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Market Close: Oct 27 Up

Fueling Strategy: Please partial fill ONLY today/tonight, Wednesday prices will fall 3 cents Wednesday – Be Safe
NYMEX Crude    $  39.57 UP $1.0100
NYMEX ULSD     $1.1577 UP $0.0359
NYMEX Gas       $1.1434 UP $0.0318
NEWS

Crude rebounded on Tuesday as companies shut down some U.S. Gulf of Mexico oil production ahead of an approaching storm, although surging coronavirus infections and rising Libyan supply limited gains.

Companies including BP, Chevron, and Equinor ASA evacuated rigs or closed facilities. So far producers have shut 16%, or 294,000 barrels per day (bpd) of oil output due to Zeta, which was a hurricane on Monday but weakened to a tropical storm early on Tuesday, the U.S. National Hurricane Center (NHC) said.

The storm-induced bump in prices may be short-lived, however, with demand expected to weaken anew with coronavirus cases rising. “As long as the threat of renewed partial lockdowns exists, the oil complex will need to price in some renewed softening in demand,” said Jim Ritterbusch, president of Ritterbusch and Associates.

Brent Crude was up 58 cents, or 1.4%, at $41.03 per barrel. WTI Crude gained $1.01, or 2.6%, to settle at $39.57 per barrel. Both contracts fell more than 3% on Monday.

Libya’s production should rebound to 1 million bpd in coming weeks, complicating efforts by other OPEC members and allies to restrict output. The Organization of the Petroleum Exporting Countries and allies, known as OPEC+, are planning to increase production by 2 million bpd from January after record output cuts this year. That would cut overall reductions to 7.7 million bpd – still an enormous amount by the standards of major oil producers, but it may not be enough to offset weak demand. Russian President Vladimir Putin, speaking last Thursday, did not rule out extending the cuts for longer. “As the virus continues to spread, the odds of additional OPEC + production tends to diminish in helping to provide some balance to the market,” Ritterbusch said.

The latest weekly U.S. oil inventory figures, due later on Tuesday and on Wednesday, are expected to show rising supplies. Analysts polled by Reuters expect crude stocks to rise by about 1.1 million barrels.

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.” 

Market Close: Oct 26 Down

Fueling Strategy: Please fuel as needed today/tonight – Be Safe Today
NYMEX Crude    $ 38.56 DN $1.2900
NYMEX ULSD     $1.1218 DN $0.0295
NYMEX Gas       $1.1116 DN $0.0273
NEWS
Oil prices fell more than 3% on Monday, extending last week’s losses as coronavirus cases continued to surge in the United States and Europe, while Libya’s rebound in crude production raised fears of oversupply. The United States reported its highest number yet of new coronavirus infections in two days through Saturday, while in France new cases hit a record of more than 50,000 on Sunday. Italy and Spain imposed fresh restrictions to curb the virus. “It’s a dark Monday in the oil market,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy. “We have long warned that a ‘second wave’ of strict coronavirus restriction measures could be re-imposed, and it’s now happening for real.”

Brent Crude dropped $1.31, or 3.1%, to settle at $40.46 a barrel. WTI Crude fell $1.29, or 3.2%, to settle at $38.56 a barrel. Both contracts fell almost 2.5% last week.

Libya’s National Oil Corp (NOC) on Monday ended force majeure on the remaining facilities closed by an eight-month blockade of oil exports by eastern forces. NOC said on Friday that Libyan production would reach 1 million barrels per day (bpd) in coming weeks, a quicker ramp-up than many analysts had predicted. That could complicate efforts by the Organization of the Petroleum Exporting Countries to restrict supply to cope with lackluster demand. “The last thing the market needs right now is additional supply,” said Warren Patterson, ING’s head of commodities strategy.

OPEC’s secretary general said an oil market recovery may take longer than hoped as coronavirus inflections rise around the world. OPEC+, the producer group and it allies including Russia, is set to increase output by 2 million bpd in January 2021 after a record production cut earlier this year. “OPEC+ must not be careless and have to address the issue of the extra barrels appearing in the market, otherwise the days of relatively stable oil prices will be numbered,” said oil broker PVM’s Tamas Varga.

Meanwhile, the U.S. Gulf Coast energy sector prepared for another storm. Oil producers on Monday were halting offshore production in the Gulf of Mexico as the 27th named storm of the season strengthened and looked likely to threaten the United States as a hurricane.

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.” 

Market Close: Oct 23 Down

Fueling Strategy: Please top tanks tonight before 23:00 CST, Saturday prices will go UP 2 cents but will fall back 1 to 1.5 cents Sunday – Be Safe
NYMEX Crude    $ 39.85 UP $.7900
NYMEX ULSD     $1.1513 DN $.0094
NYMEX Gas       $1.1389 DN $.0192
NEWS
Oil fell nearly 2% on Friday and headed for a weekly drop as demand concerns raised by surging coronavirus cases in the United States and Europe overshadowed the prospect of an extension to OPEC-led supply curbs.

Italy and several U.S. states reported record daily increases in infections, while France extended curfews for about two thirds of its population as the second wave of the COVID-19 pandemic sweeps across Europe.

Brent Crude lost 69 cents, or 1.63%, to settle at $41.77 a barrel. WTI Crude shed 79 cents, or 1.94%, to settle at $39.85 per barrel. “What’s holding us back is the uncertainty about demand – when we’re going to get a vaccine, when things are going to get back to normal, concerns about more shutdowns versus concerns about tightening supplies,” said Phil Flynn, senior analyst at Price Futures Group in Chicago. Also weighing on the market, Libyan output, which had been mostly offline since January, has reached 500,000 barrels per day (bpd) and will rise further by the end of October.

Comments by Russian President Vladimir Putin on Thursday that Moscow did not rule out extending OPEC+ oil output cuts supported oil prices. “The only bullish piece of news comes from Russia,” said Bjornar Tonhaugen of Rystad Energy. OPEC+, a group that includes Russia and the Organization of the Petroleum Exporting Countries, is due to increase production by 2 million bpd in January 2021 as part of a plan to pump more as demand recovers.

However, the second wave of the pandemic and resulting slowdown in the demand recovery have raised the question of whether the increase is premature. OPEC+ made a record supply cut from May, which boosted prices from historic lows. Brent is up from a 21-year low below $16 in April.

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 re
al service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.” 

Winter’s approach brings truck fueling systems into a different focus. Although fuel filters and water separators get routine checks year round, as ambient temperatures begin to drop, the actual fuel in the tank requires more attention.

When temperatures begin to fall, the quality of fuel plays a big factor in how quickly it begins to fall out of spec, said Eric Trimble, marketing manager for Lubrication Specialties Inc.

Ultra-low-sulfur diesel No. 2 contains natural combustible paraffin wax molecules, which make up a portion of the fuel’s energy content. Colder weather can cause the paraffins to drop out of the fuel and gel together, causing the fuel to become cloudy, otherwise known as the Cloud Point. As temperatures continue to drop, lumps of gelled paraffin can form larger chunks, restricting fuel flow, clogging filters and causing the Cold Filter Plug Point (CFPP).

Indicators of gelling include hard starts, loss of power and decreasing mpgs, Trimble said.

Rob Howes II, executive vice president for Howes Products, said a quality preventive anti-gel additive works by modifying the shape and structure of the naturally present wax paraffins in diesel fuel, encapsulating them to prevent them from binding together when they inevitably fall out of the fuel at extreme cold temperatures, allowing the wax to pass through fuel filters despite having fallen out of solution.

“This is why even treated diesel fuel will look cloudy at cold temperatures,” Howes said. “Even the additives themselves will have a cloudy appearance at cold enough temperatures. This is all part of the process.”

According to fuel supply and logistics provider Mansfield Energy, the difference between the Cloud Point and the CFPP varies depending on geography and fuel quality. When treated properly with winter cold flow additives, however, the CFPP will be about 18 degrees below the Cloud Point. For example, if fuel is treated with additive and gets cloudy at 10 degrees, then filters will plug at -8 degrees.

“The quality of diesel fuel varies from state to state,” Trimble said. “In fact, it can vary from station to station, which makes understanding exactly what type of fuel is running through your motor kind of difficult.”

For carriers with planned routes that start in warmer climates but travel through colder areas, fuels can be substantially different in each region, Howes said. “In the colder climates, you will come across winter blends of fuel that are inherently better at handling the harsh temperatures, and they can range from better cuts of fuel to fuels that have small amounts of preventive additive in them already,” he said.

However, the name “winter blend” can be misleading. “While the fuels may have some amount of treatment, it is almost guaranteed not to be enough to provide adequate protection from the cold,” Howes said. “They are, however, a much better starting point than what you will see in warmer-weather climates from the warmer-weather regions, so when used in conjunction with a quality preventive additive, you’re going to find you have some serious cold protection.”

Trimble recommended a fuel filter change before temperatures fall precipitously and running a strong detergent additive through the fuel system to remove any contaminants and moisture from the tank and lines. Finally, add a diesel anti-gel additive to lower the fuel’s CFPP and pour point.

Pour point is when liquid loses its flow. Once diesel fuel gels, it has reached its pour point, and fuel cannot flow through the system. Jon Salter, director of shop operations for Pilot Flying J Truck Care, said an additive that will re-liquefy gelled fuel and de-ice frozen fuel filters will be needed.

“Quality emergency-use de-gelling additives work by chemically modifying the melting point of the wax paraffins and ice/water in the fuel, effectively thawing ice and melting wax,” Howes said.

Trimble suggested that carriers look into fully formulated winter treatments that not only prevent gelling issues but also offer benefits such as increased fuel economy and power, less wear and better cold starts.

“Many anti-gel additives available are just that — only an anti-gel,” he said. “Some fleets may only be concerned with gelling issues and opt for an ‘anti-gel only’ additive. However, these single-solution additives do not always provide the best cold-weather operability. Users are encouraged to do their research and choose the best additive available to them in terms of cost and function.”

Howes said a quality winter preventive additive will have additional benefits such as added lubricity and a detergent that keeps the fuel system and injectors clean, adding that it is important in colder-weather climates to add it when filling up.

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.” 

Market Close: Oct 22 Up

Fueling Strategy: Please partial fill only tonight – Friday prices will drop 3.5 cents – Be Safe
NYMEX Crude    $ 40.64 UP $.6300
NYMEX ULSD     $1.1607 UP $.0208
NYMEX Gas       $1.1581 UP $.0178
NEWS
Oil prices ticked up on Thursday but struggled to fully recover from the previous session’s losses when a build in U.S. gasoline inventories signaled a deteriorating outlook for fuel demand as coronavirus cases soar.

Brent Crude was up 91 cents, or 2.18%, at $42.64 per barrel. WTI Crude futures settled 63 cents, or 1.4%, higher at $40.64 per barrel. Both contracts shed more than 3% on Wednesday in their steepest daily falls in three weeks.

U.S. gasoline stocks rose by 1.9 million barrels in the week to Oct. 16, the Energy Information Administration (EIA) said on Wednesday, compared with expectations for a 1.8 million-barrel drop. Overall product supplied, a proxy for demand, averaged 18.3 million barrels per day in the four weeks to Oct. 16, the EIA said – down 13% from the same period a year earlier.

New daily COVID-19 infections hitting records in several U.S. states and in Europe, new lockdowns and China’s clamp-down on outbound travel to help stem the spread of the disease, all bode ill for fuel demand. Worsening the outlook, hopes that U.S. lawmakers would reach an agreement with the White House on an economic stimulus package dimmed late on Wednesday after President Donald Trump accused Democrats of holding up a compromise deal. ″(A deal) might improve the demand tone for a week or two,” said Lachlan Shaw, head of commodity research at National Australia Bank.

Adding to the supply concerns, Libyan oil exports are quickly accelerating into October as loading restarts following the easing of a blockade by eastern forces. Libya has seen production recover to about 500,000 barrels per day and the government in Tripoli expects that to double by year-end.

Goldman Sachs said it saw average Brent prices rising from $43.9 per barrel this year to $59.4 next year, and WTI from $40.1 to $55.9 per barrel.

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.” 

Market Close: Oct 21 Down

Fueling Strategy: Please keep tanks topped tonight – Thursday prices will go UP 1.5 cents – Be Safe
NYMEX Crude    $ 40.03 DN $1.6700
NYMEX ULSD     $1.1399 DN $0.0336
NYMEX Gas       $1.1403 DN $0.0476
NEWS
Oil prices dropped Wednesday after U.S. inventory figures showed demand weakening for refined products as global COVID-19 cases spiked.

Brent Crude were at $41.64 a barrel, down $1.51, or 3.5%. WTI Crude Futures settled 4%, or $1.67, lower at $40.03. Both benchmarks rose in the previous session.

Crude inventories fell by 1 million barrels in the week to Oct. 16 to 488.1 million barrels, while gasoline stocks rose in another weak showing for fuel demand. Overall product supplied, a proxy for demand, remained down 13% on the year and over the past four weeks when compared with the year-ago period. “The market is seriously grappling with demand in the wake of a continued rise in COVID-19 cases,” said Tony Headrick, energy markets analyst at CHS Hedging. Adding to pressure, worldwide COVID-19 cases crossed 40 million on Tuesday, with some parts of Europe imposing renewed lockdown measures. “Brent is particularly exposed to European regions which are undergoing new lockdowns,” Headrick said,

On the supply side, Russia’s energy minister said on Tuesday it was too early to discuss the future of global oil production curbs beyond December, less than a week after saying plans to scale back existing output restrictions should proceed. Earlier this year the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia – together known as OPEC+ – agreed to trim production cuts in January from a current 7.7 million barrels per day (bpd) to roughly 5.7 million bpd. At the same time, OPEC member Libya, which is exempt from the cuts, is also ramping up production after armed conflict shut almost all its output in January. Production has recovered to about 500,000 bpd with Tripoli expecting that figure to double by year-end.
The battle over a hefty, new U.S. coronavirus aid bill was set to spill into Wednesday as the White House and Democrats try to strike a deal before the Nov. 3 presidential and congressional elections, now with the encouragement of President Donald Trump.
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.” 

Market Close: Oct 20 Up

Fueling Strategy: Please partial fill only today/tonight, Wednesday prices will drop 2 cents – Be Safe
NYMEX Crude    $ 41.46 UP $.6300
NYMEX ULSD     $1.1735 UP $.0154
NYMEX Gas       $1.1879 UP $.0256
NEWS
Oil prices steadied on Tuesday but remained under pressure from the threat to demand from a global resurgence in coronavirus cases and rising Libyan output.
COVID-19 cases topped 40 million on Monday, according to a Reuters tally, with a growing second wave in Europe and North America sparking various degrees of lockdown measures. “Tuesday found oil traders struggling to make up their minds on how to interpret the result of the previous day’s OPEC+ meeting,” said Bjornar Tonhaugen, head of oil markets at Rystad Energy.

A meeting on Monday of a ministerial panel of the Organization of the Petroleum Exporting Countries (OPEC) and its allies, together known as OPEC+, pledged to support the oil market as concerns grow over soaring coronavirus cases. For now, OPEC+ is sticking with a deal to curb output by 7.7 million barrels per day (bpd) to the end of the year and then increase production by 2 million bpd in January. OPEC watchers, including analysts from U.S. bank J.P. Morgan, have said that a weak demand outlook could prompt OPEC+ to delay the reduction in curbs. “Demand recovery is uneven … Today this process has slowed down because of a second coronavirus wave but has not yet fully reversed,” Russian Energy Minister Alexander Novak told the JMMC meeting.

Russia could agree to roll over the cuts beyond the end of 2020 if global markets worsen, two industry sources told Reuters. OPEC member Libya, which is exempt from the cuts, is ramping up production after armed conflict shut almost all of the country’s output in January. Output from its biggest field, Sharara, resumed on Oct. 11 and is now at about 150,000 bpd, about half its capacity, two industry sources told Reuters. Another 70,000 bpd oilfield is expected to restart on Oct. 24.

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.”

Market Close: Oct 19 Down

Fueling Strategy: Please fuel as needed today/tonight – Be Safe Today
NYMEX Crude    $ 40.83 DN $.0500
NYMEX ULSD     $1.1581 DN $.0210
NYMEX Gas       $1.1623 DN $.0065
NEWS
Oil steadied on Monday, weighed by concerns over surging coronavirus cases globally and by Libya’s plan to boost output, but supported by hopes for a U.S. fiscal package. Analysts also focused on an OPEC+ ministerial monitoring committee meeting on Monday. Russian Energy Minister Alexander Novak said the committee recommended to stick in full to the group’s global deal to reduce oil production.

Brent Crude furures fell 22 cents to $42.71 a barrel. U.S. WTI Crude futures settled 5 cents, or 0.1%, lower at $40.83 per barrel.

Saudi Arabia, the biggest member of the Organization of the Petroleum Exporting Countries, said no one should doubt the group’s commitment to providing support, while three sources from producing countries said a planned output increase from January could be reversed if necessary. OPEC+, a grouping of OPEC and allies including Russia, is curbing oil production by 7.7 million barrels per day (bpd), down from cuts totaling 9.7 million bpd, and are due to reduce the cuts by a further 2 million bpd in January. “This group has shown, especially in this year, that it has the flexibility to adapt to changing circumstances when required. We will not dodge our responsibilities in this regard,” Saudi Energy Minister Prince Abdulaziz bin Salman said. Weighing on markets, Libya has significantly boosted its output after the easing of a blockade by eastern forces in September. The 70,000-bpd Abu Attifel oilfield was expected to begin its restart on Oct. 24 after being shut down for months, two engineers said.

Meanwhile, worldwide coronavirus cases crossed 40 million on Monday, according to a Reuters tally. Many European governments are tightening lockdowns to curb the spread of the virus, renewing concerns about oil demand. “This latest swathe of stringent restrictions will inevitably impede economic growth and undermine the fuel demand recovery,” said Stephen Brennock of oil broker PVM. Hopes for a new U.S. stimulus package lent some support to prices as House Speaker Nancy Pelosi said on Sunday she was optimistic that legislation on a wide-ranging relief package could be pushed through before the election.

Bank of America projected Brent and WTI would average $44 and $40 per barrel in 2020, respectively, and $50 and $47 per barrel in 2021. Meanwhile, China’s oil-buying frenzy earlier this year is expected to slow in the fourth quarter. Chinese refiners slowed their processing rates in 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.” 

Market Close: Oct 16 Down

Fueling Strategy: Please fuel as needed tonight, Saturday look for little to no change in prices, Sunday look for prices to drop one penny  – Be Safe
NYMEX Crude    $ 40.88 DN $.0800
NYMEX ULSD     $1.1791 DN $.0096
NYMEX Gas       $1.1688 DN $.0112
NEWS
Oil prices edged lower on Friday, dragged down by concerns that a spike in COVID-19 cases in the United States and Europe will continue to drag on demand in two of the world’s biggest fuel-consuming regions. OPEC+, a grouping of the Organization of the Petroleum Exporting Countries and ally producers including Russia, fear a prolonged second wave of the pandemic and a jump in Libyan output could push the oil market into surplus next year, according to a confidential document seen by Reuters, a much gloomier outlook than just a month ago.

Brent futures fell 23 cents to settle at $42.93 a barrel, and U.S. WTI Crude futures dropped 8 cents to settle at $40.88 a barrel.

“The reality is that we’re now seeing a pretty active spread of the pandemic across Europe and it’s spreading again in North America, and that potentially will weigh on oil demand recovery,” said Lachlan Shaw, head of commodity research at the National Bank of Australia. Some European countries were reviving curfews and lockdowns to fight a surge in new coronavirus cases, with Britain imposing tougher COVID-19 restrictions in London on Friday.

A panel of officials from OPEC+, called the Joint Technical Committee, discussed their worst-case scenario during a virtual monthly meeting on Thursday. That involved commercial inventories from major world consumers remaining higher than the five-year average in 2021, rather than falling below that mark. The group’s Joint Ministerial Monitoring Committee (JMMC), will consider the outlook when it meets on Monday. The JMMC can make a policy recommendation. “We expect on Monday’s meeting some strong words on compensating for (members’) undercompliance,” said Paola Rodriguez-Masiu, Rystad Energy’s senior oil markets analyst. “What everybody is wondering is if there will be any action against the laggards this time or if the bashing will stay at a verbal level.”

OPEC+ is set to ease its current supply cuts of 7.7 million barrels per day (bpd) by 2 million bpd in January. In the United States, drillers have begun adding oil rigs since cutting them to a 15-year low in August. This week, they added the most oil rigs in a week since January, increasing the count by 12 to 205, energy services firm Baker Hughes Co said.

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.” 

Market Close: Oct 15 Down

Fueling Strategy: Please keep tanks topped tonight, Friday prices will go UP 2.5 cents – Be Safe
NYMEX Crude    $ 40.96 DN $.0800
NYMEX ULSD     $1.1887 DN $.0038
NYMEX Gas       $1.1800 DN $.0171
NEWS
Oil prices slipped on Thursday as new restrictions to stem a surge in COVID-19 infections increased uncertainty over the outlook for economic growth and a recovery in fuel demand. But prices bounced off their lows after better-than-expected inventory data.

Brent Crude fell 25 cents, or 0.6%, to trade at $43.06 per barrel, while WTI Crude settled 8 cents, or 0.19%, lower at $40.96 per barrel. Traders noted the price decline was limited by industry data showing a fall in U.S. oil inventories last week.

The U.S. Energy Information Administration said Thursday that inventory declined by 3.818 million barrels in the prior week, larger than the 1.9 million barrel draw analysts polled by Fact Set had been expecting. The American Petroleum Institute industry group on Wednesday said U.S. crude, gasoline and distillate inventories all fell in the week to Oct. 9.

Some European countries are reviving curfews and lockdowns to try to contain the rise in new coronavirus cases, with Britain expected to impose tougher COVID-19 restrictions on London from midnight on Friday. “If demand weakens noticeably, OPEC+ will have no choice but to call off its production increase if it does not want to risk a renewed oversupply and another price slide,” Commerzbank said. OPEC and its allies, together called OPEC+, are due to taper production cuts by 2 million barrels per day (bpd), from 7.7 million bpd currently, in January.

OPEC+ had 102% compliance with its agreement to cut oil supply in September, two OPEC+ sources told Reuters ahead of a technical committee meeting on Thursday. The group will ensure oil prices do not plunge steeply again when it meets to set policy at the end of November, OPEC’s Secretary General said, adding that demand has been recovering more slowly than expected. Top global oil traders Vitol, Trafigura and Gunvor said they saw slow oil demand recovery because of a second coronavirus wave with oil prices rising to or above $50 per barrel only by October next year. “Toxic brew of COVID-19 lockdowns, especially in Europe, and the apparent end of any hopes for a U.S. stimulus deal before the election are weighing on risk assets,” said Bob Yawger, director of energy futures at Mizuho in New York.

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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