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Market Close: Sep 04 DOWN, Diesel DN $.0485, Gas DN $.0159

Sep 05 – Fueling Strategy: Please “BUY ONLY ENOUGH FUEL TO GET THROUGH TODAY/TONIGHT” Prices will DROP another 5 cents after midnight tonight (Friday)!! ~ Be Safe Today!

NYEX Crude      $  69.20 DN $1.1400

NYMEX ULSD     $2.1575 DN $0.0485

NYMEX Gas       $1.9618 DN $0.0159

NEWS

Oct WTI crude oil Wednesday closed down -1.14 (-1.62%), and Oct RBOB gasoline closed down -1.59 (-0.80%). Crude oil and gasoline prices Wednesday added to Tuesday’s sharp losses, with crude falling to an 8-3/4 month low and gasoline falling to a 2-3/4 year nearest-futures low.  Weaker-than-expected global economic news weighs global energy demand prospects and crude prices.  Crude prices fell Wednesday despite a weaker dollar and signs that OPEC+ may delay a planned crude production increase in response to concern about weak energy demand.

Wednesday’s global economic news was bearish for energy demand and crude prices.  The US July JOLTS job openings fell -237,000 to a 3-1/2 year low of 7.673 million, showing a weaker labor market than expectations of 8.100 million.  Also, the Eurozone Aug S&P composite PMI was revised downward by -0.2 to 51.0 from the previously reported 51.2.  In addition, the  China Aug Caixin services PMI fell -0.5 to 51.6, weaker than expectations of 51.8.  Finally, the Japan Aug Jibun Bank services PMI was revised down by -0.3 to 53.7 from the previously reported 54.0.

Crude found brief support Wednesday after several OPEC+ delegates said the group is close to delaying a planned increase in oil production after prices plunged amid fragile demand and plentiful supplies.

Crude oil prices also have negative carryover from Tuesday when Libyan central bank governor Sadiq Al-Kibir said there are “strong” indications that political factions are nearing an agreement to overcome political differences and resume the country’s crude oil production.  Last week, Libya’s eastern government declared force majeure on all oil fields, terminals, and crude export facilities as it called for a halt to all crude production and exports due to political conflict over who controls the country’s central bank and oil revenues.  The halt to Libya’s crude exports threatened to remove more than 1 million bpd of crude from the global market.  

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

Sep 05 – Out of Office after Noon to 15:00

Sep 20 – Out of Office after 15:00

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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

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.