Fueling Strategy: Please “FUEL AS NEEDED” today/tonight ~ Be Safe!

NMEX Crude      $ 72.70 UP $2.3200

NYMEX ULSD     $2.6044 UP $0.0786

NYMEX Gas       $2.1581 UP $0.0632

NEWS

February WTI crude oil on Wednesday closed up +2.32 (+3.30%), and Feb RBOB gasoline  closed up +6.32 (+3.02%). Crude oil and gasoline prices recovered from early losses Wednesday and rallied sharply on supply disruptions in Libya and increased tensions in the Middle East.  Crude prices Wednesday initially fell to a 3-week low after the dollar index rallied to a 2-1/2 week high and as stocks fell sharply, curbing optimism about the economic outlook.  

Crude prices jumped Wednesday on concerns about tighter global crude supplies after Libya said it was shutting down its Sharara oil field after protestors entered the facility.  The Sharara oil field is Libya’s largest and pumps about 300,000 bpd. Geopolitical risks in the Middle East have escalated and are bullish for crude prices.  On Sunday, the U.S. Navy sank three Houthi boats in the Red Sea after they fired on U.S. aircraft.  Also, Iran dispatched a warship into the Red Sea, increasing the risks of a direct U.S.-Iran military mishap.  The attacks on commercial shipping in the Red Sea have forced shippers to divert shipments around the southern tip of Africa instead of going through the Red Sea, disrupting global crude oil supplies.  At least thirty merchant ships have been attacked or approached around Yemen by Iranian-backed Houthi militants in the Red Sea since Israel’s war with Hamas broke out in October.

An increase in Russian crude oil exports is bearish for crude oil prices.  Tanker-tracking data from Vortexa monitored by Bloomberg shows the four-week average of refined fuel shipments from Russia climbed to 3.46 million bpd in the four weeks to Dec 31, up +230,000 bpd from the prior week and the highest since July.

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 -16% w/w to 77.39 million bbl as of Dec 29.

A bearish factor for crude was the announcement from Angola on Dec 21 that it is leaving OPEC amid a dispute over oil production quotas.  Angola is Africa’s second-largest crude producer, and the rift between Angola and other OPEC+ members is a bearish factor that signals infighting among members.  Other OPEC members may balk at Saudi Arabia’s attempt to force all members into a production cut.

On Nov 30, OPEC+ agreed to cut crude production by -1.0 million bpd through June 2024.  However, crude prices sold off on the news since no details were provided on how the cuts would be distributed among members, nor how Russia’s -300,000 bpd export cut would factor into the new totals.  Delegates said the final details of the new accord, including national production levels, would be announced individually by each country rather than in the customary OPEC+ communique.  The market was disappointed that the extra cuts in OPEC crude output will be announced by each individual country, which suggests the reductions are only voluntary.

Saudi Arabia said on Nov 30 that it would maintain its unilateral crude production cut of 1.0 million bpd through Q1-2024.  The move would maintain Saudi Arabia’s crude output at about 9 million bpd, the lowest level in three years.  Russia also said it will deepen its voluntary oil export cuts by 200,000 bpd to 500,000 bpd in Q1 of 2024.  OPEC Dec crude production fell -40,000 bpd to 28.050 million bpd.

The consensus is for Thursday’s weekly EIA crude inventories to fall by -3.0 million bbl.

Last Thursday’s EIA report showed that (1) U.S. crude oil inventories as of Dec 22 were -1.9% below the seasonal 5-year average, (2) gasoline inventories were -2.3 below the seasonal 5-year average, and (3) distillate inventories were -9.3% below the 5-year seasonal average.  U.S. crude oil production in the week ending Dec 22 was unchanged w/w at a record 13.3 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended Dec 29 rose by +2 rigs to 500 rigs, just above the 1-3/4 year low of 494 rigs from Nov 10.  The number of U.S. oil rigs in the past year has fallen from the 3-1/2 year high of 627 rigs posted in December 2022.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

None at this time

Tell Us How We’re Doing On Google Business

https://g.page/r/CUyL9wDolv04EAI/review

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

Fueling Strategy: Please “FUEL AS NEEDED” today/tonight ~ Be Safe!

NMEX Crude      $ 70.38 DN $1.2700

NYMEX ULSD     $2.5258 DN $0.0031

NYMEX Gas       $2.0949 DN $0.0114

NEWS

February WTI crude oil on Tuesday closed down -1.27 (-1.77%), and Feb RBOB gasoline closed down -1.14 (-0.54%). Crude oil and gasoline prices on Tuesday gave up an early advance and turned lower, with crude falling to a 3-week low.  Tuesday’s rally in the dollar index to a 1-week high is bearish for energy prices.  Also, concerns about global energy demand are weighing on prices after U.S. and Chinese economic news disappointed.  Crude prices Tuesday initially moved higher on the escalation of Middle East tensions after Iran dispatched a warship into the Red Sea after the U.S. Navy said it was fired upon when responding to a distress call from a vessel in the Red Sea.  

Weaker-than-global economic news is bearish for energy demand.  The U.S. Dec S&P manufacturing PMI was unexpectedly revised lower to a 6-month low of 47.9 versus expectations of an upward revision to 48.4.  Also, the China Dec manufacturing PMI unexpectedly fell -0.2 to 49.0, weaker than expectations of an increase to 49.6 and the weakest level in 6 months.  In addition, the Dec non-manufacturing PMI rose +0.2 to 50.4, weaker than expectations of 50.5.

An increase in Russian crude oil exports is bearish for crude oil prices.  Tanker-tracking data from Vortexa monitored by Bloomberg shows the four-week average of refined fuel shipments from Russia climbed to 2.6 million bpd in the four weeks to Dec 24, up +157,000 bpd from the prior week and the highest seven months.

Geopolitical risks in the Middle East have escalated and are bullish for crude prices.  On Sunday, the U.S. Navy sank three Houthi boats in the Red Sea after they fired on U.S. aircraft.  Also, Iran dispatched a warship into the Red Sea after the U.S. Navy said it was fired upon when responding to a distress call from a vessel in the Red Sea.  The attacks on commercial shipping in the Red Sea have forced shippers to divert shipments around the southern tip of Africa instead of going through the Red Sea, disrupting global crude oil supplies.  At least thirty merchant ships have been attacked or approached around Yemen by Iranian-backed Houthi militants in the Red Sea since Israel’s war with Hamas broke out in October.

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 -16% w/w to 77.39 million bbl as of Dec 29.

A bearish factor for crude was the announcement from Angola on Dec 21 that it is leaving OPEC amid a dispute over oil production quotas.  Angola is Africa’s second-largest crude producer, and the rift between Angola and other OPEC+ members is a bearish factor that signals infighting among members.  Other OPEC members may balk at Saudi Arabia’s attempt to force all members into a production cut.

On Nov 30, OPEC+ agreed to cut crude production by -1.0 million bpd through June 2024.  However, crude prices sold off on the news since no details were provided on how the cuts would be distributed among members, nor how Russia’s -300,000 bpd export cut would factor into the new totals.  Delegates said the final details of the new accord, including national production levels, would be announced individually by each country rather than in the customary OPEC+ communique.  The market was disappointed that the extra cuts in OPEC crude output will be announced by each individual country, which suggests the reductions may only be voluntary.

Saudi Arabia said on Nov 30 that it would maintain its unilateral crude production cut of 1.0 million bpd through Q1-2024.  The move would maintain Saudi Arabia’s crude output at about 9 million bpd, the lowest level in three years.  Russia also said it will deepen its voluntary oil export cuts by 200,000 bpd to 500,000 bpd in Q1 of 2024.  OPEC Nov crude production fell -140,000 bpd to 28.050 million bpd.

Last Thursday’s EIA report showed that (1) U.S. crude oil inventories as of Dec 22 were -1.9% below the seasonal 5-year average, (2) gasoline inventories were -2.3 below the seasonal 5-year average, and (3) distillate inventories were -9.3% below the 5-year seasonal average.  U.S. crude oil production in the week ending Dec 22 was unchanged w/w at a record 13.3 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended Dec 29 rose by +2 rigs to 500 rigs, just above the 1-3/4 year low of 494 rigs from Nov 10.  The number of U.S. oil rigs has fallen this year after moving sharply higher during 2021-22 from the 18-year pandemic low of 172 rigs posted in Aug 2020 to a 3-1/2 year high of 627 rigs in December 2022.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

June 06 Vacation Leave After Lunch

June 10 Return From Vacation/Arrive 13:00

Tell Us How We’re Doing On Google Business

https://g.page/r/CUyL9wDolv04EAI/review

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

Fueling Strategy: Please “FUEL AS NEEDED” today/tonight, Prices are DOWN 4.5 Cents today, Saturday look for a 7 cent correction downward then Sunday a slight move up (less than $.0050)~Be Safe

NMEX Crude      $ 71.65 DN $.1200

NYMEX ULSD     $2.5531 DN $.0032

NYMEX Gas       $2.1026 UP $.0174

NEWS

February WTI crude oil on Friday closed down -0.12 (-0.17%), and Feb RBOB gasoline closed up +0.66 (+0.31%). Crude oil and gasoline prices on Friday settled mixed.  Crude gave up early gains on Friday and posted modest losses as weaker-than-expected U.S. economic news heightened energy demand concerns.  Also, an increase in Russian petroleum exports is negative for crude prices.   Crude prices Friday had modest support on some year-end short covering by funds.

Friday’s U.S. economic news was weaker than expected and is bearish for energy demand and crude prices.  The Dec MNI Chicago PMI fell -8.9 to 46.9, weaker than expectations of 50.0. An increase in Russian crude oil exports is bearish for crude oil prices.  Tanker-tracking data from Vortexa monitored by Bloomberg shows the four-week average of refined fuel shipments from Russia climbed to 2.6 million bpd in the four weeks to Dec 24, up +157,000 bpd from the prior week and the highest seven months. A slowdown in Chinese energy demand is bearish for crude prices.  According to the China Petroleum and Chemical Corporation (Sinopec), China’s oil-products demand growth is projected to slow to +1.7% in 2024 from +16.1% in 2023.  

Geopolitical risks are bullish for crude prices and have forced shippers to divert shipments around the southern tip of Africa instead of going through the Red Sea, disrupting global crude oil supplies.  At least twenty-six merchant ships have been attacked or approached around Yemen by Iranian-backed Houthi militants in the Red Sea since Israel’s war with Hamas broke out in October.  Also, concern that the Israeli-Hamas war could escalate throughout the Middle East is bullish for crude after the U.S. military on Monday launched strikes on three installations in Iraq, targeting a terrorist group backed by Iran that was accused of a series of drone attacks on American troops. An increase in crude in floating storage is bearish 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 rose +14% w/w to 87.12 million bbl as of Dec 22.

A supportive factor for crude was last Monday’s projection from the American Automobile Association (AAA) that a record 7.5 million people are expected to fly from Dec 23 to Jan 2, the most since the AAA began tracking the data in 2000.  

A bearish factor for crude was last Thursday’s announcement from Angola that it is leaving OPEC amid a dispute over oil production quotas.  Angola is Africa’s second-largest crude producer, and the rift between Angola and other OPEC+ members is a bearish factor that signals infighting among members.  Other OPEC members may balk at Saudi Arabia’s attempt to force all members into a production cut.

On Nov 30, OPEC+ agreed to cut crude production by -1.0 million bpd through June 2024.  However, crude prices sold off on the news since no details were provided on how the cuts would be distributed among members, nor how Russia’s -300,000 bpd export cut would factor into the new totals.  Delegates said the final details of the new accord, including national production levels, would be announced individually by each country rather than in the customary OPEC+ communique.  The market was disappointed that the extra cuts in OPEC crude output will be announced by each individual country, which suggests the reductions may only be voluntary. Saudi Arabia said on Nov 30 that it would maintain its unilateral crude production cut of 1.0 million bpd through Q1-2024.  The move would maintain Saudi Arabia’s crude output at about 9 million bpd, the lowest level in three years.  Russia also said it will deepen its voluntary oil export cuts by 200,000 bpd to 500,000 bpd in Q1 of 2024.  OPEC Nov crude production fell -140,000 bpd to 28.050 million bpd.

Thursday’s EIA report showed that (1) U.S. crude oil inventories as of Dec 22 were -1.9% below the seasonal 5-year average, (2) gasoline inventories were -2.3 below the seasonal 5-year average, and (3) distillate inventories were -9.3% below the 5-year seasonal average.  U.S. crude oil production in the week ending Dec 22 was unchanged w/w at a record 13.3 million bpd.

Baker Hughes reported Friday that active U.S. oil rigs in the week ended Dec 29 rose by +2 rigs to 500 rigs, just above the 1-3/4 year low of 494 rigs from Nov 10.  The number of U.S. oil rigs has fallen this year after moving sharply higher during 2021-22 from the 18-year pandemic low of 172 rigs posted in Aug 2020 to a 3-1/2 year high of 627 rigs in December 2022.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

None at this time

Tell Us How We’re Doing On Google Business

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

Fueling Strategy: Please “FUEL AS NEEDED” today/tonight, Friday’s prices will DROP 4.5 Cents then Saturday look for a 7 cent correction downward~Be Safe

NMEX Crude      $ 71.77 DN $2.3400

NYMEX ULSD     $2.5563 DN $0.0676

NYMEX Gas       $2.0852 DN $0.0698

NEWS

February WTI crude oil on Thursday closed down -2.34 (-3.16%), and Feb RBOB gasoline closed down -6.22 (-2.88%). Crude oil and gasoline prices on Thursday settled sharply lower, with crude falling to a 1-1/2 week low and gasoline dropping to a 2-week low.   A recovery in the dollar from a 5-month low to higher on-the-day undercut energy prices.  Also, concern about a slowdown in Chinese energy demand weighed on crude prices.   Thursday’s weekly EIA inventory report was mixed for crude prices. A slowdown in Chinese energy demand is bearish for crude prices.  According to the China Petroleum and Chemical Corporation (Sinopec), China’s oil-products demand growth is projected to slow to +1.7% in 2024 from +16.1% in 2023. Thursday’s U.S. economic news was weaker than expected and is bearish for energy demand and crude prices.  Weekly initial unemployment claims rose +12,000 to 218,000, showing a weaker labor market than expectations of an increase to 210,000.  Also, Nov pending home sales were unchanged m/m, weaker than expectations of +0.9% m/m.

Geopolitical risks are bullish for crude prices and have forced shippers to divert shipments around the southern tip of Africa instead of going through the Red Sea, disrupting global crude oil supplies.  At least twenty-six merchant ships have been attacked or approached around Yemen by Iranian-backed Houthi militants in the Red Sea since Israel’s war with Hamas broke out in October.  Also, concern that the Israeli-Hamas war could escalate throughout the Middle East is bullish for crude after the U.S. military on Monday launched strikes on three installations in Iraq, targeting a terrorist group backed by Iran that was accused of a series of drone attacks on American troops.

An increase in crude in floating storage is bearish 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 rose +14% w/w to 87.12 million bbl as of Dec 22. A supportive factor for crude was last Monday’s projection from the American Automobile Association (AAA) that a record 7.5 million people are expected to fly from Dec 23 to Jan 2, the most since the AAA began tracking the data in 2000.  

A bearish factor for crude was last Thursday’s announcement from Angola that it is leaving OPEC amid a dispute over oil production quotas.  Angola is Africa’s second-largest crude producer, and the rift between Angola and other OPEC+ members is a bearish factor that signals infighting among members.  Other OPEC members may balk at Saudi Arabia’s attempt to force all members into a production cut. An increase in Russian crude oil exports is bearish for crude oil prices.  Tanker-tracking data monitored by Bloomberg shows refined fuel shipments from Russia climbed to 3.2 million bpd in the four weeks to Dec 10, up +114,000 bpd from the prior week and the highest five months. On Nov 30, OPEC+ agreed to cut crude production by -1.0 million bpd through June 2024.  However, crude prices sold off on the news since no details were provided on how the cuts would be distributed among members, nor how Russia’s -300,000 bpd export cut would factor into the new totals.  Delegates said the final details of the new accord, including national production levels, would be announced individually by each country rather than in the customary OPEC+ communique.  The market was disappointed that the extra cuts in OPEC crude output will be announced by each individual country, which suggests the reductions may only be voluntary. Saudi Arabia said on Nov 30 that it would maintain its unilateral crude production cut of 1.0 million bpd through Q1-2024.  The move would maintain Saudi Arabia’s crude output at about 9 million bpd, the lowest level in three years.  Russia also said it will deepen its voluntary oil export cuts by 200,000 bpd to 500,000 bpd in Q1 of 2024.  OPEC Nov crude production fell -140,000 bpd to 28.050 million bpd.

Thursday’s weekly EIA crude oil report was mixed for crude and its products.  On the bearish side, EIA distillate supplies rose +741,000 bbl, more than expectations of +20,000 bbl.  Also, crude supplies at Cushing, the delivery point of WTI futures, rose +1.51 million bbl.  On the bullish side, weekly EIA crude inventories fell -7.11 million bbl, a larger draw than expectations of -2.85 million bbl.  Also, EIA gasoline stockpiles fell 669,000 bbl, a larger draw than expectations of -250,000 bbl. Thursday’s EIA report showed that (1) U.S. crude oil inventories as of Dec 22 were -1.9% below the seasonal 5-year average, (2) gasoline inventories were -2.3 below the seasonal 5-year average, and (3) distillate inventories were -9.3% below the 5-year seasonal average.  U.S. crude oil production in the week ending Dec 22 was unchanged w/w at a record 13.3 million bpd.

Baker Hughes reported last Thursday that active U.S. oil rigs in the week ended Dec 22 fell by -3 rigs to 498 rigs, just above the 1-3/4 year low of 494 rigs from Nov 10.  The number of U.S. oil rigs has fallen this year after moving sharply higher during 2021-22 from the 18-year pandemic low of 172 rigs posted in Aug 2020 to a 3-1/2 year high of 627 rigs in December 2022.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

None at this time

Tell Us How We’re Doing On Google Business

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

Fueling Strategy: Please “FUEL AS NEEDED” today/tonight, Thursday prices will go up slightly then look for Friday’s prices to DROP 4.5 Cents~Be Safe

NMEX Crude      $ 74.11 DN $1.7400

NYMEX ULSD     $2.6239 DN $0.0449

NYMEX Gas       $2.1550 DN $0.0033

NEWS

February WTI crude oil on Wednesday closed down -1.46 (-1.93%) on Tuesday, and Feb RBOB gasoline closed down -1.05 (-0.48%). Crude oil and gasoline prices on Wednesday settled moderately lower.   Crude prices were under pressure Wednesday from technical selling as funds closed out their crude positions ahead of year-end.  Also, global energy demand concerns weighed crude prices.  Losses in crude were limited after the dollar index Wednesday tumbled to a 5-month low.  Wednesday’s global economic news was weaker-than-expected and is bearish for energy demand and crude prices.  The U.S.  Dec Richmond Fed manufacturing sentiment index unexpectedly fell -6 to an 8-month low of -11, weaker than expectations of an increase to -3.  Also, Japan’s housing starts in November fell -8.6% y/y to a 7-month low of 775,000.

Geopolitical risks are bullish for crude prices and have forced shippers to divert shipments around the southern tip of Africa instead of going through the Red Sea, disrupting global crude oil supplies.  At least twenty-six merchant ships have been attacked or approached around Yemen by Iranian-backed Houthi militants in the Red Sea since Israel’s war with Hamas broke out in October.  Also, concern that the Israeli-Hamas war could escalate throughout the Middle East is bullish for crude after the U.S. military on Monday launched strikes on three installations in Iraq, targeting a terrorist group backed by Iran that was accused of a series of drone attacks on American troops. An increase in crude in floating storage is bearish 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 rose +14% w/w to 87.12 million bbl as of Dec 22. A supportive factor for crude was last Monday’s projection from the American Automobile Association (AAA) that a record 7.5 million people are expected to fly from Dec 23 to Jan 2, the most since the AAA began tracking the data in 2000.  

A bearish factor for crude was last Thursday’s announcement from Angola that it is leaving OPEC amid a dispute over oil production quotas.  Angola is Africa’s second-largest crude producer, and the rift between Angola and other OPEC+ members is a bearish factor that signals infighting among members.  Other OPEC members may balk at Saudi Arabia’s attempt to force all members into a production cut. An increase in Russian crude oil exports is bearish for crude oil prices.  Tanker-tracking data monitored by Bloomberg shows refined fuel shipments from Russia climbed to 3.2 million bpd in the four weeks to Dec 10, up +114,000 bpd from the prior week and the highest five months.

On Nov 30, OPEC+ agreed to cut crude production by -1.0 million bpd through June 2024.  However, crude prices sold off on the news since no details were provided on how the cuts would be distributed among members, nor how Russia’s -300,000 bpd export cut would factor into the new totals.  Delegates said the final details of the new accord, including national production levels, would be announced individually by each country rather than in the customary OPEC+ communique.  The market was disappointed that the extra cuts in OPEC crude output will be announced by each individual country, which suggests the reductions may only be voluntary.

Saudi Arabia said on Nov 30 that it would maintain its unilateral crude production cut of 1.0 million bpd through Q1-2024.  The move would maintain Saudi Arabia’s crude output at about 9 million bpd, the lowest level in three years.  Russia also said it will deepen its voluntary oil export cuts by 200,000 bpd to 500,000 bpd in Q1 of 2024.  OPEC Nov crude production fell -140,000 bpd to 28.050 million bpd. The consensus is for Thursday’s weekly EIA crude inventories to fall by -2.85 million bbl. Last Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of Dec 15 were -0.7% below the seasonal 5-year average, (2) gasoline inventories were -1.5% below the seasonal 5-year average, and (3) distillate inventories were -10.1% below the 5-year seasonal average.  U.S. crude oil production in the week ending Dec 15 rose +1.5% w/w to a record 13.3 million bpd.

Baker Hughes reported last Thursday that active U.S. oil rigs in the week ended Dec 22 fell by -3 rigs to 498 rigs, just above the 1-3/4 year low of 494 rigs from Nov 10.  The number of U.S. oil rigs has fallen this year after moving sharply higher during 2021-22 from the 18-year pandemic low of 172 rigs posted in Aug 2020 to a 3-1/2 year high of 627 rigs in December 2022.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

None at this time

Tell Us How We’re Doing On Google Business

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

Fueling Strategy: Please “FUEL AS NEEDED” today/tonight~Be Safe

NMEX Crude      $ 75.57 UP $2.0100

NYMEX ULSD     $2.6688 UP $0.0076

NYMEX Gas       $2.1583 UP $0.0282

NEWS

February WTI crude oil closed up +2.01 (+2.73%) on Tuesday, and Feb RBOB gasoline closed up +3.09 (+1.44%). Crude oil and gasoline prices on Tuesday closed moderately higher, with crude posting a 3-week high.   A weaker dollar Tuesday was supportive of energy prices.  Heightened geopolitical risks also gave crude prices a boost Tuesday after the U.S. military launched strikes on three installations in Iraq, targeting a terrorist group backed by Iran that was accused of a series of drone attacks on American troops.  Also, the UK navy on Tuesday reported attacks on two commercial vessels sailing in the Red Sea near Yemen.   In addition, Tuesday’s U.S. economic reports were bullish for the energy markets.

Geopolitical risks are bullish for crude prices and have forced shippers to divert shipments around the southern tip of Africa instead of going through the Red Sea, disrupting crude oil supplies.  At least twenty-five merchant ships have been attacked or approached around Yemen by Iranian-backed Houthi militants in the Red Sea since Israel’s war with Hamas broke out in October. Tuesday’s U.S. economic news shows strength in the U.S. economy that supports energy demand and crude prices.  The Nov Chicago Fed national activity index rose +0.69 to a 4-month high of 0.03.  Also, the Oct S&P CoreLogic composite-20 home price index rose +4.87% y/y, the most in 11 months.  In addition, the Dec Dallas Fed manufacturing outlook index rose +10.6 to an 11-month high of -9.3, stronger than expectations of -17.0. A supportive factor for crude was last Monday’s projection from the American Automobile Association (AAA) that a record 7.5 million people are expected to fly from Dec 23 to Jan 2, the most since the AAA began tracking the data in 2000.  

An increase in crude in floating storage is bearish 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 rose +14% w/w to 87.12 million bbl as of Dec 22. A bearish factor for crude was last Thursday’s announcement from Angola that it is leaving OPEC amid a dispute over oil production quotas.  Angola is Africa’s second-largest crude producer, and the rift between Angola and other OPEC+ members is a bearish factor that signals infighting among members.  Other OPEC members may balk at Saudi Arabia’s attempt to force all members into a production cut. An increase in Russian crude oil exports is bearish for crude oil prices.  Tanker-tracking data monitored by Bloomberg shows refined fuel shipments from Russia climbed to 3.2 million bpd in the four weeks to Dec 10, up +114,000 bpd from the prior week and the highest five months.

On Nov 30, OPEC+ agreed to cut crude production by -1.0 million bpd through June 2024.  However, crude prices sold off on the news since no details were provided on how the cuts would be distributed among members, nor how Russia’s -300,000 bpd export cut would factor into the new totals.  Delegates said the final details of the new accord, including national production levels, would be announced individually by each country rather than in the customary OPEC+ communique.  The market was disappointed that the extra cuts in OPEC crude output will be announced by each individual country, which suggests the reductions may only be voluntary. Saudi Arabia said on Nov 30 that it would maintain its unilateral crude production cut of 1.0 million bpd through Q1-2024.  The move would maintain Saudi Arabia’s crude output at about 9 million bpd, the lowest level in three years.  Russia also said it will deepen its voluntary oil export cuts by 200,000 bpd to 500,000 bpd in Q1 of 2024.  OPEC Nov crude production fell -140,000 bpd to 28.050 million bpd.

Last Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of Dec 15 were -0.7% below the seasonal 5-year average, (2) gasoline inventories were -1.5% below the seasonal 5-year average, and (3) distillate inventories were -10.1% below the 5-year seasonal average.  U.S. crude oil production in the week ending Dec 15 rose +1.5% w/w to a record 13.3 million bpd.

Baker Hughes reported last Thursday that active U.S. oil rigs in the week ended Dec 22 fell by -3 rigs to 498 rigs, just above the 1-3/4 year low of 494 rigs from Nov 10.  The number of U.S. oil rigs has fallen this year after moving sharply higher during 2021-22 from the 18-year pandemic low of 172 rigs posted in Aug 2020 to a 3-1/2 year high of 627 rigs in December 2022.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

None at this time

Tell Us How We’re Doing On Google Business

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

“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.” ~ Douglas Adams

Fueling Strategy: Please “FUEL AS NEEDED” today/tonight, Plan on Saturday’s drop of 1 Cent then Sunday look for prices to drop 3.5 Cents~Be Safe & Have a Great Christmas!!!

NMEX Crude      $ 73.56 DN $.3300

NYMEX ULSD     $2.6612 DN $.0356

NYMEX Gas       $2.1301 DN $.0284

NEWS

February WTI crude oil closed down -0.33 (-0.45%), and Feb RBOB gasoline closed down -2.84 (-1.32%). Crude oil prices saw continued downward pressure from Wednesday’s bearish EIA report and Thursday’s news that Angola dropped out of the OPEC cartel.  However, crude oil prices saw support this week as more oil tankers were diverted around the south tip of Africa in order to avoid Houthi attacks on ships in the Red Sea.  Friday’s U.S. economic reports were mixed for the energy markets.

Crude prices came under pressure Thursday after Angola announced that it is leaving OPEC amid a dispute over oil production quotas.  Angola is Africa’s second-largest crude producer, and the rift between Angola and other OPEC+ members is a bearish factor that signals infighting among members.  Other OPEC members may balk at Saudi Arabia’s attempt to force all members into a production cut. Geopolitical risks are bullish for crude prices after BP joined Equinor and Euronav in halting crude oil shipments on tankers through the Red Sea because of increasingly frequent attacks on ships in the region.  The attacks on oil tankers in the Middle East are forcing shippers to divert shipments around the southern tip of Africa instead of going through the Red Sea, disrupting crude oil supplies.  At least twenty merchant ships have been attacked or approached around Yemen by Iranian-backed Houthi militants in the Red Sea since Israel’s war with Hamas broke out in October.

A supportive factor for crude was last Monday’s projection from the American Automobile Association (AAA) that a record 7.5 million people are expected to fly from Dec 23 to Jan 2, the most since the AAA began tracking the data in 2000.  An increase in Russian crude oil exports is bearish for crude oil prices.  Tanker-tracking data monitored by Bloomberg shows refined fuel shipments from Russia climbed to 3.2 million bpd in the four weeks to Dec 10, up +114,000 bpd from the prior week and the highest five months.

On Nov 30, OPEC+ agreed to cut crude production by -1.0 million bpd through June 2024.  However, crude prices sold off on the news since no details were provided on how the cuts would be distributed among members, nor how Russia’s -300,000 bpd export cut would factor into the new totals.  Delegates said the final details of the new accord, including national production levels, would be announced individually by each country rather than in the customary OPEC+ communique.  The market was disappointed that the extra cuts in OPEC crude output will be announced by each individual country, which suggests the reductions may only be voluntary. Saudi Arabia said on Nov 30 that it would maintain its unilateral crude production cut of 1.0 million bpd through Q1-2024.  The move would maintain Saudi Arabia’s crude output at about 9 million bpd, the lowest level in three years.  Russia also said it will deepen its voluntary oil export cuts by 200,000 bpd to 500,000 bpd in Q1 of 2024.  OPEC Nov crude production fell -140,000 bpd to 28.050 million bpd.

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 -13% w/w to 73.32 million bbl as of Dec 15.

Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of Dec 15 were -0.7% below the seasonal 5-year average, (2) gasoline inventories were -1.5% below the seasonal 5-year average, and (3) distillate inventories were -10.1% below the 5-year seasonal average.  U.S. crude oil production in the week ending Dec 15 rose +1.5% w/w to a record 13.3 million bpd.

Baker Hughes reported Thursday that active U.S. oil rigs in the week ended Dec 22 fell by -3 rigs to 498 rigs, just above the 1-3/4 year low of 494 rigs from Nov 10.  The number of U.S. oil rigs has fallen this year after moving sharply higher during 2021-22 from the 18-year pandemic low of 172 rigs posted in Aug 2020 to a 3-1/2 year high of 627 rigs in December 2022.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

DEC 21 Out Late Afternoon

DEC 22 Out All Day

Tell Us How We’re Doing On Google Business

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

“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.” ~ Douglas Adams

Fueling Strategy: Please “FUEL AS NEEDED” today/tonight~Be Safe

NMEX Crude      $ 73.99 DN $.2300

NYMEX ULSD     $2.6968 DN $.0117

NYMEX Gas       $2.1585 DN $.0422

NEWS

February WTI crude oil on Thursday closed down -0.23 (-0.44%), and Feb RBOB gasoline closed down -4.22 (-1.83%). Crude oil and gasoline prices on Thursday closed moderately lower.  Crude prices were weighed down by negative carryover from Wednesday when the EIA reported an unexpected increase in weekly U.S. oil supplies and record U.S. crude production.  Crude oil prices also fell on concerns about a rift among OPEC members after Angola announced its exit from the group.  In addition, Thursday’s weak U.S. economic reports signalled reduced energy demand and were bearish for oil prices.  Losses in crude were contained by a weaker dollar.

Crude prices came under pressure Thursday after Angola announced that it is leaving OPEC amid a dispute over oil production quotas.  Angola is Africa’s second-largest crude producer, and the rift between Angola and other OPEC+ members is a bearish factor that signals more infighting among members.  Other OPEC members may balk at Saudi Arabia’s attempt to force all members into a production cut.

Thursday’s weaker-than-expected U.S. economic news signalled weak energy demand that was bearish for crude prices.  U.S. Q3 GDP was revised downward by -0.3 to 4.9% (q/q annualized), weaker than expectations of no change at 5.2%.  Also, the Dec Philadelphia Fed business outlook survey unexpectedly fell -4.6 to -10.5, weaker than expectations of an increase to -3.0.  In addition, Nov leading indicators fell -0.5% m/m, the twentieth consecutive month leading indicators have declined.

Geopolitical risks are bullish for crude prices after BP joined Equinor and Euronav in halting crude oil shipments on tankers through the Red Sea because of increasingly frequent attacks on ships in the region.  The attacks on oil tankers in the Middle East are forcing shippers to divert shipments around the southern tip of Africa instead of going through the Red Sea, disrupting crude oil supplies.  At least twenty merchant ships have been attacked or approached around Yemen by Iranian-backed Houthi militants in the Red Sea since Israel’s war with Hamas broke out in October.  

A supportive factor for crude was last Monday’s projection from the American Automobile Association (AAA) that a record 7.5 million people are expected to fly from Dec 23 to Jan 2, the most since the AAA began tracking the data in 2000.  

An increase in Russian crude oil exports is bearish for crude oil prices.  Tanker-tracking data monitored by Bloomberg shows refined fuel shipments from Russia climbed to 3.2 million bpd in the four weeks to Dec 10, up +114,000 bpd from the prior week and the highest five months. 

On Nov 30, OPEC+ agreed to cut crude production by -1.0 million bpd through June 2024.  However, crude prices sold off on the news since no details were provided on how the cuts would be distributed among members nor how Russia’s -300,000 bpd export cut would factor into the new totals.  Delegates said the final details of the new accord, including national production levels, would be announced individually by each country rather than in the customary OPEC+ communique.  The market was disappointed that the extra cuts in OPEC crude output will be announced by each individual country, which suggests the reductions may only be voluntary. Saudi Arabia said on Nov 30 that it would maintain its unilateral crude production cut of 1.0 million bpd through Q1-2024.  The move would maintain Saudi Arabia’s crude output at about 9 million bpd, the lowest level in three years.  Russia also said it will deepen its voluntary oil export cuts by 200,000 bpd to 500,000 bpd in Q1 of 2024.  OPEC Nov crude production fell -140,000 bpd to 28.050 million bpd.

Weak demand for crude in China, the world’s biggest crude importer, is bearish for prices.  China’s crude imports were 42.45 MMT, down -13% m/m from Oct and a 7-month low.

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 -13% w/w to 73.32 million bbl as of Dec 15.

Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of Dec 15 were -0.7% below the seasonal 5-year average, (2) gasoline inventories were -1.5% below the seasonal 5-year average, and (3) distillate inventories were -10.1% below the 5-year seasonal average.  U.S. crude oil production in the week ending Dec 15 rose +1.5% w/w to a record 13.3 million bpd.

Baker Hughes reported Thursday that active U.S. oil rigs in the week ended Dec 22 fell by -3 rigs to 498 rigs, just above the 1-3/4 year low of 494 rigs from Nov 10.  The number of U.S. oil rigs has fallen this year after moving sharply higher during 2021-22 from the 18-year pandemic low of 172 rigs posted in Aug 2020 to a 3-1/2 year high of 627 rigs in December 2022.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

DEC 21 Out Late Afternoon

DEC 22 Out All Day

Tell Us How We’re Doing On Google Business

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

“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.” ~ Douglas Adams

Fueling Strategy: Please “KEEP YOUR TANKS TOPPED” today/tonight,Thursday prices will go UP another 5 Cents ~ Be Safe

NMEX Crude      $ 74.22 UP $.2800

NYMEX ULSD     $2.7085 DN $.0083

NYMEX Gas       $2.2007 DN $.0001

NEWS

February WTI crude oil on Wednesday closed up +0.28 (+0.38%), and Feb RBOB gasoline closed up +0.06 (+0.03%). Crude oil and gasoline prices on Wednesday posted modest gains, with crude climbing to a 2-1/2 week high.  Concerns about disruptions to Middle East crude supplies are boosting oil prices as more oil shippers avoid the Red Sea and ship crude around the southern tip of Africa due to the attacks on commercial shipping in the Red Sea by Houthi militants.  Crude prices fell back from their best levels on a bearish EIA report that showed an unexpected increase in weekly U.S. oil supplies and record U.S. crude production.

Geopolitical risks are bullish for crude prices after BP joined Equinor and Euronav in halting crude oil shipments on tankers through the Red Sea because of increasingly frequent attacks on ships in the region.  The attacks on oil tankers in the Middle East are forcing shippers to divert shipments around the southern tip of Africa instead of going through the Red Sea, disrupting crude oil supplies.  At least twenty merchant ships have been attacked or approached around Yemen by Iranian-backed Houthi militants in the Red Sea since Israel’s war with Hamas broke out in October. 

Wednesday’s better-than-expected global economic news supports energy demand and crude prices.  U.S. Nov existing home sales unexpectedly rose +0.8% m/m to 3.82 million, stronger than expectations of a decline to 3.78 million.  Also, the Conference Board U.S. Dec consumer confidence index rose +9.7 to a 5-month high of 110.7, stronger than expectations of 104.5.  In addition, the Eurozone Dec consumer confidence index rose +1.8 to a 5-month high of -15.1, stronger than expectations of -16.3.

A supportive factor for crude was last Monday’s projection from the American Automobile Association (AAA) that a record 7.5 million people are expected to fly from Dec 23 to Jan 2, the most since the AAA began tracking the data in 2000.  

An increase in Russian crude oil exports is bearish for crude oil prices.  Tanker-tracking data monitored by Bloomberg shows refined fuel shipments from Russia climbed to 3.2 million bpd in the four weeks to Dec 10, up +114,000 bpd from the prior week and the highest five months. On Nov 30, OPEC+ agreed to cut crude production by -1.0 million bpd through June 2024.  However, crude prices sold off on the news since no details were provided on how the cuts would be distributed among members nor how Russia’s -300,000 bpd export cut would factor into the new totals.  Delegates said the final details of the new accord, including national production levels, would be announced individually by each country rather than in the customary OPEC+ communique.  The market was disappointed that the extra cuts in OPEC crude output will be announced by each individual country, which suggests the reductions may only be voluntary. Saudi Arabia said on Nov 30 that it would maintain its unilateral crude production cut of 1.0 million bpd through Q1-2024.  The move would maintain Saudi Arabia’s crude output at about 9 million bpd, the lowest level in three years.  Russia also said it will deepen its voluntary oil export cuts by 200,000 bpd to 500,000 bpd in Q1 of 2024.  OPEC Nov crude production fell -140,000 bpd to 28.050 million bpd. The rift between Angola and other OPEC+ members remains and is a bearish factor that signals more infighting among members.  Angola OPEC governor Pedro said on Nov 30 that his country rejects OPEC’s quota and “Angola will produce above the quota determined by OPEC.”  Angola is Africa’s second-largest crude producer, and OPEC governor Pedro said his country will pump 1.18 million bpd in January, above the 1.11 million quota set out by OPEC.

Weak demand for crude in China, the world’s biggest crude importer, is bearish for prices.  China’s crude imports were 42.45 MMT, down -13% m/m from Oct and a 7-month low.

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 -13% w/w to 73.32 million bbl as of Dec 15.

Wednesday’s weekly EIA crude report was bearish for crude prices.  EIA crude inventories unexpectedly rose by +2.91 million bbl versus expectations of a -2.3 million bbl draw.  Also, EIA gasoline stockpiles rose +2.91 million bbl, more than expectations of +1.35 million bbl.  In addition, EIA distillate supplies rose +1.49 million bbl, above expectations of +691,000 bbl.  Finally, crude supplies at Cushing, the delivery point of WTI futures, rose +1.686 million bbl to a 4-month high.

Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of Dec 15 were -0.7% below the seasonal 5-year average, (2) gasoline inventories were -1.5% below the seasonal 5-year average, and (3) distillate inventories were -10.1% below the 5-year seasonal average.  U.S. crude oil production in the week ending Dec 15 rose +1.5% w/w to a record 13.3 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended Dec 15 fell by -2 rigs to 501 rigs, modestly above the 1-3/4 year low of 494 rigs from Nov 10.  The number of U.S. oil rigs has fallen this year after moving sharply higher during 2021-22 from the 18-year pandemic low of 172 rigs posted in Aug 2020 to a 3-1/2 year high of 627 rigs in December 2022.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

DEC 21 Out Late Afternoon

DEC 22 Out All Day

Tell Us How We’re Doing On Google Business

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

“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.” ~ Douglas Adams

Fueling Strategy: Please “KEEP YOUR TANKS TOPPED” today/tonight, Wednesday prices will go UP 5 Cents then Thursday look for another 4 to 5 Cent jump in prices~ Be Safe

NMEX Crude      $ 73.44 UP $.9700

NYMEX ULSD     $2.7168 UP $.0440

NYMEX Gas       $2.2008 UP $.0418

NEWS

January WTI crude oil on Tuesday closed up +0.97 (+1.34%), and Jan RBOB gasoline closed up +4.18 (+1.94%). Crude oil and gasoline prices on Tuesday settled moderately higher but remained below Monday’s 2-week highs.  A weaker dollar on Tuesday was bullish for energy prices.  Also, geopolitical risks supported higher crude prices after several major oil shippers stopped shipping crude oil through the Red Sea because of attacks on ships in the region.  In addition, Tuesday’s rally in the S&P 500 to a 23-month high shows confidence in the economic outlook that supports energy demand and crude prices.  Finally, fund short covering lifted crude prices as Tuesday is the last trading day for the Jan WTI crude oil contract.

Geopolitical risks are bullish for crude prices after BP joined Equinor and Euronav in halting crude oil shipments on tankers through the Red Sea because of increasingly frequent attacks on ships in the region.  The attacks on oil tankers in the Middle East are forcing shippers to divert shipments around the southern tip of Africa instead of going through the Red Sea, disrupting crude oil supplies.  At least fourteen merchant ships have been attacked or approached around Yemen by Iranian-backed Houthi militants in the Red Sea since Israel’s war with Hamas broke out in October.  A supportive factor for crude was last Monday’s projection from the American Automobile Association (AAA) that a record 7.5 million people are expected to fly from Dec 23 to Jan 2, the most since the AAA began tracking the data in 2000.

Crude prices last Tuesday plunged to a 5-3/4 month low as an increase in Russian crude exports undercut oil prices.  Tanker-tracking data monitored by Bloomberg shows refined fuel shipments climbed to 3.2 million bpd in the four weeks to Dec 10, up +114,000 bpd from the prior week and the highest five months.

On Nov 30, OPEC+ agreed to cut crude production by -1.0 million bpd through June 2024.  However, crude prices sold off on the news since no details were provided on how the cuts would be distributed among members nor how Russia’s -300,000 bpd export cut would factor into the new totals.  Delegates said the final details of the new accord, including national production levels, would be announced individually by each country rather than in the customary OPEC+ communique.  The market was disappointed that the extra cuts in OPEC crude output will be announced by each individual country, which suggests the reductions may only be voluntary. Saudi Arabia said on Nov 30 that it would maintain its unilateral crude production cut of 1.0 million bpd through Q1-2024.  The move would maintain Saudi Arabia’s crude output at about 9 million bpd, the lowest level in three years.  Russia also said it will deepen its voluntary oil export cuts by 200,000 bpd to 500,000 bpd in Q1 of 2024.  OPEC Nov crude production fell -140,000 bpd to 28.050 million bpd. The rift between Angola and other OPEC+ members remains and is a bearish factor that signals more infighting among members.  Angola OPEC governor Pedro said on Nov 30 that his country rejects OPEC’s quota and “Angola will produce above the quota determined by OPEC.”  Angola is Africa’s second-largest crude producer, and OPEC governor Pedro said his country will pump 1.18 million bpd in January, above the 1.11 million quota set out by OPEC.

Weak demand for crude in China, the world’s biggest crude importer, is bearish for prices.  China’s crude imports were 42.45 MMT, down -13% m/m from Oct and a 7-month low.  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 -13% w/w to 73.32 million bbl as of Dec 15. The consensus is that Wednesday’s weekly EIA crude inventories will fall by -2.3 million bbl.

Last Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of Dec 8 were -2.1% below the seasonal 5-year average, (2) gasoline inventories were -2.1% below the seasonal 5-year average, and (3) distillate inventories were -12.1% below the 5-year seasonal average.  U.S. crude oil production in the week ending Dec 8 was unchanged w/w to 13.1 million bpd, just below the record high of 13.2 million bpd the week ending Nov 24.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended Dec 15 fell by -2 rigs to 501 rigs, modestly above the 1-3/4 year low of 494 rigs from Nov 10.  The number of U.S. oil rigs has fallen this year after moving sharply higher during 2021-22 from the 18-year pandemic low of 172 rigs posted in Aug 2020 to a 3-1/2 year high of 627 rigs in December 2022.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

DEC 21 Out Late Afternoon

DEC 22 Out All Day

Tell Us How We’re Doing On Google Business

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

“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.” ~ Douglas Adams