Fueling Strategy: Please “KEEP YOUR TANKS TOPPED” today/tonight, Friday look for a 2 cent drop, Saturday prices will JUMP back UP 7.5 cents ~Be Safe

NMEX Crude      $ 81.55 UP $2.0600

NYMEX ULSD     $3.0749 UP $0.0749

NYMEX Gas       $2.7647 DN $0.0111

NEWS

September WTI crude oil on Thursday closed up +2.06 (+2.59%), and Sep RBOB gasoline closed down -1.11 (-0.40%).

Crude oil and gasoline prices Thursday settled mixed.  Crude prices recovered from a 1-week low Thursday and rallied sharply after Saudi Arabia said it would extend its 1 million bpd production cut through September.  Dollar weakness also boosted energy prices after the dollar index fell from a 3-1/2 week high and turned lower.

Crude prices rallied Thursday after Saudi Arabia said it will extend its 1 million bpd cut in crude production into September and said its crude output may “be extended, or extended and deepened.”  The cut in Saudi production keeps its crude output at about 9 million bpd, the lowest level in several years.  Also, OPEC crude production in July fell -900,000 bpd to a 1-3/4 year low of 27.79 million bpd.  The OPEC+ Joint Ministerial Monitoring Committee will hold an online review Friday to gauge the impact of the group’s supply reductions.

Crude prices extended their gains Thursday after Russian Deputy Prime Minister Novak said Russia “will continue to voluntarily reduce its oil supply in September by 300,000 bpd” to balance the market.  Russia pledged to cut its crude output by 500,000 bpd in August.

A bullish factor for crude oil is a decline in Russian crude shipments.  Vessel-tracking data monitored by Bloomberg showed Russian crude oil shipments in the four weeks to July 30 dropped to a 7-month low of 2.98 million bpd.

Weakness in the crude crack spread is bearish for oil prices after the crack spread Thursday fell to a 1-week low.  The weaker crack spread discourages refiners from purchasing crude oil and refining it into gasoline and distillates.

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 -2.2% w/w to 105.06 million bbl as of July 28.

An improvement in Chinese crude demand is bullish for prices after government trade data showed China’s June crude imports rose +4.6% m/m to 12.72 million bpd, the most in three years.

A decline in crude demand in India, the world’s third-biggest crude consumer, is bearish for oil prices.  India’s Jun crude oil imports fell -1.3% y/y to 19.7 MMT, the lowest in 7 months.

Wednesday’s weekly EIA report showed that (1) U.S. crude oil inventories as of July 28 were -1.6% below the seasonal 5-year average, (2) gasoline inventories were -6.3% below the seasonal 5-year average, and (3) distillate inventories were -14.6% below the 5-year seasonal average.  U.S. crude oil production in the week ended July 28 was unchanged w/w at 12.2 million bpd.  U.S. crude oil production is well below the Feb-2020 record-high of 13.1 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended July 28 fell by -1 rig to a 16-1/2 month low of 529 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  Still, U.S. active oil rigs are more than triple 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

AUG 22 AT 13:00 TO 15:30

AUG 23 AT NOON

SEPT 01 OUT OF OFFICE

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 30-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 4 Cents, Friday look for a 2 cent drop~Be Safe

NMEX Crude      $ 79.49 DN $1.8800

NYMEX ULSD     $3.0043 DN $0.0191

NYMEX Gas       $2.7778 DN $0.0972

NEWS

September WTI crude oil on Wednesday closed down -1.88 (-2.31%), and Sep RBOB gasoline closed down -9.72 (-3.38%).

Crude oil and gasoline prices Wednesday closed sharply lower.  Crude prices fell back from a 3-1/2 month high and retreated after a plunge in stocks sparked risk-off sentiment in asset markets that undercut crude prices.  Also, Wednesday’s rally in the dollar index to a 3-week high was bearish for energy prices.  Crude prices briefly recovered their losses after weekly EIA crude inventories fell more than expected.

Fitch Ratings late Tuesday cut the sovereign credit rating of the U.S. by one level to AA+ from AAA, which sent stocks tumbling and sparked a risk-off sentiment in asset prices.

Crude oil prices have support from hopes China will implement policies to revive economic growth.  Last week’s Politburo meeting laid out a pre-growth tone that was more dovish than markets expected.  The ruling Communist Party’s 24-member Politburo, China’s top decision-making body led by President Xi Jinping, promised “counter-cyclical” policies, which imply an easing bias.

A bullish factor for crude oil is a decline in Russian crude shipments.  Vessel-tracking data monitored by Bloomberg showed Russian crude oil shipments in the four weeks to July 30 dropped to a 7-month low of 2.98 million bpd.

In a supportive factor for oil prices, Saudi Arabia last month said it would extend its unilateral 1 million bpd production cut through August, keeping Saudi Arabia’s crude output at about 9 million bpd, the lowest level in several years.  Also, Russia voluntarily pledged to cut 500,000 bpd of crude output in August.  Also, OPEC crude production in July fell -900,000 bpd to a 1-3/4 year low of 27.79 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 -2.2% w/w to 105.06 million bbl as of July 28.

An improvement in Chinese crude demand is bullish for prices after government trade data showed China’s June crude imports rose +4.6% m/m to 12.72 million bpd, the most in three years.

A decline in crude demand in India, the world’s third-biggest crude consumer, is bearish for oil prices.  India’s Jun crude oil imports fell -1.3% y/y to 19.7 MMT, the lowest in 7 months.

Wednesday’s weekly EIA report was mixed for crude prices.  On the bearish side, EIA gasoline supplies unexpectedly rose +1.48 million bbl versus expectations of a -1.55 million bbl decline as implied U.S. gasoline demand on a four-week rolling basis fell for a fourth straight week.  On the bullish side, EIA crude inventories plunged by a record -17.05 million bbl, a much larger draw than expectations of -1.05 million bbl.  Also, EIA distillate stockpiles unexpectedly fell -791,000 bbl versus expectations of a +100,000 bbl build.  In addition, crude supplies at Cushing, the delivery point of WTI futures, fell -1.26 million bbl.

Wednesday’s weekly EIA report showed that (1) U.S. crude oil inventories as of July 28 were -1.6% below the seasonal 5-year average, (2) gasoline inventories were -6.3% below the seasonal 5-year average, and (3) distillate inventories were -14.6% below the 5-year seasonal average.  U.S. crude oil production in the week ended July 28 was unchanged w/w at 12.2 million bpd.  U.S. crude oil production is well below the Feb-2020 record-high of 13.1 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended July 28 fell by -1 rig to a 16-1/2 month low of 529 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  Still, U.S. active oil rigs are more than triple 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

AUG 22 AT 13:00 TO 15:30

AUG 23 AT NOON

SEPT 01 OUT OF OFFICE

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 30-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 3.5 Cents~Be Safe

NMEX Crude      $ 81.37 DN $.4300

NYMEX ULSD     $3.0234 UP $.0379

NYMEX Gas       $2.8730 DN $.0225

NEWS

September WTI crude oil on Tuesday closed down -0.43 (-0.53%), and Sep RBOB gasoline closed down -2.25 (-0.78%).

Crude oil and gasoline prices Tuesday settled moderately lower.  Tuesday’s rally in the dollar index to a 3-week high weighed on energy prices.  Also, Tuesday’s slide in stock prices prompted a risk-off sentiment in asset markets that undercut crude prices.

Tuesday’s U.S. and Chinese manufacturing news was weaker-than-expected and was bearish for energy demand and crude prices.  The U.S. Jul ISM manufacturing index rose +0.4 to 46.4, weaker than expectations of 46.9.  Also, the China Jul Caixin manufacturing PMI fell -1.3 to a 6-month low of 49.2, weaker than expectations of 50.1.

Crude oil prices have support from hopes China will implement policies to revive economic growth.  Last week’s Politburo meeting laid out a pre-growth tone that was more dovish than markets expected.  The ruling Communist Party’s 24-member Politburo, China’s top decision-making body led by President Xi Jinping, promised “counter-cyclical” policies, which imply an easing bias.

A bullish factor for crude oil is a decline in Russian crude shipments.  Vessel-tracking data monitored by Bloomberg showed Russian crude oil shipments in the four weeks to July 30 dropped to a 7-month low of 2.98 million bpd.

In a supportive factor for oil prices, Saudi Arabia earlier this month said it would extend its unilateral 1 million bpd production cut through August, keeping Saudi Arabia’s crude output at about 9 million bpd, the lowest level in several years.  Also, Russia voluntarily pledged to cut 500,000 bpd of crude output in August.  However, Russia has yet to implement its pledged crude production cuts fully.  Russian crude production cuts totaled 350,000 bpd in June, below the 500,000 bpd of cuts it said it would implement in March.  Meanwhile, OPEC crude production in June rose +80,000 bpd to 28.57 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 -2.2% w/w to 105.06 million bbl as of July 28.

An improvement in Chinese crude demand is bullish for prices after government trade data showed China’s June crude imports rose +4.6% m/m to 12.72 million bpd, the most in three years.

A decline in crude demand in India, the world’s third-biggest crude consumer, is bearish for oil prices.  India’s Jun crude oil imports fell -1.3% y/y to 19.7 MMT, the lowest in 7 months.

The consensus is that Wednesday’s weekly EIA crude inventories will fall -1.05 million bbl.

Last Wednesday’s weekly EIA report showed that (1) U.S. crude oil inventories as of July 21 were +1.6% above the seasonal 5-year average, (2) gasoline inventories were -7.4% below the seasonal 5-year average, and (3) distillate inventories were -14.4% below the 5-year seasonal average.  U.S. crude oil production in the week ended July 21 fell -0.8% w/w to 12.2 million bpd.  U.S. crude oil production is well below the Feb-2020 record-high of 13.1 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended July 28 fell by -1 rig to a 16-1/2 month low of 529 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  Still, U.S. active oil rigs are more than triple 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

AUG 22 AT 13:00 TO 15:30

AUG 23 AT NOON

SEPT 01 OUT OF OFFICE

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 30-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, Tuesday NO price changes~Be Safe

NMEX Crude      $ 81.80 UP $1.2200

NYMEX ULSD     $2.9909 UP $0.0323

NYMEX Gas       $2.9290 DN $0.0268

NEWS

September WTI crude oil on Monday closed up +1.22 (+1.51%), and Sep RBOB gasoline closed up +0.79 (+0.27%).

Crude oil and gasoline prices Monday settled moderately higher, with crude posting a 3-1/2 month high.  Recent supply cuts from OPEC+ and Russia are underpinning crude oil prices.

Also, Monday’s global economic news was supportive of energy demand and crude prices.  Eurozone Q2 GDP rose +0.3% q/q and +0.6% y/y, stronger than expectations of +0.2% q/q and +0.5% y/y.  Also, the China Jul manufacturing PMI unexpectedly rose +0.3 to 49.3, stronger than expectations of a decline to 48.9.  In addition, the Japan Jul consumer confidence index rose +0.9 to a 19-month high of 37.2, stronger than expectations of 36.2.

Crude prices have support on signs China will implement policies to revive economic growth.  Last week’s Politburo meeting laid out a pre-growth tone that was more dovish than markets expected.  The ruling Communist Party’s 24-member Politburo, China’s top decision-making body led by President Xi Jinping, promised “counter-cyclical” policies, which imply an easing bias.

A bullish factor for crude oil is a decline in Russian crude shipments.  Vessel-tracking data monitored by Bloomberg showed Russian crude oil shipments in the four weeks to July 23 dropped to a 7-month low of 1.17 million bpd.

In a supportive factor for oil prices, Saudi Arabia earlier this month said it would extend its unilateral 1 million bpd production cut through August, keeping Saudi Arabia’s crude output at about 9 million bpd, the lowest level in several years.  Also, Russia voluntarily pledged to cut 500,000 bpd of crude output in August.  However, Russia has yet to implement its pledged crude production cuts fully.  Russian crude production cuts totaled 350,000 bpd in June, below the 500,000 bpd of cuts it said it would implement in March.  Meanwhile, OPEC crude production in June rose +80,000 bpd to 28.57 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 -2.2% w/w to 105.06 million bbl as of July 28.

An improvement in Chinese crude demand is bullish for prices after government trade data showed China’s June crude imports rose +4.6% m/m to 12.72 million bpd, the most in three years.

A decline in crude demand in India, the world’s third-biggest crude consumer, is bearish for oil prices.  India’s Jun crude oil imports fell -1.3% y/y to 19.7 MMT, the lowest in 7 months.

Last Wednesday’s weekly EIA report showed that (1) U.S. crude oil inventories as of July 21 were +1.6% above the seasonal 5-year average, (2) gasoline inventories were -7.4% below the seasonal 5-year average, and (3) distillate inventories were -14.4% below the 5-year seasonal average.  U.S. crude oil production in the week ended July 21 fell -0.8% w/w to 12.2 million bpd.  U.S. crude oil production is well below the Feb-2020 record-high of 13.1 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended July 28 fell by -1 rig to a 16-1/2 month low of 529 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  Still, U.S. active oil rigs are more than triple 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

JUL  31 AT 16:00

AUG 05 AT 09:30 TO 13:00

AUG 22 AT 13:00 TO 15:30

AUG 23 AT NOON

SEPT 01 OUT OF OFFICE

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 30-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 7.5 Cents, Sunday prices will continue UP another 4 Cents~Be Safe

NMEX Crude      $ 80.58 UP $.4900

NYMEX ULSD     $2.9586 UP $.0417

NYMEX Gas       $2.9558 UP $.0053

NEWS

September WTI crude oil on Friday closed up +0.49 (+0.61%), and Sep RBOB gasoline closed up +0.61 (+0.21%).

Crude oil and gasoline prices Friday posted moderate gains, with crude climbing to a 3-1/4 month high and gasoline climbing to a 9-month high.  A weaker dollar Friday was bullish for energy prices.   Crude prices also have support on Friday’s weaker-than-expected U.S. inflation news that may allow the Fed to stop raising interest rates, bolstering the outlook for the U.S. economy to avoid a recession.  Gains in crude were limited as Friday’s mixed global economic news was bearish for growth prospects and energy demand.

Friday’s U.S. inflation news was weaker-than-expected, potentially allowing the Fed to stop raising interest rates, which is positive for economic growth and energy demand.  The Jun PCE core deflator, the Fed’s preferred gauge of inflation, eased to +4.1% y/y from +4.6% y/y in May, better than expectations of +4.2% y/y and the slowest pace of increase in 1-3/4 years.  Also, the Q2 employment cost index rose +1.0% (q/q annualized), slower than expectations of +1.1% and the smallest pace of increase in 2 years.

Friday’s global economic news was mixed for energy demand and crude prices.  On the negative side, U.S. Jun personal income rose +0.3% m/m, weaker than expectations of +0.5% m/m.  Also, the University of Michigan U.S. Jul consumer sentiment was revised lower to 71.6 from the initially reported 72.6.  In addition, Eurozone Jul economic confidence fell -0.8 to a 9-month low of 94.5, weaker than expectations of 95.0.  Finally, German Q2 GDP was unchanged q/q, weaker than expectations of +0.1% q/q.  On the positive side, U.S. Jun personal spending rose +0.5% m/m, stronger than expectations of +0.4% m/m.

Strength in the crude cracks spread supports oil prices as the spread climbed to a 9-month high Friday.  The stronger crack spread encourages refiners to boost their crude purchases and refine the crude into gasoline and distillates.

Crude prices have support on signs China will implement policies to revive economic growth.  This week’s Politburo meeting laid out a pre-growth tone that was more dovish than markets expected.  The ruling Communist Party’s 24-member Politburo, China’s top decision-making body led by President Xi Jinping, promised “counter-cyclical” policies, which imply an easing bias.

A decline in crude demand in India, the world’s third-biggest crude consumer, is bearish for oil prices.  India’s Jun crude oil imports fell -1.3% y/y to 19.7 MMT, the lowest in 7 months.

A bullish factor for crude oil is a decline in Russian crude shipments.  Vessel-tracking data monitored by Bloomberg showed Russian crude oil shipments in the four weeks to July 23 dropped to a 7-month low of 1.17 million bpd.

In a supportive factor for oil prices, Saudi Arabia earlier this month said it would extend its unilateral 1 million bpd production cut through August, keeping Saudi Arabia’s crude output at about 9 million bpd, the lowest level in several years.  Also, Russia voluntarily pledged to cut 500,000 bpd of crude output in August.  However, Russia has yet to implement its pledged crude production cuts fully.  Russian crude production cuts totaled 350,000 bpd in June, below the 500,000 bpd of cuts it said it would implement in March.  Meanwhile, OPEC crude production in June rose +80,000 bpd to 28.57 million bpd.

A decline in crude in floating storage is bullish for prices.  Monday’s weekly data from Vortexa shows the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -2.2% w/w to 106.95 million bbl as of July 21.

An improvement in Chinese crude demand is bullish for prices after government trade data showed China’s June crude imports rose +4.6% m/m to 12.72 million bpd, the most in three years.

Wednesday’s weekly EIA report showed that (1) U.S. crude oil inventories as of July 21 were +1.6% above the seasonal 5-year average, (2) gasoline inventories were -7.4% below the seasonal 5-year average, and (3) distillate inventories were -14.4% below the 5-year seasonal average.  U.S. crude oil production in the week ended July 21 fell -0.8% w/w to 12.2 million bpd.  U.S. crude oil production is well below the Feb-2020 record-high of 13.1 million bpd.

Baker Hughes reported Friday that active U.S. oil rigs in the week ended July 28 fell by -1 rig to a 16-1/2 month low of 529 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  Still, U.S. active oil rigs are more than triple 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

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 30-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, Friday prices will go UP 6.5 Cents~Be Safe

NMEX Crude      $ 80.09 UP $1.3100

NYMEX ULSD     $2.9169 UP $0.0740

NYMEX Gas       $2.9505 UP $0.0433

NEWS

September WTI crude oil on Thursday closed up +1.31 (+1.66%), and Sep RBOB gasoline closed up +4.13 (+1.45%).

Crude oil and gasoline prices Thursday rallied moderately, with crude posting a 3-1/4 month high and gasoline posting a 9-month high.  Signs of U.S. economic strength that is bullish for energy demand pushed crude prices higher after Thursday’s U.S. news showed Q2 GDP grew more than expected and weekly jobless claims unexpectedly fell to a 5-month low.  Thursday’s rally in the dollar index to a 2-week high limited energy price gains.

Thursday’s U.S economic news was stronger than expected and was supportive of energy demand and crude prices.  Q2 GDP rose +2.4% (q/q annualized), stronger than expectations of +1.8%.  Also, weekly initial unemployment claims unexpectedly fell -7,000 to a 5-month low of 221,000, showing a stronger labor market than expectations of an increase to 235,000.  In addition, Jun pending home sales unexpectedly rose +0.3% m/m, stronger than expectations of a -0.5% m/m decline.  Finally, Jun capital goods new orders nondefense ex-aircraft and parts unexpectedly rose +0.2% m/m, stronger than expectations of a -0.1% m/m decline.

Strength in the crude cracks spread supports oil prices as the spread climbed to a 4-month high Thursday.  The stronger crack spread encourages refiners to boost their crude purchases and refine the crude into gasoline and distillates.

Crude prices have support on signs China will implement policies to revive economic growth.  This week’s Politburo meeting laid out a pre-growth tone that was more dovish than markets expected.  The ruling Communist Party’s 24-member Politburo, China’s top decision-making body led by President Xi Jinping, promised “counter-cyclical” policies, which imply an easing bias.

A decline in crude demand in India, the world’s third-biggest crude consumer, is bearish for oil prices.  India’s Jun crude oil imports fell -1.3% y/y to 19.7 MMT, the lowest in 7 months.

A bullish factor for crude oil is a decline in Russian crude shipments.  Vessel-tracking data monitored by Bloomberg showed Russian crude oil shipments in the four weeks to July 16 dropped to a 6-month low of 3.1 million bpd.

In a supportive factor for oil prices, Saudi Arabia earlier this month said it would extend its unilateral 1 million bpd production cut through August, keeping Saudi Arabia’s crude output at about 9 million bpd, the lowest level in several years.  Also, Russia voluntarily pledged to cut 500,000 bpd of crude output in August.  However, Russia has yet to implement its pledged crude production cuts fully.  Russian crude production cuts totaled 350,000 bpd in June, below the 500,000 bpd of cuts it said it would implement in March.  Meanwhile, OPEC crude production in June rose +80,000 bpd to 28.57 million bpd.

A decline in crude in floating storage is bullish for prices.  Monday’s weekly data from Vortexa shows the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -2.2% w/w to 106.95 million bbl as of July 21.

An improvement in Chinese crude demand is bullish for prices after government trade data showed China’s June crude imports rose +4.6% m/m to 12.72 million bpd, the most in three years.

Wednesday’s weekly EIA report showed that (1) U.S. crude oil inventories as of July 21 were +1.6% above the seasonal 5-year average, (2) gasoline inventories were -7.4% below the seasonal 5-year average, and (3) distillate inventories were -14.4% below the 5-year seasonal average.  U.S. crude oil production in the week ended July 21 fell -0.8% w/w to 12.2 million bpd.  U.S. crude oil production is well below the Feb-2020 record-high of 13.1 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended July 21 fell by -7 rigs to a 16-month low of 530 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  Still, U.S. active oil rigs are more than triple 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

JULY 24 AT 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 30-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 $.0071 Cents~Be Safe

NMEX Crude      $ 78.78 DN $.8500

NYMEX ULSD     $2.8429 UP $.0653

NYMEX Gas       $2.9072 UP $.0539

NEWS

September WTI crude oil on Wednesday closed down -0.85 (-1.07%), and Sep RBOB gasoline closed up +4.39 (+1.57%).

Crude oil and gasoline prices on Wednesday settled mixed.  Crude prices are modestly lower after weekly EIA crude inventories fell less than expected.  Also, the Fed’s action Wednesday to raise interest rates by 25 bp may slow the economy and negatively affect energy demand and crude prices.  Weakness in the dollar Wednesday was supportive of energy prices.

Crude prices have support on signs China will implement policies to revive economic growth.  This week’s Politburo meeting laid out a pre-growth tone that was more dovish than markets expected.  The ruling Communist Party’s 24-member Politburo, China’s top decision-making body led by President Xi Jinping, promised “counter-cyclical” policies, which imply an easing bias.

A decline in crude demand in India, the world’s third-biggest crude consumer, is bearish for oil prices.  India’s Jun crude oil imports fell -1.3% y/y to 19.7 MMT, the lowest in 7 months.

A bullish factor for crude oil is a decline in Russian crude shipments.  Vessel-tracking data monitored by Bloomberg showed Russian crude oil shipments in the four weeks to July 16 dropped to a 6-month low of 3.1 million bpd.

In a supportive factor for oil prices, Saudi Arabia earlier this month said it would extend its unilateral 1 million bpd production cut through August, keeping Saudi Arabia’s crude output at about 9 million bpd, the lowest level in several years.  Also, Russia voluntarily pledged to cut 500,000 bpd of crude output in August.  However, Russia has yet to implement its pledged crude production cuts fully.  Russian crude production cuts totaled 350,000 bpd in June, below the 500,000 bpd of cuts it said it would implement in March.  Meanwhile, OPEC crude production in June rose +80,000 bpd to 28.57 million bpd.

A decline in crude in floating storage is bullish for prices.  Monday’s weekly data from Vortexa shows the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -2.2% w/w to 106.95 million bbl as of July 21.

An improvement in Chinese crude demand is bullish for prices after government trade data showed China’s June crude imports rose +4.6% m/m to 12.72 million bpd, the most in three years.

Wednesday’s weekly EIA report was mostly bearish for crude and products.  On the negative side, EIA crude inventories fell -600,000 bbl, a smaller draw than expectations of -2.25 million bbl.  Also, EIA gasoline supplies fell -786,000 bbl, less than expectations of -1.37 million bbl.  In addition, EIA distillate stockpiles fell by -245,000 bbl, less than expectations of -415,000 bbl.  On the positive side, crude supplies at Cushing, the delivery point of WTI futures, fell 2.61 million bbl.

Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of July 21 were +1.6% above the seasonal 5-year average, (2) gasoline inventories were -7.4% below the seasonal 5-year average, and (3) distillate inventories were -14.4% below the 5-year seasonal average.  U.S. crude oil production in the week ended July 21 fell -0.8% w/w to 12.2 million bpd.  U.S. crude oil production is well below the Feb-2020 record-high of 13.1 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended July 21 fell by -7 rigs to a 16-month low of 530 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  Still, U.S. active oil rigs are more than triple 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

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 30-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 2.5 Cents~Be Safe

NMEX Crude      $ 79.63 UP $.8900

NYMEX ULSD     $2.7776 UP $.0071

NYMEX Gas       $2.8533 DN $.0418

NEWS

September WTI crude oil on Tuesday closed up +0.89 (+1.13%), and Sep RBOB gasoline closed down -4.28 (-1.51%).

Crude oil and gasoline prices Tuesday settled mixed, with crude posting a 3-month nearest-futures high.   Crude found support Tuesday on optimism of stronger Chinese energy demand after China signaled further measures to bolster economic growth.  Crude prices fell Baker Hughes reported last Friday that active U.S. oil rigs in the week ended July 21 fell by -7 rigs to a 16-month low of 530 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  Still, U.S. active oil rigs are more than triple the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity from pandemic lows. back from their best levels Tuesday, and gasoline retreated after the dollar index raised to a 2-week high.

Crude prices rallied Tuesday on signs China will implement policies to revive economic growth.  This week’s Politburo meeting laid out a pre-growth tone that was more dovish than markets expected.  The ruling Communist Party’s 24-member Politburo, China’s top decision-making body led by President Xi Jinping, promised “counter-cyclical” policies, which imply an easing bias.

Crude also moved higher Tuesday after the International Monetary Fund (IMF) raised its global 2023 GDP forecast to 3.0% from an April estimate of 2.8%.

Tuesday’s global news was mixed for energy demand and crude prices.  On the positive side, the Conference Board U.S. Jul consumer confidence index rose +6.9 to a 2-year high of 117.0, stronger than expectations of 112.0.  Conversely, the German Jul IFO business climate fell -1.3 to an 8-month low of 87.3, weaker than expectations of 88.0.

A decline in crude demand in India, the world’s third-biggest crude consumer, is bearish for oil prices.  India’s Jun crude oil imports fell -1.3% y/y to 19.7 MMT, the lowest in 7 months.

A bullish factor for crude oil is a decline in Russian crude shipments.  Vessel-tracking data monitored by Bloomberg showed Russian crude oil shipments in the four weeks to July 16 dropped to a 6-month low of 3.1 million bpd.

In a supportive factor for oil prices, Saudi Arabia earlier this month said it would extend its unilateral 1 million bpd production cut through August, keeping Saudi Arabia’s crude output at about 9 million bpd, the lowest level in several years.  Also, Russia voluntarily pledged to cut 500,000 bpd of crude output in August.  However, Russia has yet to implement its pledged crude production cuts fully.  Russian crude production cuts totaled 350,000 bpd in June, below the 500,000 bpd of cuts it said it would implement in March.  Meanwhile, OPEC crude production in June rose +80,000 bpd to 28.57 million bpd.

A decline in crude in floating storage is bullish for prices.  Monday’s weekly data from Vortexa shows the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -2.2% w/w to 106.95 million bbl as of July 21.

An improvement in Chinese crude demand is bullish for prices after government trade data showed China’s June crude imports rose +4.6% m/m to 12.72 million bpd, the most in three years.

The consensus is that Wednesday’s weekly EIA crude inventories will fall -2.25 million bbl.

Last Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of July 14 were +1.1% above the seasonal 5-year average, (2) gasoline inventories were -7.6% below the seasonal 5-year average, and (3) distillate inventories were -14.3% below the 5-year seasonal average.  U.S. crude oil production in the week ended July 14 was unchanged w/w at 12.3 million bpd.  U.S. crude oil production is well below the Feb-2020 record-high of 13.1 million bpd.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

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 30-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, Tuesday please keep your tanks topped ahead of Wednesday’s 2.5 cents increased~Be Safe

NMEX Crude      $ 78.74 UP $1.6700

NYMEX ULSD     $2.7705 UP $0.0248

NYMEX Gas       $2.8951 UP $0.0933

NEWS

September WTI crude oil on Monday closed up +1.67 (+2.17%), and Sep RBOB gasoline closed up +8.24 (+2.99%).

Crude oil and gasoline prices Monday moved sharply higher, with crude posting a 3-month nearest-futures high and gasoline posting a 9-month high.  Crude prices are underpinned by the outlook for tighter supplies after Saudi Arabia earlier this month said it would extend its unilateral 1 million bpd crude production cut through August and after Russia’s crude shipments fell to a 6-month low.  Gains in crude accelerated on technical buying Monday after prices rose above their 200-day moving average.

Strength in the crude crack spread is bullish for oil prices after the crack spread Monday jumped to a 4-month high.  The stronger crack spread encourages refiners to boost their crude purchases and refine the crude into gasoline and distillates.

Monday’s global news on manufacturing activity was mixed for energy demand and crude prices.  On the positive side, the U.S. Jul S&P manufacturing PMI unexpectedly rose +2.7 to 49.0, stronger than expectations of a decline to 46.2.  Conversely, the Eurozone Jul S&P manufacturing PMI unexpectedly fell -0.7 to 42.7, weaker than expectations of an increase to 43.5 and the steepest pace of contraction in more than three years.  Also, the Japan Jul Jibun Bank manufacturing PMI fell -0.4 to a 4-month low of 49.4.

A bullish factor for crude oil is a decline in Russian crude shipments.  Vessel-tracking data monitored by Bloomberg showed Russian crude oil shipments in the four weeks to July 16 dropped to a 6-month low of 3.1 million bpd.

Crude prices have support from signs China will implement policies to revive economic growth.  Last Wednesday, the Communist Party and the government issued a rare joint statement that included 31 measures to improve business conditions, including pledges to treat private companies the same as state-owned enterprises and consult more with entrepreneurs before drafting policies.

In a supportive factor for oil prices, Saudi Arabia earlier this month said it would extend its unilateral 1 million bpd production cut through August, keeping Saudi Arabia’s crude output at about 9 million bpd, the lowest level in several years.  Also, Russia voluntarily pledged to cut 500,000 bpd of crude output in August.  However, Russia has yet to implement its pledged crude production cuts fully.  Russian crude production cuts totaled 350,000 bpd in June, below the 500,000 bpd of cuts it said it would implement in March.  Meanwhile, OPEC crude production in June rose +80,000 bpd to 28.57 million bpd.

A decline in crude in floating storage is bullish for prices.  Monday’s weekly data from Vortexa shows the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -2.2% w/w to 106.95 million bbl as of July 21.

An improvement in Chinese crude demand is bullish for prices after government trade data showed China’s June crude imports rose +4.6% m/m to 12.72 million bpd, the most in three years.

Last Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of July 14 were +1.1% above the seasonal 5-year average, (2) gasoline inventories were -7.6% below the seasonal 5-year average, and (3) distillate inventories were -14.3% below the 5-year seasonal average.  U.S. crude oil production in the week ended July 14 was unchanged w/w at 12.3 million bpd.  U.S. crude oil production is well below the Feb-2020 record-high of 13.1 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended July 21 fell by -7 rigs to a 16-month low of 530 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  Still, U.S. active oil rigs are more than triple 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

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 30-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 FULL OF FUEL” today/tonight, Saturday prices will jump UP 2.5 cents then Sunday up another 8 cents ~Be Safe

NMEX Crude      $ 77.07 UP $1.4200

NYMEX ULSD     $2.7557 UP $0.0813

NYMEX Gas       $2.87018 UP $0.0586

NEWS

September WTI crude oil on Friday closed up +1.42 (+1.88%), and Sep RBOB gasoline closed up +5.86 (+2.22%).

Crude oil and gasoline prices Friday settled moderately higher, with gasoline posting a 3-month nearest-futures high.   Crude prices are underpinned by the outlook for tighter crude supplies after news this week showed Russia’s crude shipments fell to a 6-month low.  Crude also found support on hopes that China will implement policies that revive economic growth and energy demand.  Crude prices raced to their highs Friday afternoon after the weekly report from Baker Hughes showed that active U.S. oil rigs fell to a 16-month low.

An easing of UK recession concerns is supportive for energy demand and crude prices after Friday’s news that UK June retail sales ex-auto fuel rose +0.8% m/m, stronger than expectations of +0.2% m/m.

A bullish factor for crude oil is a decline in Russian crude shipments.  Vessel-tracking data monitored by Bloomberg showed Russian crude oil shipments in the four weeks to July 16 dropped to a 6-month low of 3.1 million bpd.

Crude prices have support from signs China will implement policies to revive economic growth.  On Wednesday, the Communist Party and the government issued a rare joint statement that included 31 measures to improve business conditions, including pledges to treat private companies the same as state-owned enterprises and consult more with entrepreneurs before drafting policies.

In a supportive factor for oil prices, Saudi Arabia earlier this month said it would extend its unilateral 1 million bpd production cut through August, keeping Saudi Arabia’s crude output at about 9 million bpd, the lowest level in several years.  Also, Russia voluntarily pledged to cut 500,000 bpd of crude output in August.  However, Russia has yet to implement its pledged crude production cuts fully.  Russian crude production cuts totaled 350,000 bpd in June, below the 500,000 bpd of cuts it said it would implement in March.  Meanwhile, OPEC crude production in June rose +80,000 bpd to 28.57 million bpd.

A decline in crude in floating storage is bullish for prices.  Monday’s weekly data from Vortexa shows the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -21% w/w to 94.60 million bbl as of July 14.

An improvement in Chinese crude demand is bullish for prices after government trade data showed China’s June crude imports rose +4.6% m/m to 12.72 million bpd, the most in three years.

Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of July 14 were +1.1% above the seasonal 5-year average, (2) gasoline inventories were -7.6% below the seasonal 5-year average, and (3) distillate inventories were -14.3% below the 5-year seasonal average.  U.S. crude oil production in the week ended July 14 was unchanged w/w at 12.3 million bpd.  U.S. crude oil production is well below the Feb-2020 record-high of 13.1 million bpd.

Baker Hughes reported Friday that active U.S. oil rigs in the week ended July 21 fell by -7 rigs to a 16-month low of 530 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  Still, U.S. active oil rigs are more than triple 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

JULY 18 AT NOON

JULY 21 AT 3:00 PM

JULY 24 AT 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 30-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