Fueling Strategy: Please partial fill tonight, Wednesday AM wholesale prices will drop a little over one penny, be sure to keep tanks topped, Thursday AM wholesale prices will jump up almost 3 cents – Be Safe!
NYMEX Crude $ 82.49 UP $.5800
NYMEX Gasoline $2.5132 UP $.0276
NYMEX Gasoline $2.2134 UP $.0132
DON’T FORGET TO BUY YOUR ADDITIVE:
www.fuelmanagerservices.com then click on buy-additive
NEWS
Crude-oil futures found support Tuesday after China’s economic data came in slightly better than expected.
On the New York Mercantile Exchange, light, sweet crude futures for delivery in December rose 58 cents to close at $82.49 a barrel. December Brent crude on London’s ICE Futures exchange rose 85 cents to $86.26 a barrel. China’s third-quarter gross domestic product rose 7.3% compared to a year earlier, topping market expectations of a 7.2% growth, but lower than the 7.5% growth seen in the second quarter. Its industrial output growth accelerated 8.0% in September from a year earlier, compared to 6.9% in August. “With higher industrial production, we may see increase in crude demand coming from China moving forward. This likely gives some upward push to crude prices but global crude demand should still remain weak and is likely to persist in the coming quarter,” analyst Daniel Ang at Philips Futures said.
In the U.S., data showed sales of existing homes in September rose 2.4% in September to a seasonally adjusted annual rate of 5.17 million, the fastest pace in a year , bouncing back from an unexpected drop in August. Oil markets will shift focus to weekly U.S. inventory data. The American Petroleum Institute, a trade body, will publish its stockpile data later Tuesday, and data from the U.S. Energy Information Administration is due on Wednesday. With the next meeting of the Organization of the Petroleum Exporting Countries due only end November, oil prices will remain volatile on speculation about the cartel’s oil production levels. Until there is visible movement in Saudi Arabia’s oil production the market will remain highly vulnerable to more downward pressure from negative macroeconomic headlines, Greg Priddy, director at Eurasia Group, said. “Libya is likely to see a reversal of its recovery in oil output as the civil war deepens, and Iranian oil exports will be further curtailed by tightened U.S. sanctions beginning in early 2015,” Mr. Priddy said.