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Market Close: Nov 09 Down, Diesel down 11.44 cents, Gas down 9.21 cents

Fueling Strategy: Prices are down 13 cents today and will continue down another penny Thursday, Please be safe today!

NMEX Crude     $ 85.83 DN $3.0800

NYMEX ULSD    $3.6563 DN $0.1144

NYMEX Gas      $2.5437 DN $0.0921

NEWS

Oil declined as US crude inventories rose while China struggles to contain rising Covid cases.

West Texas Intermediate lost 3.5% to settle near $86 a barrel. US crude stockpiles rose 3.93 million barrels, climbing to the highest since July 2021, according to government data. Meanwhile, swelling virus outbreaks in China show the strain its Covid Zero strategy is facing, with cases in Beijing hitting the highest in more than five months.

“The macro data from China is much more negative” than the weekly crude inventories report and is “the real driver of trading direction,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “However, if you were hoping to see crude draws add to an overwhelmingly negative macro backdrop, this report did not deliver.”

Crude has rebounded of late, with Brent futures rallying toward $100 earlier this week, after the Organization of Petroleum Exporting Countries and its allies agreed to cut supplies. The International Energy Agency said on Wednesday that the group may need to rethink its plans as they are damaging emerging economies. The world’s main physical oil benchmark, Dated Brent, rallied back above $100 this week. 

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Loren R Bailey, President

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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.