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Market Close: Oct 2 Down

DON’T FORGET TO BUY YOUR ADDITIVE:
www.fuelmanagerservices.com then click on buy-additive
Fueling Strategy: Please have tanks topped before 23:00 tonight, Friday AM wholesale prices will go up less than one penny – Be Safe Today!!
NYMEX Crude        $  91.01 DN $.2800
NY Harbor ULSD    $2.6380 DN $.0176
NYMEX Gasoline    $2.4091 DN $.0406
NEWS

New York-traded crude-oil futures rebounded slightly Thursday. But London’s Brent—viewed as the world’s benchmark—settled at its lowest since June 2012 as Saudi Arabian price cuts continued to spook investors.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in November rose 28 cents, or 0.3%, to settle at $91.01 a barrel. New York-traded oil fell below $90 a barrel earlier in the session. U.S. oil futures have tended not fall as much due to healthier demand in the U.S., where economic data have been largely positive. That dynamic often insulates U.S. prices from negative headlines and weak global data points. November Brent crude on London’s ICE Futures exchange fell 74 cents, or 0.8%, to $93.42 a barrel–the lowest settlement for a Brent front-month contract since June 28, 2012. Brent was under pressure after Saudi Aramco. Saudi Arabia’s national petroleum company, on Wednesday cut its official selling price for crude oil to the U.S., Europe and Asia, with the largest cuts in Asia. That has stoked fears the Saudis would let prices fall further before slowing down its production to clear excess supplies and ease price declines. “We believe that a far more important reason for the ongoing downward trend is the absence of any supply response from OPEC,” analysts at Commerzbank said in a note Thursday.

Elsewhere in the energy complex, gasoline for November delivery fell 4 cents, or 1.7%, to settle at $2.4091 a gallon. That was the lowest settlement price for a gasoline front-month contract since January 2011. Heating oil for November  lost nearly 2 cents, or 0.7%, to end at $2.6380 a gallon, the lowest settlement since June 2012.

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.