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Market Close: Nov 20 Up

Nov 20th, 2020 by

Fueling Strategy: Please fuel as needed today/tonight, Saturday prices will go up one penny then Sunday look for a 2 cent increase in the prices – Be Safe Today
NYMEX Crude    $  42.15 UP $.4100
NYMEX ULSD     $1.2863 UP $.0156
NYMEX Gas       $1.1752 UP $.0004
Have a Great Day,
Loren R Bailey, President
Fuel Manager Services Inc.
“Serving the trucking industry since 1992”
Office: 479-846-2761
Cell: 479-790-5581
 
 
“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.” 

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Market Close: Nov 19 Mixed

Nov 19th, 2020 by

Fueling Strategy: Please keep tanks topped today/tonight, Friday prices will go UP 2.5 cents – Be Safe
NYMEX Crude    $ 41.74 DN $.0800
NYMEX ULSD     $1.2707 UP $.0067
NYMEX Gas       $1.1625 DN $.0004
NEWS

Oil futures edged lower Thursday, with U.S. prices posting their first loss in four sessions, as a persistent rise in COVID-19 cases in the U.S. and around the world highlighted worries about crude demand, overshadowing positive news on the vaccine front.

Concerns about unity within the Organization of the Petroleum Exporting Countries also pressured prices, analysts said. Natural-gas futures, meanwhile, suffered the largest losses on Nymex Thursday, after the U.S. government reported a larger-than-expected weekly increase in domestic supplies of the fuel.

The front month December West Texas Intermediate crude which expires at Friday’s settlement, fell 8 cents, or 0.2%, to settle at $41.74 a barrel on the New York Mercantile Exchange. The U.S. benchmark had posted gains in each of the last three sessions. January WTI crude the most actively traded contract, declined by 11 cents, or 0.3%, at $41.90 a barrel. January Brent crude the global benchmark, lost 14 cents, or 0.3%, at $44.20 a barrel on ICE Futures Europe. Both benchmarks on Wednesday settled at the highest levels since early September. But analysts said new lockdowns in response to rising COVID-19 cases weighed on markets. New York City on Wednesday announced the closure of all public schools after the city’s positivity rate from virus tests reached a seven-day average of 3% — the threshold set to keep schools open.

The move comes as cases rise across much of the country, including rural and urban areas, putting strains on hospital systems. “The U.S. has seen a significant uptick in new restrictions across various states this week, with virus cases setting records ahead of the traditional holiday travel season,” said Robbie Fraser, manager of global research and analytics at Schneider Electric, in a note. “There is little question that holiday travel will be far below normal levels this year, though exactly how far below remains subject for debate,” he said. A week ahead of Thanksgiving, experts estimate as much as a 45% drop in the number of holiday travelers compared with last year, even with Americans expected to pay the lowest gasoline prices for the season since 2016.

On a more upbeat note, reports on Thursday afternoon indicated that talks in the U.S. about a coronavirus aid package may soon resume, with CNBC quoting Sen. Chuck Schumer of New York, the chambers top Democrat, as saying that Senate Majority Leader Mitch McConnell, R-Ky., agreed to resume negotiations with Democrats over a potential aid package.

Meanwhile, analysts noted signs of rising tensions within OPEC+, the alliance between the cartel and other major producers. Bloomberg reported that officials from the United Arab Emirates, speaking on the condition of anonymity, questioned the benefits of being in the alliance. Speculation this week has centered on whether OPEC+ would decide at a Nov. 30-Dec. 1 meeting to extend existing output cuts or stick with a schedule that would ease those restrictions in January. “Now it even seems that one of OPEC’s core countries, the UAE, is no longer willing to maintain the production cuts in view of the rise in production elsewhere,” said Eugen Weinberg, commodity analyst at Commerzbank, in a note. With production also picking up in Russia, much will depend on Saudi Arabia, he said.  “If production discipline can be restored within the group, this would boost the market’s [confidence] in the alliance. That said, it is also possible that Saudi Arabia will react in much the same way as it did in March, meaning that another price war is possible,” he said, referring to a monthlong battle between Saudi Arabia and Russia that flooded the world with crude as the global economy nearly shut down in response to the COVID-19 pandemic.

Have a Great Day,
Loren R Bailey, President
Fuel Manager Services Inc.
“Serving the trucking industry since 1992”
Office: 479-846-2761
Cell: 479-790-5581
 
 
“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.” 

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Market Close: Nov 18 Up

Nov 18th, 2020 by

Fueling Strategy: Please fuel as needed tonight but plan on Thursday’s one penny increase – Be Safe
NYMEX Crude    $ 41.82 UP $.3900
NYMEX ULSD     $1.2640 UP $.0249
NYMEX Gas       $1.1629 UP $.0097
NEWS

Oil futures climbed on Wednesday to mark the highest settlement since early September after another positive step toward a COVID-19 vaccine. Prices held on to their gains even after U.S. government data showed a second-straight weekly rise in domestic crude inventories. Oil prices rose sharply after Pfizer Inc. said a final analysis of clinical trial data showed the vaccine it developed with BioNTech SE was 95% effective, noted Robert Yawger, director of energy at Mizuho Securities, in a note. The announcement came a little more than a week after the companies announced promising results and paves the way for them to ask regulators to formally approve the drug. That sets up WTI to challenge key resistance at $43.06 — a more-than-two-month high set on Nov. 11, Yawger said.

On Wednesday West Texas Intermediate crude for December delivery rose 39 cents, or 0.9%, to settle at $41.82 a barrel on the New York Mercantile Exchange, though off the day’s high of $42.46. January Brent crude,  the global benchmark, added 59 cents, or nearly 1.4%, to $44.34 a barrel on ICE Futures Europe. Both WTI and Brent crude prices, based on the front-month contracts, registered their highest settlements since early September, according to Dow Jones Market Data.

The Energy Information Administration reported Wednesday that U.S. crude inventories rose by 800,000 barrels for the week ended Nov. 13. That was bigger than the 100,000-barrel climb forecast by analysts polled by S&P Global Platts, but the American Petroleum Institute reported on Tuesday a much larger 4.2 million-barrel increase. The EIA data also showed crude stocks at the Cushing, Okla., storage hub edged up by 1.2 million barrels for the week.

Gasoline supply, meanwhile, rose by 2.6 million barrels, but distillate stockpiles dropped by 5.2 million barrels. The S&P Global Platts survey had shown expectations for a supply climb of 300,000 barrels for gasoline and decline of 1.8 million barrels for distillates.  The delay in guidance on production policy wasn’t a surprise” and there will be “more clarity” at the end of the month, Tariq Zahir, managing member at Tyche Capital Advisors, told Market Watch.

OPEC+ is scheduled to ease up on curbs beginning Jan. 1, but speculation has grown for a delay on worries the continued rise in COVID-19 cases will allow a surge in supplies barring further restraint. “OPEC is leaving all doors open to see how much demand does get hit in the weeks ahead,” said Zahir. “It is also worth noting Libya oil production continues to increase with no restrictions on them until they hit their previous production levels.

Have a Great Day,
Loren R Bailey, President
Fuel Manager Services Inc.
“Serving the trucking industry since 1992”
Office: 479-846-2761
Cell: 479-790-5581
 
“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.” 

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Market Close: Nov 16 Up

Nov 16th, 2020 by

Fueling Strategy: Please fuel as needed today/tonight – Be Safe
NYMEX Crude    $ 41.34 UP $1.2100
NYMEX ULSD     $1.2289 UP $0.0247
NYMEX Gas       $1.1468 UP $0.0214
NEWS
Oil prices jumped 3% on Monday, recouping the previous session’s losses after Moderna Inc said its experimental vaccine was 94.5% effective in preventing COVID-19.

Brent crude futures for January were up $1.02, or 2.4%, to $43.80 a barrel, while U.S. West Texas Intermediate crude for December settled $1.21, or 3.02%, higher at $41.34 per barrel. “Vaccine euphoria has already been priced in heavily since last week, but a second remedy to COVID-19 shows that a large-scale vaccination programme, with sufficient amounts for the global population, is somewhat closer now,” said Rystad Energy analyst Louise Dickson. The announcement by Moderna comes after Pfizer Inc reported last week that its vaccine was more than 90% effective, raising hopes that pandemic-driven damage to the global economy could be reduced.

Prices were also buoyed by data showing a rebound in China and Japan, with figures showing that Chinese refineries processed record daily levels of crude in October. Both WTI and Brent gained more than 8% last week on hopes of a vaccine and expecttaion that the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, would maintain lower output next year to support prices.

The group, known as OPEC+, has been cutting production by about 7.7 million barrels a day (bpd), with compliance seen at 96% in October, and had planned to increase output by 2 million bpd from January. OPEC+ is set to hold a ministerial committee meeting on Tuesday that could recommend changes to production quotas when all the ministers meet on Nov. 30 and Dec. 1. “There is no denying that the oil market is fully in the hands of OPEC+,” said SEB chief commodity analyst Bjarne Schieldrop. “The organisation is the only reason why oil prices today are not $20 a barrel. As such, their upcoming meeting on Nov 30-Dec 1 is no less hugely important.”

Have a Great Day,
Loren R Bailey, President
Fuel Manager Services Inc.
“Serving the trucking industry since 1992”
Office: 479-846-2761
Cell: 479-790-5581
 
 
“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.” 

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Market Close: Nov 13 Down

Nov 13th, 2020 by

Fueling Strategy: Please fuel as needed today, tonight partial fill ONLY due to Saturday prices will drop 1.5 cents then Sunday prices will drop another 3 cents – Be Safe 
NYMEX Crude    $ 40.13 DN $.9900
NYMEX ULSD     $1.2042 DN $.0291
NYMEX Gas       $1.1254 DN $.0317
NEWS
Oil prices fell more than 2% on Friday, pressured by swelling output from Libya and fears that rising coronavirus infections may slow the recovery in the global economy and fuel demand. Hopes for a vaccine kept crude futures on track for a second straight weekly gain.

Brent crude was down 72 cents, or 1.7%, at $42.78 a barrel. U.S. West Texas Intermediate (WTI) crude futures settled down 99 cents, or 2.4%, to $40.13 a barrel. For the week, both were headed for a rise of more than 8%.

Libyan oil production has risen to 1.215 million barrels per day (bpd), a Libyan oil source told Reuters, up from the 1.04 million bpd reported on Nov. 7 by the country’s National Oil Corp. Also pressuring prices, U.S. government data showed crude inventories rose by 4.3 million barrels last week. Analysts had expected a draw of 913,000 barrels. “In essence, some of the feel-good factor from the Pfizer vaccine has worn off and disappointing EIA figures have created a bit of a downward correction,” Harry Tchilinguirian, head of commodity research at BNP Paribas, said. “However, OPEC+ is prepared to tweak its production and we’re still waiting for the trial results of other vaccines that may be easier to distribute since they won’t need such cold storage.” New coronavirus infections in the United States and elsewhere are at record levels and tightening restrictions should lead to fuel demand recovering more slowly than many had hoped.

WTI and Brent contracts jumped this week after data showed an experimental COVID-19 vaccine being developed by Pfizer Inc and Germany’s BioNTech was 90% effective. But on Thursday, the International Energy Agency (IEA) said global oil demand was unlikely to get a significant boost from vaccines until well into 2021. “It’s no surprise that the market is trimming the price gains today as realities for crude supply and demand are grim, while daily new Covid-19 cases in the U.S. are setting new records for the third-straight day,” Bjornar Tonhaugen, head of oil markets at Rystad, said. “Our crude and liquids balances suggest oil prices need to go lower before they go higher.”

Analysts say tougher restrictions on mobility to deal with sky-rocketing coronavirus cases mean the Organization of the Petroleum Exporting Countries (OPEC) and its allies, known as OPEC+, may hesitate to loosen output curbs as planned in January. OPEC+ is due to hold a Joint Ministerial Monitoring Committee next week, which will give some indications of what the producers may decide at the next ministerial meeting on Dec. 1. Algeria’s energy minister said this week that OPEC+ could extend the group’s current oil production cuts into 2021 or deepen them further if required.

Have a Great Day,
Loren R Bailey, President
Fuel Manager Services Inc.
“Serving the trucking industry since 1992”
Office: 479-846-2761
Cell: 479-790-5581
 
 
“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.” 

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Pilot/Fly J Maintenance this weekend – Nov 14 & Nov 15

Nov 13th, 2020 by

As a valued customer we want to inform you that our loyalty system will undergo scheduled maintenance tomorrow night, November 14 at 11:30pm EST.

The maintenance window is scheduled to begin on
Saturday, November 14 at 11:30pm EST,
and complete by Sunday, November 15 at 8:00am EST.

During this time, the Pilot Flying J app, driver kiosk and loyalty portal will be unavailable. Drivers and guests will be unable to redeem in-app offers, earn or redeem points, or purchase a shower with credits or points. To reserve a free shower during this scheduled outage, please visit the cashier and present your loyalty card. Once the maintenance update is complete on Sunday morning, we will retroactively award your loyalty earnings, credits and purchase history.

We sincerely apologize for any inconvenience this may cause while we work to maintain our system to better serve you.

Please reach out to guest services at 1-877-866-7378 for more details or assistance.
Thank you for your business,
The Pilot Flying J Team

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Market Close: Nov 12 Down

Nov 12th, 2020 by

Fueling Strategy: Please, if possible, “partial fill only” tonight, prices drop one penny Friday then Saturday prices will fall another 1.5 cents – Be Safe!
NYMEX Crude    $  41.12 DN $.3300
NYMEX ULSD     $1.2333 DN $.0125
NYMEX Gas       $1.1571 DN $.0188
NEWS
Oil prices fell on Thursday, weighed down by the surge in coronavirus cases that is hampering the global economy, along with an unexpected rise in U.S. crude stockpiles.

Oil futures tracked with U.S. equities, which also fell on pandemic concerns. Europe is grappling with a sharp increase in infections and new social restrictions. In the United States, new cases have surpassed 100,000 per day for several days, and more than a dozen states have doubled their caseloads in the last two weeks.

Brent crude fell 27 cents to settle at $43.53 a barrel, while U.S. West Texas Intermediate (WTI) crude fell 33 cents to settle at $41.12 a barrel. “When stocks gave up gains, oil followed,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. “It’s a very nervous market.” U.S. government data added to the bearishness, as crude inventories rose by 4.3 million barrels last week, compared with an expected fall of 913,000 barrels. Both contracts rallied this week after data showed an experimental coronavirus vaccine being developed by Pfizer Inc and BioNTech was 90% effective, raising hopes that the pandemic will be brought under control.

Even with that development, though, oil demand remains shaky. The International Energy Agency (IEA) said global oil demand was unlikely to rise significantly until well into 2021, if the vaccine is successful. “While the vaccine remains the best news received since the virus spread, life won’t return to normal in a matter of days or weeks,” said Hussein Sayed, chief market strategist at FXTM.

Similarly, the Organization of the Petroleum Exporting Countries (OPEC) lowered its forecast for demand on Wednesday, saying consumption will rebound more slowly in 2021 than previously thought because of the virus. Algeria’s energy minister said OPEC+ – grouping OPEC and allies including Russia – could extend production cuts of 7.7 million barrels per day (bpd) into 2021, or deepen them further if needed. OPEC+ is expected to hold off on a scheduled increase in supply in January due to the weakening outlook. It was considering a reduction in its supply cuts to 5.7 million bpd. “We feel OPEC has no choice but to delay output increases; most likely by three months,” analysts at ANZ Research wrote.

Have a Great Day,
Loren R Bailey, President
Fuel Manager Services Inc.
“Serving the trucking industry since 1992”
Office: 479-846-2761
Cell: 479-790-5581
 
 
“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.”

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Market Close: Nov 11 Mixed

Nov 11th, 2020 by

Fueling Strategy: Please keep tanks topped today, prices will continue to go UP Thursday 4 cents – Be Safe & Thank you to our veterans!
NYMEX Crude    $ 41.45 UP $.0900
NYMEX ULSD     $1.2458 DN $.0067
NYMEX Gas       $1.1759 DN $.0182
Have a Great Day,
Loren R Bailey, President
Fuel Manager Services Inc.
“Serving the trucking industry since 1992”
Office: 479-846-2761
Cell: 479-790-5581
 
 
“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.” 

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Loves’ Cold Weather Program

Nov 11th, 2020 by

Fleet Managers,

As we approach the colder months ahead, we wanted to share with you the steps we have taken to protect you this winter season. Our exclusive Cold Weather Program (CWP) ensures that Love’s diesel fuel delivers the industry’s highest level of quality and cold weather performance.

Love’s works with Afton Chemical to deliver an exclusive CWP that includes the use of detergent, cold flow and deicer fuel additives, to protect your fuel system all winter long. We start our CWP early in the season when temperatures are approaching 32°F to offer you more complete protection. Our program runs until April 1st, 2021 or later if required, so you can be assured that throughout the entire winter, from Texas to Minnesota, and everywhere between, Love’s Quality Fuel will deliver the most advanced protection to keep your tractors operating smoothly without costly downtime.

Some of the most common questions we receive with regard to our winter program include:

Q: What performance does Love’s CWP deliver?
A: The Love’s CWP involves several activities to ensure you experience the highest level of quality. Our program includes:

  • Extensive fuel tank maintenance throughout the year to prevent damage to your fuel system caused by moisture and microbial growth
  • Detergent additives to clean and protect your fuel system, while also optimizing biodiesel performance in cold months to prevent gelling
  • Cold flow and deicer fuel additives that help delay natural #2 diesel gelling in cold months and chemically alter the fuel to improve fuel flow and reduce filter plugging
  • Nationwide coverage to ensure that tractors filling up in the South are still protected if they drive to Northern States with more extreme cold weather
  • Industry leading tiered additive treatment, with 3X additive use starting at 10°F

Q: Which stores are included in the CWP?
A: From Texas to Minnesota, and everywhere in-between, every Love’s store is included in the CWP to provide our customers with the peace of mind, flexibility and the quality assurance that comes with every gallon of Love’s diesel fuel. Please click here to view a map of all CWP locations.

Q: How does Love’s know how much additive to use?
A: We work directly with Afton Chemical to test fuel samples throughout the winter to identify the proper amount of additive to use to protect your fuel system. The additives used in Love’s exclusive formulation undergo extensive no-harms testing, in addition to real world cold weather performance testing to help protect you from fuel line freezing, gelling, and fuel filter plugging.

Q: Should I be concerned about winter biodiesel?
A: Love’s maintains an extensive network of stores throughout the United States, with advanced injection equipment to allow for optimized and responsible use of biodiesel. This network allows Love’s to quickly react to rapidly changing weather by increasing or decreasing the amount of biodiesel available at a particular store. In addition, Love’s uses an exclusive detergent formulation to optimize the cold weather performance of biodiesel, delivering peace of mind that you are always receiving the highest quality fuel to protect your fuel system.

Q: How can I prepare my trucks for the cold weather?
A: Here are few key items that you can do / monitor to help reduce the potential impact that cold weather will have on your trucks fuel system.

Maintaining and Monitoring the Truck Fuel System / Tank
To help prevent fuel tank / system problems, the following measures are recommended:

  1. Keep the fuel tank filled to reduce condensation / water build up in the fuel. Condensation formed in a partially filled tank promotes the growth of microorganisms that can clog fuel filters and restrict fuel flow.
  2. Check the Davco fuel filter and heater (per owner’s manual – drain the water weekly out of the Davco fuel filter using the filter drain valve).
  3. To help prevent microbial growth in the fuel tank, add a biocide as needed.
  4. Open the drain at the bottom of the fuel tanks to drain off any water &/or sediment.
  5. Tighten all fuel tank mountings and brackets. At the same time, check the seal in the fuel tank cap, the breather hole in the cap, and the condition of the flexible fuel lines. Repair or replace the parts, as necessary.
Love’s Fleet Sales Team
Love’s Travel Stops & Country Stores

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Market Close: Nov 10 Up

Nov 10th, 2020 by

Fueling Strategy: Please keep tanks topped tonight due to Wednesday prices will jump UP 8 cents then Thursday prices will go UP another 4 cents – Be Safe
NYMEX Crude    $ 41.36 UP $1.0700
NYMEX ULSD     $1.2525 UP $0.0358
NYMEX Gas       $1.1941 UP $0.0334
NEWS
Oil prices rose on Tuesday as hopes that a COVID-19 vaccine could be on the horizon outweighed the expected negative impact on fuel demand of new lockdowns to curb the virus. Brent crude futures rose 53 cents, or 1.3%, to $42.93, while U.S. West Texas Intermediate (WTI) crude futures settled up $1.07 cents, or 2.7%, to $41.36. Both contracts jumped 8% on Monday, in their biggest daily gains in more than five months, after drugmakers Pfizer and BioNTech said an experimental COVID-19 treatment was more than 90% effective based on initial trial results. Mass rollouts, however, are likely to be months away and subject to regulatory approvals. “A viable vaccine is unequivocally game-changing for oil – a market where half of demand comes from moving people and things around,” JP Morgan said in a note. “But as we have written previously, oil is a spot asset that must first clear current supply and demand imbalances before one-to-two-year out prices can rise.”

Prices were also boosted by comments from Saudi Arabia’s energy minister, who said on Monday the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, could tweak their supply cut pact if demand slumps before the vaccine is available. OPEC+ agreed to cut supply by 7.7 million barrels per day from August through December and then ease the cuts by around 2 million bpd in January. But the negative impact that renewed lockdowns in Europe are having on fuel demand, as well as rising Libyan production, kept prices in check.

Traffic in London, Paris and Madrid fell sharply in November after a peak in October, according to data provided to Reuters by location technology company TomTom, that covered mobility until Sunday evening. France, the United Kingdom, Spain and Poland were under the strictest lockdowns in Europe, according to the Oxford stringency index that assesses indicators such as school and workplace closures, and travel bans.

Meanwhile Libyan production has risen above 1 million bpd in recent days from 100,000 bpd in early September.

Have a Great Day,
Loren R Bailey, President
Fuel Manager Services Inc.
“Serving the trucking industry since 1992”
Office: 479-846-2761
Cell: 479-790-5581
 
 
“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.” 

Posted in Fuel News | Comments Off

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