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

Fueling Strategy: Please “PARTIAL FILL ONLY” tonight due to Friday prices will fall 4 Cents ~ Be Safe

NMEX Crude      $ 89.37 UP $1.0500

NYMEX ULSD     $3.1730 UP $0.0337

NYMEX Gas       $2.3617 UP $0.0082

NEWS

November WTI crude oil on Thursday closed up +1.05 (+1.19%), and Nov RBOB gasoline closed up +0.82 (+0.35%). Nov WTI crude oil and gasoline prices on Thursday settled moderately higher, with gasoline posting a 2-week high.   A weaker dollar Thursday was supportive of energy prices.  Crude prices are also underpinned by concern about a possible escalation of the Israeli-Hamas conflict that could disrupt Middle East oil supplies.  Gains in crude were limited after the U.S. eased sanctions on Venezuela, which will allow more crude supplies onto the global market. Crude prices have carryover support from Wednesday’s weekly EIA report that showed inventories of crude, gasoline, and distillates fell more than expected and that crude supplies at Cushing, the delivery point of WTI futures, dropped to a 9-year low.

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.

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.

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

Fueling Strategy: Please “KEEP YOUR TANKS TOPPED” today/tonight while prices are DOWN, Thursday look for a 3 cent jump in prices, Be Safe

NMEX Crude      $ 88.32 UP $1.6600

NYMEX ULSD     $3.1393 DN $0.0374

NYMEX Gas       $2.3535 UP $0.0690

NEWS

November WTI crude oil on Wednesday closed up +1.66 (+1.92%), and Nov RBOB gasoline closed up +6.90 (+3.02%). Nov WTI crude oil and gasoline prices on Wednesday rallied to 2-week highs and settled moderately higher.  Crude oil prices were underpinned by concern about an escalation of the Israeli-Hamas conflict that could disrupt Middle East oil supplies after the hospital blast in Gaza.  Crude prices maintained their gains on Wednesday’s bullish EIA report that showed crude supplies at Cushing dropped to a 9-year low.  A stronger dollar on Wednesday was negative for energy prices.

Heightened risks of an escalation in the Israeli-Hamas war boosted crude prices Wednesday after an explosion at a Gaza hospital complicated diplomatic efforts to contain the conflict.  After the bombing, the leaders of Jordan, Egypt, and the Palestinian Authority canceled their scheduled summits with President Biden, who landed in Israel Wednesday.  Also, Iran’s foreign minister called for an oil embargo against Israel. 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 Monday’s report in the Washington Post that said the U.S. will ease sanctions on Venezuela’s oil exports in exchange for steps to ensure the country holds fair presidential elections next year.  An easing of sanctions could put additional crude supplies on the global market.

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 weekly EIA report is bullish for crude prices.  EIA crude inventories fell -4.49 million bbl, a larger draw than expectations of -550,000 bbl.  Also, EIA gasoline supplies fell -2.37 million bbl, a larger draw than expectations of -100,000 bbl.  In addition, EIA distillate stockpiles fell -3.19 million bbl, a larger draw than expectations of -1.0 million bbl.  Finally, crude supplies at Cushing, the delivery point of WTI futures, fell -758,000 bbl to a nearly 9-year low.

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

Fueling Strategy: Please “PARTIAL FILL ONLY” tonight due to Wednesday prices will fall 6 Cents ~ Be Safe

NMEX Crude      $ 86.66 NC $.0000

NYMEX ULSD     $3.1760 UP $.0275

NYMEX Gas       $2.2845 UP $.0115

NEWS

November WTI crude oil on Tuesday closed unchanged, and Nov RBOB gasoline closed up +1.15 (+0.51%). Nov WTI crude oil and gasoline prices on Tuesday settled mixed.  Crude oil prices were little changed as diplomatic efforts to contain the Israeli-Hamas war lessened the chance the conflict would spread and threaten Middle Eastern crude supplies.  Crude oil prices saw some underlying support Tuesday from a weaker dollar and stronger-than-expected U.S. economic news.

An easing of tensions in the Middle East is weighing on crude prices as the U.S. and its allies ramp up diplomatic efforts to contain the conflict between Israel and Hamas.  German Chancellor Scholz is expected to arrive in Israel on Tuesday, and U.S. President Biden will travel to Israel on Wednesday.  President Biden will also travel to Jordan to meet with Arab leaders, including Jordan King Abdullah II, Egyptian President Abdel Fatah El-Sisi, and Palestinian Authority President Mahmoud Abbas.

Tuesday’s stronger-than-expected U.S. economic news supported energy demand and crude prices.  Sep retail sales rose +0.7% m/m and +0.6% m/m ex-autos, stronger than expectations of +0.3% m/m and +0.2% m/m ex-autos.  Also, Sep manufacturing production rose +0.4% m/m, stronger than expectations of unchanged m/m.  On the negative side, the Oct NAHB housing market index fell -4 to a 9-month low of 40, weaker than expectations of 44.

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 Monday’s report in the Washington Post that said the U.S. will ease sanctions on Venezuela’s oil exports in exchange for steps to ensure the country holds fair presidential elections next year.  An easing of sanctions could put additional crude supplies on the global market.

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. The consensus is that Wednesday’s weekly EIA crude inventories will fall by -550,000 bbl.

Last Thursday’s EIA report showed that (1) U.S. crude oil inventories as of Oct 6 were -3.1% below the seasonal 5-year average, (2) gasoline inventories were +0.2% above the seasonal 5-year average, and (3) distillate inventories were -12.5% below the 5-year seasonal average.  U.S. crude oil production in the week ended Oct 6 rose +2.3%  w/w to 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 18 Out After 11:00

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, Tuesday “PARTIAL FILL ONLY” ~ Be Safe

NMEX Crude      $ 86.66 DN $1.0300

NYMEX ULSD     $3.1492 DN $0.0625

NYMEX Gas       $2.2653 UP $0.0077

NEWS

November WTI crude oil on Monday closed down -1.03 (-1.17%), and Nov RBOB gasoline closed up +0.77 (+0.34%). Nov WTI crude oil and gasoline prices on Monday settled mixed, with gasoline posting a 1-1/2 week high.  Crude oil prices fell back Monday as diplomatic efforts to contain the Israeli-Hamas war eased concerns the conflict will widen and threaten Middle Eastern crude supplies.  Crude prices also retreated on reports the U.S. will ease sanctions against Venezuela in exchange for its government to improve electoral conditions.  Dollar weakness on Monday limited losses in crude prices.

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 Monday’s report in the Washington Post that said the U.S. will ease sanctions on Venezuela’s oil exports in exchange for steps to ensure the country holds fair presidential elections next year.  An easing of sanctions could put additional crude supplies on the global market.

Strength in the crude crack spread is supporting crude oil prices after the crack spread Monday climbed to a 1-1/2 week high.  The stronger crack spread encourages refiners to increase their crude purchases and refine the crude into gasoline and distillates.

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.

Last Thursday’s EIA report showed that (1) U.S. crude oil inventories as of Oct 6 were -3.1% below the seasonal 5-year average, (2) gasoline inventories were +0.2% above the seasonal 5-year average, and (3) distillate inventories were -12.5% below the 5-year seasonal average.  U.S. crude oil production in the week ended Oct 6 rose +2.3%  w/w to 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 18 Out After 11:00

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 5 Cents, then Sunday prices will jump UP 17 Cents   ~ Be Safe

NMEX Crude      $ 87.69 UP $4.7800

NYMEX ULSD     $3.2117 UP $0.1668

NYMEX Gas       $2.2653 UP $0.1003

NEWS

November WTI crude oil on Friday closed up +4.78 (+5.77%), and Nov RBOB gasoline  closed up +10.03 (+4.63%). Nov WTI crude oil and gasoline prices Friday rallied sharply, with crude soaring to a 1-week high.  Crude prices surged on concern the Israel-Hamas conflict may spread, potentially disrupting Middle East crude supplies.  The conflict could widen after the Israeli military urged evacuation of the northern part of Gaza in preparation for a possible ground invasion of the territory. Crude prices surged Friday after Iran’s foreign minister said that Hezbollah militants could open a new front in the Israeli war if the blockade of Gaza and attacks on civilians continue.  Hezbollah said it was “fully prepared” for any action against Israel when “the time comes.”

Strength in the crude crack spread supports crude prices after the crack spread Friday jumped to a 1-1/2 week high.  The stronger crack spread encourages refiners to increase their crude purchases and refine the crude into gasoline and distillates.

A negative for crude is the possibility of sanctions on Venezuela being lifted, which could put additional crude supplies on the global market after a Bloomberg report said the U.S. would be willing to lift some oil and banking sanctions on Venezuela in exchange for steps to ensure the country holds fair presidential elections next year.

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 -15% w/w to 70.04 million bbl as of Oct 6, the lowest in 10 months.

Thursday’s EIA report showed that (1) U.S. crude oil inventories as of Oct 6 were -3.1% below the seasonal 5-year average, (2) gasoline inventories were +0.2% above the seasonal 5-year average, and (3) distillate inventories were -12.5% below the 5-year seasonal average.  U.S. crude oil production in the week ended Oct 6 rose +2.3%  w/w to a record high of 13.2 million bpd.

Baker Hughes reported 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 13 Out After 14:00

OCT 18 Out After 11:00

NOV 02 Out of Office All Day

NOV 03 Back Late Afternoon

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 “PARTIAL FILL ONLY” today/tonight due to Friday prices will fall almost 2 Cents ~ Be Safe

NMEX Crude      $ 82.91 DN $.5800

NYMEX ULSD     $3.0449 UP $.0464

NYMEX Gas       $2.1650 DN $.0451

NEWS

November WTI crude oil on Thursday closed down -0.58 (-0.69%), and Nov RBOB gasoline  closed down -4.51 (-2.04%). Nov WTI crude oil and gasoline prices Thursday gave up an early advance and closed moderately lower.  Crude prices gave up an early rally Thursday as the dollar strengthened and after the weekly EIA crude report showed crude inventories unexpectedly rose and U.S. crude production climbed to a record. Crude on Thursday initially opened higher on concerns about the Israel-Hamas conflict spreading.  Also, comments from Saudi Energy Minister Prince Abdulaziz bin Salman gave crude a boost when he said oil producers will continue to work together and act preemptively to keep the oil market in balance. Crude prices are supported by concern that the conflict between Israel and Hamas will spread in the Middle East on reports that Israel carried out airstrikes on the main airports in Damascus and Aleppo in Syria.

Stronger-than-expected U.S. economic reports Thursday may prompt the Fed to keep raising interest rates, which is bearish for crude as it may curb economic activity and energy demand.  The Sep U.S. CPI rose +3.7% y/y, unchanged from Aug and stronger than expectations of a decline to 3.6% y/y.  Also, weekly initial unemployment claims were unchanged at 209,000, showing a slightly stronger labor market than expectations of an increase to 210,000. Another negative for crude is the possibility of sanctions on Venezuela being lifted, which could put additional crude supplies on the global market after a Bloomberg report said the U.S. would be willing to lift some oil and banking sanctions on Venezuela in exchange for steps to ensure the country holds fair presidential elections next year.

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 -15% w/w to 70.04 million bbl as of Oct 6, the lowest in 10 months.

Thursday’s weekly EIA crude report was mixed for crude and products.  On the bearish side, EIA crude inventories unexpectedly rose +10.18 million bbl versus expectations of a -1.4 million bbl draw.  Also, U.S crude production in the week ended Oct 6 rose +2.3% w/w to a record 13.2 million bpd.  On the bullish side, EIA gasoline supplies fell -1.3 million bbl, a larger draw than expectations of -1.0 million bbl.  Also, EIA distillate stockpiles fell -1.8 million bbl, a bigger draw than expectations of -1.0 million bbl.  In addition, crude supplies at Cushing, the delivery point of WTI futures, fell 319,000 bbl to a 15-month low.

Thursday’s EIA report showed that (1) U.S. crude oil inventories as of Oct 6 were -3.1% below the seasonal 5-year average, (2) gasoline inventories were +0.2% above the seasonal 5-year average, and (3) distillate inventories were -12.5% below the 5-year seasonal average.  U.S. crude oil production in the week ended Oct 6 rose +2.3%  w/w to a record high of 13.2 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended Oct 6 fell by -5 to a 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 13 Out After 14:00

OCT 18 Out After 11:00

NOV 02 Out of Office All Day

NOV 03 Back Late Afternoon

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 look for a 5.5 cent jump in prices, Be Safe

NMEX Crude      $ 83.49 DN $2.4800

NYMEX ULSD     $2.9985 DN $0.0216

NYMEX Gas       $2.2101 DN $0.0483

NEWS

November WTI crude oil on Wednesday closed down -2.48 (-2.88%), and Nov RBOB gasoline closed down -4.83 (-2.11%). Nov WTI crude oil and gasoline prices Wednesday fell sharply on initial indications the war between Israel and Hamas will have a limited impact on oil flows in the Middle East.  Also, Wednesday’s U.S. PPI report was stronger than expected, bolstering speculation the Fed will keep interest rates higher for longer, which could dampen economic growth and energy demand.

Crude prices retreated Wednesday after the New York Times reported that U.S. intelligence showed Iran was surprised by Hamas’s attack on Israel, which may reduce the chances of additional sanctions put on Iranian oil exports and could prevent Iran and its proxies across the Middle East from being drawn into the conflict. Another negative for crude is the possibility of sanctions on Venezuela being lifted, which could put additional crude supplies on the global market after a Bloomberg report said the U.S. would be willing to lift some oil and banking sanctions on Venezuela in exchange for steps to ensure the country holds fair presidential elections next year. Crude has support from expectations for additional Chinese stimulus after Bloomberg reported that China is considering raising its budget deficit for 2023 as the government prepares to unleash a new round of stimulus to help the economy reach the government’s 5% growth target.

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 -15% w/w to 70.04 million bbl as of Oct 6, the lowest in 10 months. The consensus is for Thursday’s weekly EIA crude inventories to fall by -1.4 million bbl.

Last Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of Sep 29 were -4.5% below the seasonal 5-year average, (2) gasoline inventories were +1.1% above the seasonal 5-year average, and (3) distillate inventories were -12.8% below the 5-year seasonal average.  U.S. crude oil production in the week ended Sep 29 was unchanged w/w at 12.9 million bpd, the most in 3-1/2 years.  U.S. crude oil production is modestly 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 Oct 6 fell by -5 to a 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 13 Out After 14:00

OCT 18 Out After 11:00

NOV 02 Out of Office All Day

NOV 03 Back Late Afternoon

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