Sep 07 Fueling Strategy: Prices are UP 1 cent today, Please “PARTIAL FILL ONLY TODAY/TONIGHT” Sunday price DROP of 5 Cents ~ Be Safe Today

NYEX Crude      $  67.67 DN $1.4800

NYMEX ULSD     $2.1150 DN $0.0539

NYMEX Gas       $1.8960 DN $0.0298

NEWS

NEW YORK, Sept 6 (Reuters) – Oil prices settled 2% lower on Friday, with a big weekly loss after data U.S. jobs data was weaker than expected in August, which outweighed price support from a delay to supply increases by OPEC+ producers.

Brent crude futures were down $1.63, or 2.24%, to $71.06 a barrel, their lowest level since Dec. 2021. U.S. West Texas Intermediate crude futures fell $1.48, or 2.14%, to$67.67, their lowest since June 2023. For the week, Brent declined 10%, while WTI dropped around 8%.

U.S. government data showed employment increased less than expected in August, but a drop in the jobless rate to 4.2% suggested an orderly labor market slowdown that may not warrant a big interest rate cut from the Federal Reserve this month. “The jobs report was a little soft and implied that the economy in the U.S. is on the slide,” Bob Yawger, executive director of energy futures at Mizuho.

Concerns around Chinese demand also kept pressuring oil prices, Yawger said. On Thursday, Brent settled at its lowest since June 2023 despite a withdrawal from U.S. oil inventories and a decision by OPEC+ to delay planned oil output increases. 

U.S. crude stockpiles fell by 6.9 million barrels to 418.3 million barrels last week, compared with a projected decline of 993,000 barrels in a Reuters poll of analysts. The U.S. active oil rig count, an early indicator of future output, remained unchanged at 483 this week, energy services firm Baker Hughes , opens new tab reported on Friday.

Money managers cut their net long U.S. crude futures and options positions in the week to Sept. 3, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

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