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Market Close: Nov 14 Down

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

NMEX Crude     $ 85.87 DN $3.0900

NYMEX ULSD    $3.5440 DN $0.0113

NYMEX Gas      $2.5285 DN $0.0811

NEWS

The crude market had soared at the end of last week as Chinese health authorities cut the quarantine times for inbound travelers, raising optimism that a more comprehensive relaxation of the country’s strict Zero-Covid policy may be just around the corner. However, the number of Covid cases climbed in China over the weekend, with Beijing and other big cities on Monday reporting record infections, dashing relaxation hopes. Frequent outbreaks of Covid, coupled with the country’s severe mobility restrictions, have limited economic activity in the world’s second largest economy throughout this year. China’s gross domestic product grew 3.9% from a year ago in the third quarter, significantly below the official target of around 5.5%.

The Organization of Petroleum Exporting Countries cut its forecast for 2022 global oil demand growth on Monday, for a fifth time since April, by 100,000 barrels a day to 2.55 million barrels per day. In its monthly report, OPEC cited mounting economic challenges for the decision, including high inflation and rising interest rates. This is the last report before the group, and its allies, known as OPEC+, meet to set output policy in early December, having decided last time to cut production by 2 million barrels a day to shore up prices.

Also weighing on the market Monday is a rebound in the U.S. dollar after a sharp selloff at the end of last week. The US Dollar Index, which tracks the greenback against a basket of six other currencies, fell to the lowest levels on Friday after the weaker than expected U.S. inflation release, but climbed 0.6% Monday after Fed Governor Christopher Waller reaffirmed the central bank’s commitment to lower inflation over the weekend. A stronger dollar makes the commodity more expensive for buyers holding other currencies.

Elsewhere, the European Union is “ready to go” with an effort to impose a price cap on Russian oil, Ursula von der Leyen, the president of its executive arm, said Monday, although the price level has yet to be decided. “We have set all the tools necessary in place in the European Union,” von der Leyen told Bloomberg Television on Monday. “It is important not only to dry out the war chest of Russia but also very important for many vulnerable countries to have an acceptable level of prices.”

Have a Great Day,

Loren R Bailey, President

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Cell: 479-790-5581

 

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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.