Fueling Strategy: Please short fill tonight, Friday AM wholesale prices will drop 1.5 cents – Be Safe!!!
NYMEX Crude $ 82.70 UP $.9200
NY Harbor ULSD $2.4703 UP $.0117
NYMEX Gasoline $2.2109 UP $.0622
DON’T FORGET TO BUY YOUR ADDITIVE:
www.fuelmanagerservices.com then click on buy-additive
NEWS
Crude-oil futures on Thursday bounced from a two-year low and from a dip under $80 a barrel, scoring their highest one-day dollar gain in three weeks. On the New York Mercantile Exchange, light, sweet crude futures for delivery in November rose 92 cents, or 1.1%, to settle at $82.70 a barrel. It earlier touched below $80 a barrel for the first time since late June 2012. November Brent crude on London’s ICE Futures exchange rose 69 cents, or 0.8%, to end at $84.47 a barrel. That was Brent’s largest one-day percentage gain in a month. Both benchmarks snapped a three-session losing streak that took them to multi-year lows for most of the week, on ongoing concerns about tepid demand amid rising output.
Analysts from JBC Energy earlier Thursday had called prices around $80 a barrel “a turning point” for crude. They base their more optimistic view on expectations the Organization of the Petroleum Exporting Countries will cut some of its production in the first half of next year. Moreover, there’s no “supply flood” in sight, with the exception of U.S. shale oil, the analysts said. Excluding that production, world crude supply is still at the lowest level since 2003.
Earlier Thursday, the Energy Information Administration said U.S. crude inventories rose 8.9 million barrels on the week ended Oct. 10. Analysts polled by Platts had expected an increase of 2.5 million barrels. The bearish rise in crude inventories was due to reduced refinery demand, analysts at UBS said in a note Thursday. The EIA added that gasoline inventories declined 4 million barrels on the week, and stockpiles of distillates, which include heating oil, decreased 1.5 million barrels. The report was out a day later than usual due to Monday’s Columbus Day holiday. The analysts surveyed by Platts had expected gasoline supplies to decline 1.6 million barrels and distillate stocks to fall 1.8 million barrels on the week.