Fueling Strategy: Please “PARTIAL FILL ONLY or BETTER YET DON’T FUEL TODAY/TONIGHT”, Prices are will drop 7 Cents Wednesday ~ Be Safe Today!

NYEX Crude      $  70.50 DN $3.3300

NYMEX ULSD     $2.2742 DN $0.0697

NYMEX Gas       $2.1086 DN $0.0430

NEWS

Oil prices tumbled more than 4% to a near two-week low on Tuesday due to a weaker demand outlook and after a media report said Israel is willing to not strike Iranian oil targets, easing fears of a supply disruption.

Brent crude futures fell $3.28, or 4.2%, to $74.18 a barrel at 1118 GMT. West Texas Intermediate futures lost $3.33, or 4.5%, hitting $70.50 a barrel. Both benchmarks had earlier fallen by $4, reaching their lowest since the beginning of October.

Both benchmarks had settled about 2% lower on Monday. They are down about $5 so far this week, nearly wiping out cumulative gains made after investors became concerned Israel could strike Iran’s oil facilities in retaliation for the latter’s Oct. 1 missile attack.

Israeli Prime Minister Benjamin Netanyahu told the U.S. that Israel is willing to strike Iranian military targets and not nuclear or oil ones, the Washington Post reported late on Monday. Israel expanded its targets in its war against Hezbollah militants in Lebanon on Monday, killing at least 21 people in an airstrike in the north. “Weakening demand has led to traders withdrawing the ‘war premium’ from prices,” said Priyanka Sachdeva, senior market analyst at Phillip Nova. “However, geopolitics still continues to support oil at this level.

Without geopolitics in the equation, oil would have tumbled even more, maybe even below $70 per barrel mark amid the current weakening demand narrative.”China’s customs data showed that September oil imports fell from a year earlier, and the country’s economic growth is also likely to undershoot Beijing’s target for 2024, according to a Reuters poll.

Have a Great Day!

Loren R Bailey, President 

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

Nov 08th Out of Office at 13:00

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