Fueling Strategy: Please “PARTIAL FILL ONLY or BETTER YET DON’T FUEL TODAY/TONIGHT”, Prices will DROP 11 Cents Wednesday ~Be Safe Today!

NYEX Crude      $  67.38 DN $4.4000

NYMEX ULSD     $2.1286 DN $0.1095

NYMEX Gas       $1.9664 DN $0.1121

NEWS

The December WTI settled at 67.38 DN $4.40 , had a high of 69.00, a low of 66.92. Cash price is at  71.77 (+1.59), while open interest for CLZ24 is at 336,548. CLZ settled below its 5 day (70.49), below its 20 day (71.61), below its 50 day (70.46), below its 100 day (73.32) and below its 200 day (74.33) moving-averages. The COT report (Futures and Options Summary) as of 10/22 showed commercials with a net short position of -229,875 (a decrease in short positions by +16,937 compared to last week) to non-commercials who are net long +203,990 (a decrease in long positions by -9,230 compared to last week). 

Crude prices cratered by over $4 after Israel’s attack on Iranian missile sites avoided crude and nuclear facilities, which was viewed as more restrained than many analysts and traders had anticipated. The limited strike has for now erased the war premium that had been factored into the market, dropping from its peak a few weeks ago and offsetting the roughly 4% gain in the benchmarks from last week. As a result, the market is returning to the lower demand, higher output conditions in place. This was the largest single daily decline for WTI since July of 2022.

Last week The Energy Information Administration (EIA) weekly report showed crude inventories rising by 5.5 million barrels, bringing a total inventory count to 426 million barrels, this was higher than analysts from Reuters forecast of a +270,000 barrel build. U.S. oil production was assessed to be at 13.5 million barrels per day. American imports averaged 6.4 million barrels per day, increasing by 902,000b/d. The American Petroleum Institute (API) data showed U.S. crude stocks building by 1.64 million barrels , above the Reuters forecast of +300,000 barrels. The Department of Energy reported a 5.47 million barrel increase, over a +800,000 forecast. The Cushing hub saw a draw of -346,000 barrels. U.S. crude refinery averaging 16.1 million barrels per day. U.S. inventories remain ~4% lower than the five year seasonal average. 

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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As always, thank you so much for being a part of the Fuel Manager Services, Inc. family, and we look forward to making this the best year yet!

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