: 479-846-2761
Cell: 479-790-5581
