Fueling Strategy: Please “KEEP YOUR TANKS TOPPED TODAY/TONIGHT, Thursday prices will jump UP another 2 Cents, Prices will Drop Friday 2 Cents ~ Be Safe
Fueling Strategy: Please “FUEL AS NEEDED” today/tonight ~ Be Safe
NMEX Crude $ 82.14 DN $.0800
NYMEX ULSD $2.5756 UP $.0250
NYMEX Gas $2.6679 DN $.0155
NEWS
May WTI crude oil on Monday closed down -0.08, and May RBOB gasoline closed down -2.50. Crude and gasoline prices on Monday posted moderate losses, with gasoline falling to a 6-week low. The main bearish factor for crude prices Monday was an easing of Israel-Iran tensions after it appeared that Iran would not respond following Israel’s retaliatory strike last Friday. In addition, the outlook for increased US crude production is bearish for prices after last Friday’s weekly report from Baker Hughes showed that active US oil rigs in the week ended April 19 rose by +5 rigs to a 7-month high of 511 rigs. The weakness in the crude crack spread is bearish for oil prices as the crack spread on Monday fell to a 2-month low. The weaker crack spread discourages refiners from purchasing crude and refining it into gasoline and distillates. Reduced crude demand in India, the world’s third-largest crude consumer, is negative for oil prices after India’s March oil demand fell -0.6% y/y to 21.09 MMT.
Crude has support from the recent Ukrainian drone attacks on Russian refineries that damaged several Russian oil processing facilities, limiting Russia’s fuel exporting capacity. Russia’s fuel exports in the week to April 7 fell by -450,000 bpd from the prior week to 3.39 million bpd. JPMorgan Chase said it sees 900,000 bpd of Russian refinery capacity that could be offline “for several weeks if not months” from the attacks, adding $4 a barrel of risk premium to oil prices.
Crude prices have support from April 3 when OPEC+, at its monthly meeting, did not recommend any changes to their existing crude output cuts, which kept about 2 million bpd of production cuts in place until the end of June. However, OPEC crude production in March rose +10,000 bpd to 26.860 million bpd, a bearish factor for oil prices as Iraq and UAE continue to pump above their production quotas. A decrease 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 -18% w/w to 75.45 million bbl as of April 19.
Crude prices have underlying support from the Israel-Hamas war and concern that the war might spread to Hezbollah in Lebanon. Also, attacks on commercial shipping in the Red Sea by Iran-backed Houthi rebels have forced shippers to divert shipments around the southern tip of Africa instead of going through the Red Sea, disrupting global crude oil supplies. Last Wednesday’s EIA report showed that (1) US crude oil inventories as of April 12 were -1.3% below the seasonal 5-year average, (2) gasoline inventories were -3.7% below the seasonal 5-year average, and (3) distillate inventories were -7.4% below the 5-year seasonal average. US crude oil production in the week ending April 12 was unchanged w/w at 13.1 million bpd, below the recent record high of 13.3 million bpd.
Baker Hughes reported last Friday that active US oil rigs in the week ended April 19 rose by +5 rigs to a 7-month high of 511 rigs, moderately above the 2-year low of 494 rigs posted on November 10. The number of US oil rigs has fallen over the past year from the 4-year high of 627 rigs posted in December 2022.
Fueling Strategy: Please “PARTIAL FILL ONLY” today/tonight, Prices are down 7 cents then Saturday look for another 4 cent drop~ Please Be Safe
NMEX Crude $ 81.73 UP $.4100
NYMEX ULSD $2.5531 UP $.0190
NYMEX Gas $2.6810 DN $.0034
NEWS
May WTI crude oil on Friday closed up +0.41, and May RBOB gasoline closed down -0.34. Crude and gasoline prices on Friday settled mixed. Crude prices spiked more than +$3 a barrel in overnight trade on escalation of Middle East tensions after US officials said Israel launched air strikes at military targets in Iran and Syria. However, crude fell back from its best levels, and gasoline fell into negative territory after Iranian media appeared to downplay the effect of the Israeli strikes, lowering the geopolitical risk premium for crude oil. A stronger dollar Friday was also bearish for energy prices.
Reduced crude demand in India, the world’s third-largest crude consumer, is negative for oil prices after India’s March oil demand fell -0.6% y/y to 21.09 MMT. Crude has support from the recent Ukrainian drone attacks on Russian refineries that damaged several Russian oil processing facilities, limiting Russia’s fuel exporting capacity. Russia’s fuel exports in the week to April 7 fell by -450,000 bpd from the prior week to 3.39 million bpd. JPMorgan Chase said it sees 900,000 bpd of Russian refinery capacity that could be offline “for several weeks if not months” from the attacks, adding $4 a barrel of risk premium to oil prices.
Crude prices have support from April 3 when OPEC+, at its monthly meeting, did not recommend any changes to their existing crude output cuts, which kept about 2 million bpd of production cuts in place until the end of June. However, OPEC crude production in March rose +10,000 bpd to 26.860 million bpd, a bearish factor for oil prices as Iraq and UAE continue to pump above their production quotas.
Fueling Strategy: Please “PARTIAL FILL ONLY” today/tonight, Friday prices will drop 7 cents then Saturday look for another 4 cent drop~ Please Be Safe
NMEX Crude $ 82.11 UP $.0400
NYMEX ULSD $2.5419 DN $.0390
NYMEX Gas $2.6842 DN $.0150
NEWS
May WTI crude oil on Thursday closed up +0.04, and May RBOB gasoline closed down -1.50. Crude and gasoline prices on Thursday settled mixed, with crude rebounding from a 3-week low and gasoline falling to a 2-week low. A stronger dollar Thursday weighed on energy prices. Crude also has a negative carryover from Wednesday, when the EIA reported that crude inventories rose more than expected to a 10-month high. Lingering geopolitical risks between Iran and Israel are limiting the downside in crude prices. Crude prices recovered from early losses and posted modest gains Thursday after Iran warned Israel against attacking its nuclear facilities, threatening to respond in kind if its atomic sites are targeted.
Crude oil prices are supported by Israel-Iran tensions. Top Israeli military officials said Monday that their country has no choice but to respond to Iran’s weekend attack. There are hopes that any Israeli retaliation will be limited and will perhaps conclude the latest round of tensions that began with Israel striking an Iranian consulate in Syria and killing some top Iranian military generals.
Thursday’s global economic news is mixed for energy demand and crude prices. On the negative side, US Mar leading indicators fell -0.3% m/m, weaker than expectations of -0.1% m/m. Also, Eurozone Mar new car registrations fell -5.2% y/y, the biggest decline in 20 months. On the positive side, the US Apr Philadelphia Fed business outlook survey unexpectedly rose +12.3 to a 2-year high of 15.5 versus expectations of a decline to 2.0. Also, the Japan Feb tertiary industry index rose +1.5% m/m, stronger than expectations of +0.5% m/m, and the largest increase in 2-1/2 years.
Weakness in the crude crack spread is bearish for crude prices. The crack spread Thursday fell to a 1-week low, discouraging refiners from purchasing crude oil and refining it into gasoline and distillates. Reduced crude demand in India, the world’s third-largest crude consumer, is negative for oil prices after India’s March oil demand fell -0.6% y/y to 21.09 MMT.
Crude has support from the recent Ukrainian drone attacks on Russian refineries that damaged several Russian oil processing facilities, limiting Russia’s fuel exporting capacity. Russia’s fuel exports in the week to April 7 fell by -450,000 bpd from the prior week to 3.39 million bpd. JPMorgan Chase said it sees 900,000 bpd of Russian refinery capacity that could be offline “for several weeks if not months” from the attacks, adding $4 a barrel of risk premium to oil prices.
Fueling Strategy: Please “FUEL AS NEEDED” today/tonight ~ Be Safe
NMEX Crude $ 82.69 DN $2.6700
NYMEX ULSD $2.5782 DN $0.0731
NYMEX Gas $2.7250 DN $0.0936
NEWS
May WTI crude oil on Wednesday closed down -2.67, and May RBOB gasoline closed down -9.36. Crude and gasoline prices Wednesday sold off sharply, with crude falling to a 3-week low and gasoline dropping to a 2-week low. Crude prices tumbled after Wednesday’s weekly EIA report showed crude inventories rose more than expected to a 10-month high.
Crude oil prices are supported by Israel-Iran tensions. Top Israeli military officials said Monday that their country has no choice but to respond to Iran’s weekend attack. There are hopes that any Israeli retaliation will be limited and will perhaps conclude the latest round of tensions that began with Israel striking an Iranian consulate in Syria and killing some top Iranian military generals. Reduced crude demand in India, the world’s third-largest crude consumer, is negative for oil prices after India’s March oil demand fell -0.6% y/y to 21.09 MMT.
Crude has support from the recent Ukrainian drone attacks on Russian refineries that damaged several Russian oil processing facilities, limiting Russia’s fuel exporting capacity. Russia’s fuel exports in the week to April 7 fell by -450,000 bpd from the prior week to 3.39 million bpd. JPMorgan Chase said it sees 900,000 bpd of Russian refinery capacity that could be offline “for several weeks if not months” from the attacks, adding $4 a barrel of risk premium to oil prices.
Fueling Strategy: Please “PARTIAL FILL ONLY” today/tonight, Wednesday prices will drop 4 cents ~ Please Be Safe
NMEX Crude $ 85.32 DN $.0900
NYMEX ULSD $2.6535 DN $.0007
NYMEX Gas $2.8163 UP $.0324
NEWS
May WTI crude oil on Tuesday closed down -0.09, and May RBOB gasoline closed up +3.24. Crude and gasoline prices on Tuesday settled mixed. Tuesday’s rally in the dollar index to a 5-1/2 month high weighed on energy prices. However, losses in crude were limited by Middle Eastern geopolitical risks as the markets await any response from Israel to Iran’s weekend drone and missile attack against Israel.
Crude oil prices are supported by Israel-Iran tensions. Top Israeli military officials said Monday that their country has no choice but to respond to Iran’s weekend attack. There are hopes that any Israeli retaliation will be limited and will perhaps conclude the latest round of tensions that began with Israel striking an Iranian consulate in Syria and killing some top Iranian military generals.
A bullish factor for energy demand and crude was Tuesday’s action by the International Monetary Fund to raise its 2024 global GDP forecast to 3.2% from a 3.1% forecast in January.
Petroleum Wholesale, LP is a family owned and operated chain of gas, convenience stores and truck stop travel centers located in Arizona, Texas, New Mexico, Utah, Colorado, Kansas and Wyoming. The company was founded by John Cook who began Petroleum Wholesale, LP as a two-station jobber ship in Ardmore, Oklahoma in 1971. A history of steady and sustained growth has allowed Petroleum Wholesale, LP Travel Centers to operate for over 50 years and have made it their primary focus to provide our customer’s
the most competitively priced fuel in the areas we serve.
All Petroleum Wholesale, LP travel centers offer gas, diesel and 24-hour convivence stores so you can fuel up, grab a drink and get back on the road. Many are locations are branded Shell and Exxon gasoline and all have unbranded diesel on the high flow side. ALL OF OUR TRUCK STOPS OFFER COMPLIMENTARY PARKING. *EXCLUDING PW 116 IN SPRING TX DUE TO AVAILABILITY.
As we continue to grow, all new travel centers going forward will be our larger Main Street Market Travel Centers. Main Street Market’s not only offer a substantial savings on gas and diesel but offer our travelers and professional drivers’ groceries, restaurants, laundry mats, showers, clothing, footwear, auto parts, car accessories, gifts and so much more.
Our Main Street Market Travel Centers are located in Midland, Wickett, Odessa, and Abbott Texas, San Simon and Ehrenburg, Arizona, and Vado New Mexico.
Fueling Strategy: Please “FUEL AS NEEDED” today/tonight ~ Be Safe
NMEX Crude $ 85.68 UP $.0250
NYMEX ULSD $2.6611 DN $.0240
NYMEX Gas $2.7906 DN $.0123
NEWS
May WTI crude oil on Monday closed down -0.25, and May RBOB gasoline closed down -1.23. Crude and gasoline prices on Monday posted moderate losses, with crude prices falling to a 1-1/2 week low. Crude oil prices are lower on hopes that the Iran-Israeli conflict can be contained. Also, Monday’s rally in the dollar index (DXY00) to a 5-1/4 month high is negative for energy prices.
Crude oil prices recovered from their worst levels Monday on concerns about the Iran-Israeli conflict after Axios reported that Israeli Defense Minister Gallant said that Israel had no choice but to retaliate against Iran for its weekend drone and missile attack against Israel. Iran’s missile and drone strike was clearly telegraphed and did no major damage, but Iran nevertheless raised the stakes by attacking Israel directly from its own territory rather than via proxies. There are hopes that any Israeli retaliation will be limited and will perhaps conclude the latest round of tensions that began with Israel striking an Iranian consulate in Syria and killing some top Iranian military generals.
Monday’s economic reports showed signs of strength in the global economy that supports energy demand and crude oil prices. US Mar retail sales rose +0.7% m/m, stronger than expectations of +0.4% m/m. Also, Eurozone Feb industrial production rose +0.8% m/m, right on expectations. In addition, Japan Feb core machine orders rose +7.7% m/m, stronger than expectations of +0.8% m/m and the largest increase in 13 months.
Fueling Strategy: Please “PARTIAL FILL ONLY” today/tonight, Saturday prices will drop 4 cents BUT will go back UP 2 cents Sunday ~ Please Be Safe
NMEX Crude $ 85.45 UP $.4300
NYMEX ULSD $2.6816 UP $.0218
NYMEX Gas $2.7963 UP $.0222
NEWS
May WTI crude oil on Friday closed up +0.43, and May RBOB gasoline closed up +2.22. Crude and gasoline prices Friday posted moderate gains, with crude climbing to a 5-1/2 month high and gasoline climbing to a 7-1/2 month high. Crude prices moved higher Friday on concern that an escalation of conflict in the Middle East could disrupt global crude supplies. Crude prices fell back from their best levels Friday after the dollar index rallied to a 5-1/4 month high.
Crude oil prices jumped Friday after Western intelligence assessments said an assault on Israeli government assets from missiles or drones by Iran or its proxies is expected to come as soon as the next 48 hours. Iran said it would retaliate for the recent Israel airstrike on Iran’s consulate in Syria that killed some top Iranian military commanders. An escalation of hostilities in the Middle East could lead to the disruption of crude supplies from the region. The strength of the crude crack spread is bullish for oil prices after the crack spread Friday rose to a 1-week high. The stronger crack spread encourages refiners to boost their crude purchases and refine it into gasoline and distillates.
Reduced crude demand in India, the world’s third-largest crude consumer, is negative for oil prices after India’s March oil demand fell -0.6% y/y to 21.09 MMT.
Fueling Strategy: Please “KEEP YOUR TANKS TOPPED TODAY/TONIGHT, Friday prices will go up another 4 Cent ~ Be Safe
NMEX Crude $ 85.63 DN $.5800
NYMEX ULSD $2.6695 DN $.0377
NYMEX Gas $2.7741 UP $.0075
NEWS
May WTI crude oil on Thursday closed down -.58, and May RBOB gasoline closed down -0.75 (-0.27%). Crude and gasoline prices on Thursday closed moderately lower. Thursday’s rally in the dollar index to a 4-3/4 month high pressured energy prices. Crude also had some negative carryover from Wednesday when EIA crude inventories rose more than expected to a 9-month high.
Crude oil prices have underlying support from Middle East tensions after US intelligence on Wednesday warned that Iran might launch an imminent missile or drone strike against military and government targets in Israel as revenge for the recent Israel airstrike on Iran’s consulate in Syria that killed some top Iranian military commanders. An escalation of hostilities in the Middle East could lead to the disruption of crude supplies from the region. Reduced crude demand in India, the world’s third-largest crude consumer, is negative for oil prices after India’s March oil demand fell -0.6% y/y to 21.09 MMT.
Crude has support from the recent Ukrainian drone attacks on Russian refineries that damaged several Russian oil processing facilities, limiting Russia’s fuel exporting capacity. Russia’s fuel exports in the week to April 7 fell by -450,000 bpd from the prior week to 3.39 million bpd. JPMorgan Chase said it sees 900,000 bpd of Russian refinery capacity that could be offline “for several weeks if not months” from the attacks, adding $4 a barrel of risk premium to oil prices.
