Fueling Strategy: Please “KEEP YOUR TANKS TOPPED” tonight, Saturday prices will JUMP UP 2 cents ~Be Safe
NMEX Crude $ 87.51 UP $.6400
NYMEX ULSD $3.2991 UP $.0868
NYMEX Gas $2.6537 UP $.0307
NEWS
A decline in crude in floating storage is bullish for prices. Monday’s weekly data from Vortexa showed that the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -0.9% w/w to 84.97 million bbl as of Sep 1, the lowest in 7 months.
Thursday’s EIA report showed that (1) U.S. crude oil inventories as of Sep 1 were -4.2% below the seasonal 5-year average, (2) gasoline inventories were -5.9% below the seasonal 5-year average, and (3) distillate inventories were -14.4% below the 5-year seasonal average. U.S. crude oil production in the week ended Sep 1 was unchanged w/w at 12.8 million bpd, the most in over three years. U.S. crude oil production is modestly below the Feb-2020 record-high of 13.1 million bpd.
Baker Hughes reported Friday that active U.S. oil rigs in the week ended Sep 8 rose +1 to 513 rigs, just above the previous week’s 17-month low of 512 rigs. That is well below the 3-1/4 year high of 627 rigs posted on Dec 2, 2022. Still, U.S. active oil rigs are more than triple the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity from pandemic lows.
Have a Great Day,
Loren R Bailey, President
Office: 479-846-2761
Cell: 479-790-5581
SCHEDULED OUT OF OFFICE
SEP 08 AFTER 15:00
SEP 14 AFTER 14:00
SEP 22 AFTER 14:00
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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 30-years of Service Excellence”
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