Fueling Strategy: Please fuel as needed today/tonight ~ Be Safe

 

NMEX Crude     $ 91.79 DN $.8200

NYMEX ULSD    $3.7811 DN $.1337

NYMEX Gas      $2.6531 DN $.0817

NEWS

Oil slumped as China’s continued adherence to its Covid-Zero policy dampened hopes of a demand rebound.

West Texas Intermediate remained little changed near $92 after a day of volatile trading. Most commodities dropped Monday as China signaled a continuation of its Covid-Zero policy. Tight fuel supplies and a weakening dollar contained the drop, at one point propelling Brent above $99 a barrel to its highest intraday since the end of August.

Officials at China’s National Health Commission said the country will unswervingly adhere to current virus controls, cooling the optimism that had helped crude rally to a two-month high last week.

“Near term fundamentals have been moving toward the bullish side,” wrote Dennis Kissler, senior vice president at Bok Financial Securities, in a market note. “However, news this morning that China may not be relaxing COVID restrictions as anticipated last week is bleeding back into the market causing pressure.”

Oil has been buffeted in recent weeks by the uncertainty of demand in China, a looming Russian exports ban and the decision by the Organization of Petroleum Exporting Countries and its allies to rein in production. Gathering concerns about a global slowdown and tighter monetary policy have also swung prices. Despite concerns about long-term demand, fuel inventories are tight, thrusting Brent back toward $100 a barrel. The global benchmark traded as high as $99.56 earlier M0nday.

Money managers have been betting on higher prices in the coming months. Net-bullish Brent crude bets climbed to the highest level since June last week, while options markets have seen a flurry of bullish positions taken of late.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

 

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 30-years of Service Excellence”

www.FuelManagerServices.com

www.owneroperatoradvisoryservice.com 

 

“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.” ~ Douglas Adams