Fueling Strategy: Please “KEEP YOUR TANKS TOPPED” today/tonight, Saturday look for a 6.5 cent jump in prices BUT Sunday we’ll see a $.1017 drop in prices, Be Safe

NMEX Crude      $ 80.51 DN $1.9500

NYMEX ULSD     $2.9238 DN $0.1017

NYMEX Gas       $2.2010 DN $0.0450

NEWS

December WTI crude oil Friday closed down -1.95 (-2.36%), and Dec RBOB gasoline closed down -0.0450 (-2.00%). Crude oil and gasoline prices fell sharply after Friday’s weak U.S. unemployment report reinforced expectations that the U.S. economy is headed for a significant slowdown.  Crude prices have underlying support from concern that the Israel-Hamas conflict could escalate and disrupt crude oil supplies from the Middle East.  Hezbollah’s leader said Friday that Hezbollah had no prior knowledge of the Hamas attack, but that “all possibilities are open on our Lebanese front.”  Hezbollah-supported militants in Lebanon and the Israeli military have been trading sporadic fire in the past several weeks since the Hamas attack. An increase in Russian crude exports is bearish for oil prices.  Tanker-tracking data monitored by Bloomberg shows 3.53 million bpd of crude was shipped from Russian ports in the week ended Oct 22, an increase of 20,000 bpd from the previous week.

In a bearish factor for crude oil, the U.S. on Oct 18 said it would ease sanctions for six months on Venezuela’s oil exports in exchange for steps to ensure the country holds fair presidential elections next year.  An easing of sanctions would put additional crude supplies on the global market, with some analysts estimating about 200,000 bpd of additional supplies. The tightness in the oil market is expected to continue due to the extension of OPEC+ production cuts.  Saudi Arabia recently said it would maintain its unilateral crude production cut of 1.0 million bpd through December.  The move will hold Saudi Arabia’s crude output at about 9 million bpd, the lowest level in three years.  Russia also recently announced that it would maintain its 300,000 bpd cut in crude production through December.  OPEC Oct crude production was little changed, rising +50,000 bpd to 28.08 million bpd.

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 +5.8% w/w to 74.69 million bbl as of Oct 27.

Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of Oct 27 were -5.2% below the seasonal 5-year average, (2) gasoline inventories were +2.1% above the seasonal 5-year average, and (3) distillate inventories were -12.2% below the 5-year seasonal average.  U.S. crude oil production in the week ended Oct 27 was unchanged w/w at a record high of 13.2 million bpd.

Baker Hughes reported Friday that active U.S. oil rigs in the week ended Nov 3 fell by -8 rigs to 496 rigs, posting a new 1-3/4 year low.  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  

NOV 18 Out Afternoon

NOV 19 Out Until Noon

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

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

Market Close: Nov 02 UP Diesel UP $.0640, Gas UP $.0605

NMEX Crude      $ 82.46 UP $2.0200

Fueling Strategy: Please “KEEP YOUR TANKS TOPPED” today/tonight, Thursday look for a 2.5 cent jump in prices, Be Safe

NMEX Crude      $ 80.44 DN $.5800

NYMEX ULSD     $2.9615 UP $.0515

NYMEX Gas       $2.1855 DN $.0318

NEWS

December WTI crude oil on Wednesday closed down -0.58 (-0.72%), and Dec RBOB gasoline closed down -3.18 (-1.43%). Crude oil and gasoline prices on Wednesday gave up an early rally and closed moderately lower, with crude falling to a 2-month low and gasoline dropping to a 3-week low.  Wednesday’s rally in the dollar index to a 4-week high weighed on energy prices, as did signs of weakness in manufacturing activity in the U.S. and China.  Crude prices Wednesday initially opened higher on geopolitical risks due to concern that an escalation of the Israeli-Hamas conflict could threaten crude supplies from the Middle East.  Wednesday’s weekly EIA report was mixed for crude prices.

Weakness in manufacturing activity in China and the U.S. is bearish for energy demand and crude prices.  The China Oct Caixin manufacturing PMI unexpectedly fell -1.1 to 49.5, weaker than expectations of an increase to 50.8.  Also, the U.S. Oct ISM manufacturing index unexpectedly fell -2.3 to 46.7, weaker than expectations of no change at 49.0.

Crude prices have support on concern that an escalation of the Israeli-Hamas war could lead to the disruption of Middle Eastern crude supplies.  Iran’s foreign minister Tuesday called for the “last political opportunities” to be used to halt the Israeli-Hamas war.  The United Nations warned the situation in Syria, which borders Israel and where many Iran-backed militias operate, is “at its most dangerous for a long time” as Israel increases airstrikes on the country.

An increase in Russian crude exports is bearish for oil prices.  Tanker-tracking data monitored by Bloomberg shows 3.53 million bpd of crude was shipped from Russian ports in the week ended Oct 22, an increase of 20,000 bpd from the previous week.

In a bearish factor for crude oil, the U.S. on Oct 18 said it would ease sanctions for six months on Venezuela’s oil exports in exchange for steps to ensure the country holds fair presidential elections next year.  An easing of sanctions would put additional crude supplies on the global market, with some analysts estimating about 200,000 bpd of additional supplies.

The tightness in the oil market is expected to continue due to the extension of OPEC+ production cuts.  Saudi Arabia recently said it would maintain its unilateral crude production cut of 1.0 million bpd through December.  The move will hold Saudi Arabia’s crude output at about 9 million bpd, the lowest level in three years.  Russia also recently announced that it would maintain its 300,000 bpd cut in crude production through December.  OPEC Oct crude production was little changed, rising +50,000 bpd to 28.08 million bpd.

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 +5.8% w/w to 74.69 million bbl as of Oct 27.

Wednesday’s weekly EIA report was mixed for crude prices.  On the bullish side, EIA crude inventories rose +773,000 bbl, less than expectations of +1.8 million bbl.  On the bearish side, EIA gasoline supplies unexpectedly rose +65,000 bbl versus expectations of a -133,000 bbl draw.  Also, crude stockpiles at Cushing, the delivery point of WTI futures, rose +272,000 bbl.

Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of Oct 27 were -5.2% below the seasonal 5-year average, (2) gasoline inventories were +2.1% above the seasonal 5-year average, and (3) distillate inventories were -12.2% below the 5-year seasonal average.  U.S. crude oil production in the week ended Oct 27 was unchanged w/w at a record high of 13.2 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended Oct 27 rose by +2 to 504 rigs, recovering a bit more from the 20-month low of 497 rigs posted in the week ended Oct 6.  The number of U.S. oil rigs has fallen this year after moving sharply higher from an 18-year low of 172 rigs posted in Aug 2020 during the pandemic 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  

NOV 02 Out of Office All Day 

NOV 03 Back Late Afternoon 

NOV 18 Out Afternoon

NOV 19 Out Until Noon

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

“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” tonight, Tuesday “PARTIAL FILL ONLY” due to Wednesday wholesale prices will DROP 8.5 Cents ~ Be Safe

NMEX Crude      $ 82.31 DN $3.2300

NYMEX ULSD     $2.9663 DN $0.0856

NYMEX Gas       $2.2200 DN $0.0925

NEWS

December WTI crude oil on Monday closed down -3.23 (-3.78%), and Dec RBOB gasoline closed down -7.84 (-3.42%). Crude oil prices on Monday sold off sharply, with crude posting a 4-week nearest-futures low as Israel’s ground incursion into Gaza has so far been less extensive than expected, easing concerns that the Israeli-Hamas conflict might widen and threaten crude supplies from the Middle East.  A weaker dollar Monday and a stock rally provided underlying support for crude prices. Crude was under pressure Monday as Israel’s military action in Gaza is proceeding at a more cautious pace than expected, easing concerns that the conflict could widen in the Middle East.  In addition, Iran’s foreign ministry said Monday that Hamas has pledged to release non-Israeli hostages “in the shortest time possible.”

Comments from consultant Energy Aspects weighed on crude prices Monday when they said global oil prices are capped by a worsening economic picture and “there are no direct risks to oil supplies” from the Middle East crisis.

An increase in Russian crude exports is bearish for oil prices.  Tanker-tracking data monitored by Bloomberg shows 3.53 million bpd of crude was shipped from Russian ports in the week ended Oct 22, an increase of 20,000 bpd from the previous week.

In a bearish factor for crude oil, the U.S. on Oct 18 said it would ease sanctions for six months on Venezuela’s oil exports in exchange for steps to ensure the country holds fair presidential elections next year.  An easing of sanctions would put additional crude supplies on the global market, with some analysts estimating about 200,000 bpd of additional supplies.

The tightness in the oil market is expected to continue due to the extension of OPEC+ production cuts.  Saudi Arabia recently said it would maintain its unilateral crude production cut of 1.0 million bpd through December.  The move will hold Saudi Arabia’s crude output at about 9 million bpd, the lowest level in three years.  Russia also recently announced that it would maintain its 300,000 bpd cut in crude production through December.  OPEC Sep crude production was little changed, rising +50,000 bpd to 27.97 million bpd.

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 +5.8% w/w to 74.69 million bbl as of Oct 27.

Last Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of Oct 20 were -4.8% below the seasonal 5-year average, (2) gasoline inventories were +1.1% above the seasonal 5-year average, and (3) distillate inventories were -12.9% below the 5-year seasonal average.  U.S. crude oil production in the week ended Oct 20 was unchanged w/w at a record high of 13.2 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended Oct 27 rose by +2 to 504 rigs, recovering a bit more from the 20-month low of 497 rigs posted in the week ended Oct 6.  The number of U.S. oil rigs has fallen this year back after moving sharply higher from an 18-year low of 172 rigs posted in Aug 2020 during the pandemic 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  

NOV 02 Out of Office All Day 

NOV 03 Back Late Afternoon 

NOV 18 Out Afternoon

NOV 19 Out Until Noon

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

“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, Saturday prices will go UP 1.5 Cents~Be Safe

NMEX Crude      $ 85.54 UP $2.3300

NYMEX ULSD     $3.0519 UP $0.0080

NYMEX Gas       $2.3125 UP $0.0564

NEWS

December WTI crude oil Friday closed +2.33 (+2.80%), and Dec RBOB gasoline closed +5.81 (+2.60%). Crude oil prices Friday rallied on Middle East tensions after the U.S. overnight carried out aircraft strikes on two Iranian-backed facilities in Syria.  The U.S. strikes were in response to attacks against U.S. personnel in Iraq and Syria since October 17.  Also, an Israeli defense spokesman said that Israeli forces are “expanding ground activity this evening.”  Israel, in the past two nights, has launched ground raids into Gaza before withdrawing.  The markets are waiting for Israel’s all-out ground invasion, which could spark an expansion of the war to include Hezbollah in Lebanon and possibly other Iranian-backed groups.

Oil prices also found support after Exxon’s CEO said that his company sees tight global oil supplies for the next few years because of a lack of investment in fossil fuels.  Investment in fossil fuels has been lagging due to industry fears that demand for oil may peak due to the increased sales of electric vehicles and the competitiveness of clean energy. An increase in Russian crude exports is bearish for oil prices.  Tanker-tracking data monitored by Bloomberg shows 3.53 million bpd of crude was shipped from Russian ports in the week ended Oct 22, an increase of 20,000 bpd from the previous week.

In a bearish factor for crude oil, the U.S. last Wednesday said it would ease sanctions for six months on Venezuela’s oil exports in exchange for steps to ensure the country holds fair presidential elections next year.  An easing of sanctions would put additional crude supplies on the global market, with some analysts estimating about 200,000 bpd of additional supplies.

The tightness in the oil market is expected to continue due to the extension of OPEC+ production cuts.  Saudi Arabia recently said it would maintain its unilateral crude production cut of 1.0 million bpd through December.  The move will hold Saudi Arabia’s crude output at about 9 million bpd, the lowest level in three years.  Russia also recently announced that it would maintain its 300,000 bpd cut in crude production through December.  OPEC Sep crude production was little changed, rising +50,000 bpd to 27.97 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 -11% w/w to 63.54 million bbl as of Oct 20, the lowest in 3-1/2 years.

Wednesday’s weekly EIA report was bearish for crude and products.  EIA crude inventories unexpectedly rose +1.37 million bbl versus expectations for a -450,000 bbl draw.  Also, EIA gasoline supplies unexpectedly rose +156,000 bbl versus expectations of a -1.27 million bbl draw.  In addition, crude supplies at Cushing, the delivery point of WTI futures, rose +213,000 bbl.

Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of Oct 20 were -4.8% below the seasonal 5-year average, (2) gasoline inventories were +1.1% above the seasonal 5-year average, and (3) distillate inventories were -12.9% below the 5-year seasonal average.  U.S. crude oil production in the week ended Oct 20 was unchanged w/w at a record high of 13.2 million bpd.

Baker Hughes reported Friday that active U.S. oil rigs in the week ended Oct 20 rose by +1 to 502 rigs, recovering a bit more from the 20-month low of 497 rigs posted in the week ended Oct 6.  The number of U.S. oil rigs has fallen this year back after moving sharply higher from an 18-year low of 172 rigs posted in Aug 2020 during the pandemic 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  

NOV 02 Out of Office All Day 

NOV 03 Back Late Afternoon 

NOV 18 Out Afternoon

NOV 19 Out Until Noon

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

“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, Friday prices will fall 1.5 Cents ~ Be Safe

NMEX Crude      $ 83.21 DN $2.1800

NYMEX ULSD     $3.0439 UP $0.0134

NYMEX Gas       $2.2561 UP $0.0281

NEWS

December WTI crude oil on Thursday closed -2.18 (-2.55%), and Dec RBOB gasoline closed down -3.17 (-1.40%). Crude oil prices fell due to the mildly higher dollar, the sell-off in stocks, and carry-over from Wednesday’s bearish EIA report. Crude oil prices have underlying support from expectations for an eventual Israeli ground operation in Gaza, which could expand the war to include at least Hezbollah in southern Lebanon.  Israeli tanks conducted a limited incursion into Gaza Thursday but then withdrew.  The Wall Street Journal reported Wednesday that Israel was delaying its ground invasion of Gaza as the U.S. readied air defenses to protect American troops in the Middle East.  Israeli Prime Minister Netanyahu said Wednesday that a ground invasion is coming but he won’t explain the reasons for its timing.

An increase in Russian crude exports is bearish for oil prices.  Tanker-tracking data monitored by Bloomberg shows 3.53 million bpd of crude was shipped from Russian ports in the week ended Oct 22, an increase of 20,000 bpd from the previous week. In a bearish factor for crude oil, the U.S. last Wednesday said it would ease sanctions for six months on Venezuela’s oil exports in exchange for steps to ensure the country holds fair presidential elections next year.  An easing of sanctions would put additional crude supplies on the global market, with some analysts estimating about 200,000 bpd of additional supplies.

The tightness in the oil market is expected to continue due to the extension of OPEC+ production cuts.  Saudi Arabia recently said it would maintain its unilateral crude production cut of 1.0 million bpd through December.  The move will hold Saudi Arabia’s crude output at about 9 million bpd, the lowest level in three years.  Russia also recently announced that it would maintain its 300,000 bpd cut in crude production through December.  OPEC Sep crude production was little changed, rising +50,000 bpd to 27.97 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 -11% w/w to 63.54 million bbl as of Oct 20, the lowest in 3-1/2 years.

Wednesday’s weekly EIA report was bearish for crude and products.  EIA crude inventories unexpectedly rose +1.37 million bbl versus expectations for a -450,000 bbl draw.  Also, EIA gasoline supplies unexpectedly rose +156,000 bbl versus expectations of a -1.27 million bbl draw.  In addition, crude supplies at Cushing, the delivery point of WTI futures, rose +213,000 bbl. Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of Oct 20 were -4.8% below the seasonal 5-year average, (2) gasoline inventories were +1.1% above the seasonal 5-year average, and (3) distillate inventories were -12.9% below the 5-year seasonal average.  U.S. crude oil production in the week ended Oct 20 was unchanged w/w at a record high of 13.2 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended Oct 13 rose by +4 to 501 rigs, recovering slightly from the prior week’s 20-month low of 497 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on Dec 2, 2022.  Still, U.S. active oil rigs have roughly tripled from the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity from pandemic lows.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

NOV 02 Out of Office All Day

NOV 03 Back Late Afternoon

NOV 18 Out Afternoon

NOV 19 Out Until Noon

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

“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 “PARTIAL FILL ONLY” today/tonight due to Thursday prices will fall 5 Cents ~ Be Safe

NMEX Crude      $ 85.39 UP $1.6500

NYMEX ULSD     $3.0305 DN $0.0144

NYMEX Gas       $2.2842 UP $0.0166

NEWS

December WTI crude oil on Wednesday closed up +1.65 (+1.97%), and Dec RBOB gasoline closed up +1.61 (+0.71%). Nov WTI crude oil and gasoline prices on Wednesday shook off early losses and moved higher on speculation that Israel will soon stage a ground assault on Gaza, which could lead to the spread of the conflict in the region that disrupts Middle Eastern crude supplies.  Crude and gasoline prices Wednesday initially fell to 1-1/2 week lows on a stronger dollar.  Crude prices also moved higher despite a bearish EIA inventory report that showed unexpected increases in crude and gasoline supplies. Crude prices Wednesday recovered from early losses and moved higher after the Wall Street Journal reported that Israel was delaying its ground invasion of Gaza as the U.S. readied air defenses to protect American troops in the Middle East.  Also, comments from Israeli Prime Minister Netanyahu boosted crude prices when he said a ground invasion is coming, and he won’t explain the reasons for its timing to avoid providing information to the enemy.

There were hopes for an easing of geopolitical risks from the Israeli-Hamas war after U.S. President Biden and Saudi Crown Prince Mohammed Bin Salman agreed late Tuesday to pursue diplomatic efforts to maintain stability across the Middle East and keep the conflict between Israel and Hamas from spreading.  French President Macron visited Egypt on Wednesday and more European leaders visiting Israel.

Weakness in the crude crack spread is bearish for oil prices.  The crack spread today fell to a 1-1/2 week low, which discourages refiners from purchasing crude oil and refining it into gasoline or distillates. An increase in Russian crude exports is bearish for oil prices.  Tanker-tracking data monitored by Bloomberg shows 3.53 million bpd of crude was shipped from Russian ports in the week ended Oct 22, an increase of 20,000 bpd from the previous week.In a bearish factor for crude oil, the U.S. last Wednesday said it would ease sanctions for six months on Venezuela’s oil exports in exchange for steps to ensure the country holds fair presidential elections next year.  An easing of sanctions would put additional crude supplies on the global market, with some analysts estimating about 200,000 bpd of additional supplies.

The tightness in the oil market is expected to continue due to the extension of OPEC+ production cuts.  Saudi Arabia recently said it would maintain its unilateral crude production cut of 1.0 million bpd through December.  The move will hold Saudi Arabia’s crude output at about 9 million bpd, the lowest level in three years.  Russia also recently announced that it would maintain its 300,000 bpd cut in crude production through December.   Saudi Arabia and Russia on Wednesday announced that they will retain their crude production cuts until the end of the year.   OPEC Sep crude production was little changed, rising +50,000 bpd to 27.97 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 -11% w/w to 63.54 million bbl as of Oct 20, the lowest in 3-1/2 years.

Wednesday’s weekly EIA report was bearish for crude and products.  EIA crude inventories unexpectedly rose +1.37 million bbl versus expectations for a -450,000 bbl draw.  Also, EIA gasoline supplies unexpectedly rose +156,000 bbl versus expectations of a -1.27 million bbl draw.  In addition, crude supplies at Cushing, the delivery point of WTI futures, rose +213,000 bbl.  Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of Oct 20 were -4.8% below the seasonal 5-year average, (2) gasoline inventories were +1.1% above the seasonal 5-year average, and (3) distillate inventories were -12.9% below the 5-year seasonal average.  U.S. crude oil production in the week ended Oct 20 was unchanged w/w at a record high of 13.2 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended Oct 13 rose by +4 to 501 rigs, recovering slightly from the prior week’s 20-month low of 497 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on Dec 2, 2022.  Still, U.S. active oil rigs have roughly tripled from the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity from pandemic lows.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

NOV 02 Out of Office All Day

NOV 03 Back Late Afternoon

NOV 18 Out Afternoon

NOV 19 Out Until Noon

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

“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      $ 85.49 DN $2.5900

NYMEX ULSD     $3.0955 DN $0.0611

NYMEX Gas       $2.3285 DN $0.0451

NEWS

December WTI crude oil on Monday closed down -2.59 (-2.94%), and Dec RBOB gasoline closed down -4.51 (-1.79%).

Nov WTI crude oil and gasoline prices on Monday closed sharply lower as geopolitical risks in the Middle East eased.  Diplomatic efforts to release hostages taken by Hamas could delay an Israeli ground assault on Gaza, potentially keeping the Israeli-Hamas war contained.  Monday’s slide in the dollar index to a 1-week low and a recovery in U.S. equity markets were supportive factors for crude prices. An easing of Middle East geopolitical risks is bearish for energy prices.  Western countries have intensified efforts to stop the Israeli-Hamas war from spreading, with EU leaders endorsing a United Nations call for a “humanitarian pause” in the war.  President Biden spoke with the presidents of Canada, France, Germany, and Italy to strengthen coordination among allies, while the prime ministers of Greece and the Netherlands are due in Israel on Monday, and French President Macron will meet Israeli leaders on Tuesday. Israel said it supports diplomatic efforts to get Hamas to release hostages from Gaza, a move that could delay a possible ground invasion, although Israel said it won’t wait long to start its ground assault.  Iran and its proxy forces in Lebanon, Iraq, and Yemen have warned they could retaliate against Israel if Israeli troops enter Gaza.

In a bearish factor for crude oil, the U.S. last Wednesday said it would ease sanctions for six months on Venezuela’s oil exports in exchange for steps to ensure the country holds fair presidential elections next year.  An easing of sanctions would put additional crude supplies on the global market, with some analysts estimating about 200,000 bpd of additional supplies.

The tightness in the oil market is expected to continue due to the extension of OPEC+ production cuts.  Saudi Arabia recently said it would maintain its unilateral crude production cut of 1.0 million bpd through December.  The move will hold Saudi Arabia’s crude output at about 9 million bpd, the lowest level in three years.  Russia also recently announced that it would maintain its 300,000 bpd cut in crude production through December.   Saudi Arabia and Russia on Wednesday announced that they will retain their crude production cuts until the end of the year.   OPEC Sep crude production was little changed, rising +50,000 bpd to 27.97 million bpd.

A decline in crude in floating storage is bullish for prices.  Today’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 -11% w/w to 63.54 million bbl as of Oct 20, the lowest in 3-1/2 years.

Last Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of Oct 13 were -4.8% below the seasonal 5-year average, (2) gasoline inventories were -0.1% below the seasonal 5-year average, and (3) distillate inventories were -13.3% below the 5-year seasonal average.  U.S. crude oil production in the week ended Oct 13 was unchanged  w/w at a record high of 13.2 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended Oct 13 rose by +4 to 501 rigs, recovering slightly from the prior week’s 20-month low of 497 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on Dec 2, 2022.  Still, U.S. active oil rigs have roughly tripled from the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity from pandemic lows.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

OCT 23 Back in Office at Noon

NOV 02 Out of Office All Day

NOV 03 Back Late Afternoon

NOV 18 Out Afternoon

NOV 19 Out Until Noon

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

“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, Saturday prices will go back UP 4 Cents then Sunday look for a 1 to 2 cent drop ~ Be Safe

NMEX Crude      $ 88.75 DN $.6200

NYMEX ULSD     $3.1566 DN $.0164

NYMEX Gas       $2.3736 UP $.0119

NEWS

November WTI crude oil on Friday closed down -0.62 (-0.69%), and Nov RBOB gasoline closed up +1.19 (+0.50%). Nov WTI crude oil and gasoline prices Friday settled mixed.  Crude prices Friday fell back from a 2-1/2 week high and posted moderate losses after Bloomberg reported that Israel agreed under U.S. pressure to hold off on its land assault of Gaza.  Crude also came under pressure after the S&P 500 dropped to a 2-week low, reducing confidence in the economic outlook that is negative for energy demand.  Crude prices Friday initially moved higher due to a weaker dollar and concern that an escalation of the Israeli-Hamas conflict could disrupt Middle East oil supplies.

Crude prices are underpinned by concern the conflict between Israel and Hamas may widen to a regional conflict.  The U.S. Pentagon said it is seeing an increase in drone attacks in Iraq and Syria against American interests.  On Thursday, a U.S. destroyer shot down cruise missiles launched by Yemen-based Houthi militants toward Israel.  Leaders from several states of the Middle East, including Turkey, Saudi Arabia, and Jordan, along with the foreign ministers of France and the UK, are expected to participate in a summit Saturday in Cairo hosted by Egyptian President Abdel-Fatah El-Sisi to discuss the Gaza crisis.  China and Germany are also sending envoys to the meeting.

Comments Monday from Iranian Foreign Minister Hossein Amirabdollahian were bullish for crude prices when he said, “Time for political solutions is running out, and the possible expansion of the war to other fronts is approaching the inevitable stage.”  Iran’s foreign minister has said that Hezbollah militants could open a new front in the Israeli war if the blockade of Gaza and attacks on civilians continue.

A bearish factor for crude oil was the action by the U.S. late Wednesday to ease sanctions for six months on Venezuela’s oil exports in exchange for steps to ensure the country holds fair presidential elections next year.  An easing of sanctions will put additional crude supplies on the global market, with some analysts estimating about 200,000 bpd of additional supplies.

The tightness in the oil market is expected to continue due to the extension of OPEC+ production cuts.  Saudi Arabia recently said it would maintain its unilateral crude production cut of 1.0 million bpd through December.  The move will hold Saudi Arabia’s crude output at about 9 million bpd, the lowest level in three years.  Russia also recently announced that it would maintain its 300,000 bpd cut in crude production through December.   Saudi Arabia and Russia on Wednesday announced that they will retain their crude production cuts until the end of the year.   OPEC Sep crude production was little changed, rising +50,000 bpd to 27.97 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 -0.5% w/w to 74.71 million bbl as of Oct 13, the lowest in 10 months.

Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of Oct 13 were -4.8% below the seasonal 5-year average, (2) gasoline inventories were -0.1% below the seasonal 5-year average, and (3) distillate inventories were -13.3% below the 5-year seasonal average.  U.S. crude oil production in the week ended Oct 13 was unchanged  w/w at a record high of 13.2 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended Oct 13 rose by +4 to 501 rigs, recovering slightly from the prior week’s 20-month low of 497 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on Dec 2, 2022.  Still, U.S. active oil rigs have roughly tripled from the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity from pandemic lows.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

NOV 02 Out of Office All Day

NOV 03 Back Late Afternoon

NOV 18 Out Afternoon

NOV 19 Out Until Noon

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

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