Fueling Strategy: Please “KEEP YOUR TANKS TOPPED TODAY/TONIGHT”, Make sure you’re completely full of fuel by 23:00 CST tonight! – Today prices are up 1/2 Cents but will continue goingUp 5.5 Cents Friday~ Be Safe Today!

NYEX Crude      $  68.61 UP $1.4000

NYMEX ULSD     $2.1876 UP $0.0539

NYMEX Gas       $1.9957 UP $0.0439

NEWS

The December WTI trading session settled at 68.61 +1.40, had a high of 69.17, a low of 67.28. Cash price is at 67.17 (-0.18), while open interest for CLZ24 is at 354,114. CLZ settled below its 5 day (69.10), below its 20 day (71.44), below its 50 day (70.28), below its100 day (73.21) and below its 200 day (74.30) 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).

Reuters, citing unnamed sources, reported that OPEC+ could delay their plans to increase oil production by 180,000 barrels per day starting in December. OPEC+ is scheduled to have their next meeting on December 1st.Today’s EIA weekly petroleum status report showed crude inventories having a draw of -515,000 barrels, against a +1.37m/b build forecast. U.S. crude imports averaged 6 million barrels per day last week, a decrease of -456,000 barrels over the prior week. U.S. crude refineries were operating at 89.1% capacity. U.S. crude oil inventories are roughly ~4% below their five year seasonal average. The Cushing hub saw a +681,000 barrel build. Tuesday’s API report showed a decline in crude stocks by 573,000 barrels. Yesterday the U.S. Energy Department announced plans for adding 3 million barrels to the Strategic Petroleum Reserve through May of next year. Today’s U.S. GDP number covering the July through September quarter came in at 2.8%, slightly weaker than the previous 3% that covered the April through June quarter.

Reuters reported yesterday that China is considering the issuance of roughly $1.4 trillion in extra debt over the next few years. The newest stimulus package in a recent line of stimulus packages aiming to revive their staggering economy.  China’s parliament is set to hold a major policy meeting the first week of November, conveniently timed up with the U.S. election. Sources told Reuters they expect further stimulus packages to be added by China if Donald Trump is elected to President next week, citing trade-war and tariff concerns. The Shanghai CSI 300 Index closed 0.90% lower today.

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!

“Celebrating 31-years of Service Excellence”

www.FuelManagerServices.com

“Coming Together is the Beginning; Keeping Together is Progress; Working Together is Success”  ~ Henry Ford