Fueling Strategy: Please fuel as needed today/tonight but plan on Saturday’s price drop of 1.5 cents~Be Safe

NMEX Crude      $ 73.86 UP $2.0600

NYMEX ULSD     $2.5591 UP $0.0797

NYMEX Gas       $2.5893 UP $0.0455

NEWS

August WTI crude oil on Friday closed up +2.06 (+2.87%), and Aug RBOB gasoline closed up +4.55 (+1.79%).

Crude oil and gasoline prices Friday settled moderately higher, with crude climbing to a 1-month high.   A fall in the dollar index Friday to a 2-week low supported gains in energy prices.  Crude also has carryover support from this week’s action by Saudi Arabia and Russia to extend their voluntary crude production cuts.   Crude prices raced to their highs Friday afternoon after the weekly report from Baker Hughes showed active U.S. oil rigs fell to a 15-month low.

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

In a supportive factor for oil prices, Saudi Arabia this week 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 pledged Monday that it would voluntarily cut 500,000 bpd of crude output in August.

A bullish factor for crude prices was Thursday’s action by Saudi Arabia’s state-owned Aramco to raise the price of all of its crude grades to customers for delivery in August.

On the negative side, Russia has yet to fully implement its pledged crude production cuts.  Russian crude production cuts totaled 350,000 bpd in June, below the 500,000 bpd of cuts it said it would implement in March.

Friday’s global economic news was weaker than expected and bearish for energy demand and crude prices.  U.S. Jun nonfarm payrolls rose +209,000, weaker than expectations of +230,000 and the smallest increase in 2-1/2 years.  Also, German May industrial production fell -0.2% m/m, weaker than expectations of no change.  In addition, Japan’s May household spending fell -4.0% y/y, weaker than expectations of -2.5% y/y.

A bearish factor for crude prices was Monday’s projection by Citigroup that U.S. crude production will break the early 2020 record of 13.1 million bpd by year-end, barring an active hurricane season in the Gulf of Mexico.

Oil prices continue to be undercut by concern about weaker Chinese energy demand.  China’s National Petroleum Corp (CNPC), China’s largest oil and gas producer, cut its 2023 China crude oil demand forecast on June 20 to +3.5% to 740 MMT from a March forecast of +5.1% to 756 MMT.  In another sign of weak Chinese oil demand, analytics firm Kpler recently reported that China’s crude oil stockpiles rose to a 2-year high in May of 966 million bbl, well above the five-year average of 858 million bbl.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JULY 07 AT 2:00 PM

JULY 11 AT 2:00 PM

JULY 18 AT NOON

JULY 21 AT 3:00 PM

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 before 23:00 CST have completely full of fuel, Friday prices will jump UP 12 cents ~ Be Safe

NMEX Crude      $  71.80 UP $.0100

NYMEX ULSD     $2.4794 DN $.0139

NYMEX Gas       $2.5438 UP $.0255

NEWS

August WTI crude oil on Thursday closed +0.01 (+0.01%), and Aug RBOB gasoline closed +2.55 (+1.01%).

Crude oil and gasoline prices Thursday closed higher, with crude posting a 2-week high.   Thursday’s action by Saudi Arabia to boost crude prices for August delivery boosted energy prices.  Also, signs of stronger U.S. gasoline demand supported prices.  Crude prices Thursday gave up their gains briefly after weekly EIA crude inventories fell less than expected.

A bullish factor for crude prices was Thursday’s action by Saudi Arabia’s state-owned Aramco to raise the price of all of its crude grades to customers for delivery in August.

In a supportive factor for oil prices, Saudi Arabia this week 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 pledged Monday that it would voluntarily cut 500,000 bpd of crude output in August.

On the negative side of crude prices was Thursday’s stronger-than-expected U.S. economic reports on Jun ADP employment and Jun ISM services, which bolsters the outlook for the Fed to keep raising interest rates, which could slow economic growth and energy demand.  The Jun ADP employment change surged by +497,000, well above expectations of +225,000 and the most in 16 months.  Also, the  Jun ISM services index rose +3.6 to a 4-month high of 53.9, stronger than expectations of 51.2.

A bearish factor for crude prices is Monday’s projection by Citigroup that U.S. crude production will break the early 2020 record of 13.1 million bpd by year-end, barring an active hurricane season in the Gulf of Mexico.

Oil prices continue to be undercut by concern about weaker Chinese energy demand.  China’s National Petroleum Corp (CNPC), China’s largest oil and gas producer, cut its 2023 China crude oil demand forecast on June 20 to +3.5% to 740 MMT from a March forecast of +5.1% to 756 MMT.  In another sign of weak Chinese oil demand, analytics firm Kpler recently reported that China’s crude oil stockpiles rose to a 2-year high in May of 966 million bbl, well above the five-year average of 858 million bbl.

A decline in crude in floating storage is supportive of 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 -23% w/w to 102.70 million bbl as of June 30.

An increase in OPEC crude production is bearish for oil prices.  OPEC Jun crude production rose +80,000 bpd to 28.57 million bpd.

Thursday’s weekly EIA report was mixed for crude and products.  On the bearish side, EIA crude inventories fell -1.5 million bbl, a smaller draw than expectations of -2.0 million bbl.  Also, U.S. crude production in the week ended June 30 rose +1.6% w/w to 12.4 million bpd, matching a 3-year high.  On the bullish side, EIA gasoline supplies fell -2.55 million bbl, a bigger draw than expectations of no change as U.S gasoline demand rose +3.1% w/w to 9.6 million bpd, a 1-1/2 year high.  Also, EIA distillate stockpiles unexpectedly fell -1.05 million bbl versus expectations of a +50,000 bbl build.

Thursday’s EIA report showed that (1) U.S. crude oil inventories as of June 30 were -1.5% below the seasonal 5-year average, (2) gasoline inventories were -7.6% below the seasonal 5-year average, and (3) distillate inventories were -15.0% below the 5-year seasonal average.  U.S. crude oil production in the week ended June 30 rose +1.6% w/w to 12.4 million bpd, matching the 3-year high of 12.4 million bpd posted in the week ended June 9.  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 June 23 fell by -6 rigs to a 1-1/4 year low of 546 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  U.S. active oil rigs have more than tripled from the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JULY 07 AT 2:00 PM

JULY 11 AT 2:00 PM

JULY 18 AT NOON

JULY 21 AT 3:00 PM

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 ~ Be Safe

NMEX Crude      $ 71.79 UP $2.0000

NYMEX ULSD     $2.4933 UP $0.1160

NYMEX Gas       $2.5183 UP $0.0559

NEWS

Crude oil and gasoline prices Wednesday rallied to 1-week highs and closed sharply higher.  The outlook for tighter global crude supplies is pushing prices higher after  Saudi Arabia and Russia announced Monday that they would cut their crude production.

In a supportive factor for oil prices, Saudi Arabia 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 pledged Monday that it would voluntarily cut 500,000 bpd of crude output in August.

Comments Wednesday from Saudi Energy Minister Price Abdulaziz bin Salman were bullish for oil prices when he said he would do “whatever is necessary” to keep the oil market stable and that Russia’s pledge to cut crude production is meaningful because it applies to oil exports.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JULY 07 AT 2:00 PM

JULY 11 AT 2:00 PM

JULY 18 AT NOON

JULY 21 AT 3:00 PM

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, prices are down 4 cents, Friday prices will go up 1 cent~Be Safe

NMEX Crude      $ 69.86 UP $.3000

NYMEX ULSD     $2.4156 UP $.0089

NYMEX Gas       $2.6177 UP $.0143

NEWS

August WTI crude oil Thursday closed up +0.30 (+0.43%), and Aug RBOB gasoline closed up +0.63 (+0.25%).

Crude oil prices Thursday saw carry-over support from Wednesday’s sharp -9.6 million bbl decline in EIA weekly crude oil inventories, which led to a +2.75% rally in Aug crude oil prices on Wednesday.  Crude oil prices also saw support from the strong U.S. economy, as U.S. Q1 GDP was revised higher to +2.0% from +1.3%.  However, crude oil prices were undercut by the +0.4% rise in the dollar index and by the sharp +14 bp rise in the 10-year T-note yield on Fed Chair Powell’s latest hawkish comments.

Oil prices continue to be undercut by concern about weaker Chinese energy demand.  China’s National Petroleum Corp (CNPC), China’s largest oil and gas producer, cut its 2023 China crude oil demand forecast on June 20 to +3.5% to 740 MMT from a March forecast of +5.1% to 756 MMT.  In another sign of weak Chinese oil demand, analytics firm Kpler recently reported that China’s crude oil stockpiles rose to a 2-year high in May of 966 million bbl, well above the five-year average of 858 million bbl.

Crude prices jumped after OPEC+ on June 4 agreed to maintain its crude production levels.  However, Saudi Arabia said it would voluntarily cut its crude output by 1 million bpd starting in July, and Saudi Energy Minister Price Abdulaziz bin Salman said he “will do whatever is necessary to bring stability to the oil market.”  He also said that July’s additional cuts could be extended, but they will keep the market “in suspense” about whether this will happen.  OPEC May crude production fell -500,00 bpd to a 16-month low of 28.26 million bpd.

Thursday’s EIA report showed that (1) U.S. crude oil inventories as of June 23 were -1.4% below the seasonal 5-year average, (2) gasoline inventories were -6.8% 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 June 23 was unchanged at 12.2 million bpd, just mildly below the 3-year high of 12.4 million bpd posted in the week ended June 9.  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 June 23 fell by -6 rigs to a 1-1/4 year low of 546 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  U.S. active oil rigs have more than tripled from the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JULY  07 AT 2:00 PM

JULY  14 AT NOON

JULY  21 AT 3:00 PM

SEPT  01 OUT ALL DAY

NOV 01-02-03 VACATION

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, Thursday prices will go down 4 cents~Be Safe

NMEX Crude      $ 69.56 UP $1.8600

NYMEX ULSD     $2.4067 UP $0.0077

NYMEX Gas       $2.6034 UP $0.0866

NEWS

August WTI crude oil on Wednesday closed up +1.86, and Aug RBOB gasoline closed up +7.50 (+3.10%).

Crude oil prices Wednesday rallied on a bullish weekly EIA report.  The EIA reported that U.S. crude oil inventories fell sharply by -9.603 million bbl in the week ended June 23, which was a much larger drop than expectations of a -1.5 million bbl decline.  Also, gasoline inventories rose +603,000 bbls, less than expectations for a +1.0 million bbl rise.  Distillate inventories rose by +123,000 bbl, less than expectations of +900,000 bbl.

Crude oil prices were undercut by hawkish comments Wednesday from Fed Chair Powell, ECB President Lagarde, and BOE Governor Bailey.  Crude oil prices were also undercut by Wednesday’s +0.4% rally in the dollar index.

Oil prices continue to be undercut by concern about weaker Chinese energy demand.  China’s National Petroleum Corp (CNPC), China’s largest oil and gas producer, last Tuesday, cut its 2023 China crude oil demand forecast to +3.5% to 740 MMT from a March forecast of +5.1% to 756 MMT.  In another sign of weak Chinese oil demand, analytics firm Kpler recently reported that China’s crude oil stockpiles rose to a 2-year high in May of 966 million bbl, well above the five-year average of 858 million bbl.

Crude prices jumped earlier this month after OPEC+ on June 4 agreed to maintain its crude production levels.  However, Saudi Arabia said it will voluntarily cut its crude output by 1 million bpd starting in July, and Saudi Energy Minister Price Abdulaziz bin Salman said he “will do whatever is necessary to bring stability to the oil market.”  He also said that next month’s additional cuts could be extended, but they will keep the market “in suspense” about whether this will happen.  OPEC May crude production fell -500,00 bpd to a 16-month low of 28.26 million bpd.

Thursday’s EIA report showed that (1) U.S. crude oil inventories as of June 23 were -1.4% below the seasonal 5-year average, (2) gasoline inventories were -6.8% 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 June 23 was unchanged at 12.2 million bpd, just mildly below the 3-year high of 12.4 million bpd posted in the week ended June 9.  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 June 23 fell by -6 to a 1-1/4 year low of 546 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  U.S. active oil rigs have more than tripled from the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JULY  07 AT 2:00 PM

JULY  14 AT NOON

JULY  21 AT 3:00 PM

SEPT  01 OUT ALL DAY

NOV 01-02-03 VACATION

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, Wednesday prices will go UP 3 cents~Be Safe

NMEX Crude      $ 67.70 DN $1.6700

NYMEX ULSD     $2.3990 DN $0.0398

NYMEX Gas       $2.5168 EN $0.0207

NEWS

August WTI crude oil Tuesday closed down -1.67 (-2.41%), and Aug RBOB gasoline closed down -3.27 (-1.33%).

Crude oil fell as concern resurfaced about Chinese and global economic growth.  ECB President Lagarde Tuesday reiterated hawkish comments.  Also, there is no longer any concern about Russian oil output disruptions from the weekend insurrection after Wagner Group leader Prigozhin arrived Tuesday in Belarus for his exile.

Oil prices continue to be undercut by concern about weaker Chinese energy demand.  China’s National Petroleum Corp (CNPC), China’s largest oil and gas producer, last Tuesday, cut its 2023 China crude oil demand forecast to +3.5% to 740 MMT from a March forecast of +5.1% to 756 MMT.  In another sign of weak Chinese oil demand, analytics firm Kpler recently reported that China’s crude oil stockpiles rose to a 2-year high in May of 966 million bbl, well above the five-year average of 858 million bbl.

Crude prices jumped earlier this month after OPEC+ on June 4 agreed to maintain its crude production levels.  However, Saudi Arabia said it will voluntarily cut its crude output by 1 million bpd starting in July, and Saudi Energy Minister Price Abdulaziz bin Salman said he “will do whatever is necessary to bring stability to the oil market.”  He also said that next month’s additional cuts could be extended, but they will keep the market “in suspense” about whether this will happen.  OPEC May crude production fell -500,00 bpd to a 16-month low of 28.26 million bpd.

Last Thursday’s EIA report showed that (1) U.S. crude oil inventories as of June 16 were -0.7% below the seasonal 5-year average, (2) gasoline inventories were -7.2% below the seasonal 5-year average, and (3) distillate inventories were -14.2% below the 5-year seasonal average.  U.S. crude oil production in the week ended June 16 fell -200,000 bpd (-1.6%) to 12.2 million from the 3-year high of 12.4 million bpd posted in the week ended June 9.  U.S. crude oil production is moderately 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 June 23 fell by -6 to a 1-1/4 year low of 546 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  U.S. active oil rigs have more than tripled from the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JULY  07 AT 2:00 PM

JULY  14 AT NOON

JULY  21 AT 3:00 PM

SEPT  01 OUT ALL DAY

NOV 01-02-03 VACATION

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 ~ Be Safe

NMEX Crude      $ 69.37 UP $.2100

NYMEX ULSD     $2.4388 UP $.0317

NYMEX Gas       $2.5375 UP $.0203

NEWS

Oil edged higher as a weaker dollar made the commodity more attractive to importers, with the market so far shrugging off the dramatic but short-lived rebellion inside Russia.

Calm returned to Moscow following the end of the uprising led by Wagner Group head Yevgeny Prigozhin, with investors waiting to see whether it presaged the potential for more turbulence in Russia. Despite the country being a major OPEC+ producer, oil prices were unmoved by the mutiny.

“There is very little reaction and not much disruption,” S&P Global Inc. Vice Chairman Daniel Yergin said at a conference in Kuala Lumpur. “The thing that is dominating the oil markets right now is economics, not geopolitics.”

Goldman Sachs Group Inc. also said the uprising’s impact on oil prices may be limited because spot fundamentals haven’t changed. Yet RBC Capital Markets said the risk of further civil unrest  “must be factored into our oil analysis.”

Oil has dropped around 13% this year, in part due to Russia’s robust exports but also reflecting monetary tightening in the US and a lackluster economic recovery in China. China’s economy continues to show signs of losing momentum as recent data showed slowed spending on everything from holiday travel to cars and homes.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JULY  07 AT 2:00 PM

JULY  14 AT NOON

JULY  21 AT 3:00 PM

SEPT  01 OUT ALL DAY

NOV 01-02-03 VACATION

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, prices are UP 9 cents but will drop 10 cents Saturday then Sunday prices will continue down another 6 cents~ Be Safe

NMEX Crude      $ 69.16 DN $.3500

NYMEX ULSD     $2.4071 DN $.0584

NYMEX Gas       $2.5172 DN $.0329

NEWS

Crude oil and gasoline prices Friday extended Thursday’s sell-off on economic gloom driven by the weak U.S. and Eurozone purchasing manager reports.  The preliminary-June S&P Thursday’s EIA report showed that (1) U.S. crude oil inventories as of June 16 were -0.7% below the seasonal 5-year average, (2) gasoline inventories were -7.2% below the seasonal 5-year average, and (3) distillate inventories were -14.2% below the 5-year seasonal average.  U.S. crude oil production in the week ended June 16 fell -200,000 bpd (-1.6%) to 12.2 million from the 3-year high of 12.4 million bpd posted in the week ended June 9.  U.S. crude oil production is moderately 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 June 23 fell by -6 to 546 rigs, a 1-1/4 year low.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  U.S. active oil rigs have more than tripled from the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity. U.S. PMI fell by -2.1 points to a 6-month low of 46.3, weaker than expectations for a +0.1 point increase to 48.5.  Meanwhile, the preliminary-June S&P Eurozone composite PMI fell by -2.5 points to a 5-month low of 50.3, much weaker than market expectations of 52.5.

Oil market traders were already gloomy about energy demand after Fed Chair Powell’s hawkish testimony earlier this week and after the Bank of England’s +50 bp rate hike.  Crude oil prices were also undercut by Friday’s +0.50% rally in the dollar index. In a bearish factor, Vortexa reported Monday that the amount of crude stored on tankers that have been stationary for at least a week rose +5% w/w to 107.12 million bbl in the week ended June 16. Oil prices continue to be undercut by concern about weaker Chinese energy demand.  China’s National Petroleum Corp (CNPC), China’s largest oil and gas producer, on Tuesday, cut its 2023 China crude oil demand forecast to +3.5% to 740 MMT from a March forecast of +5.1% to 756 MMT.  In another sign of weak Chinese oil demand, analytics firm Kpler recently reported that China’s crude oil stockpiles rose to a 2-year high in May of 966 million bbl, well above the five-year average of 858 million bbl.

Crude prices jumped earlier this month after OPEC+ on June 4 agreed to maintain its crude production levels.  However, Saudi Arabia said it will voluntarily cut its crude output by 1 million bpd starting in July, and Saudi Energy Minister Price Abdulaziz bin Salman said he “will do whatever is necessary to bring stability to the oil market.”  He also said that next month’s additional cuts could be extended, but they will keep the market “in suspense” about whether this will happen.  OPEC May crude production fell -500,00 bpd to a 16-month low of 28.26 million bpd.

Thursday’s EIA report was generally supportive (the report was delayed by a day due to Monday’s holiday).  Crude oil inventories in the week ended June 16 fell by -3.83 million bbls, showing less oil supply than expectations for a +450,000 bbl build.  Gasoline inventories rose by +479,000, a smaller build than expectations of +800,000 bbl.  Distillate inventories rose by +434,000, less than expectations for a +1.0 million build.  Crude oil inventories at Cushing fell by -98,000 bbl.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JULY  07 AT 2:00 PM

JULY  14 AT NOON

JULY  21 AT 3:00 PM

SEPT  01 OUT ALL DAY

NOV 01-02-03 VACATION

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 COMPLETELY FULL OF FUEL today/tonight, Friday prices will jump UP 9 cents ~ Be Safe

NMEX Crude      $ 69.51 DN $3.0200

NYMEX ULSD     $2.4655 DN $0.0987

NYMEX Gas       $2.5501 DN $0.0740

NEWS

NEW YORK, June 22 (Reuters) – Oil futures fell about 4% on Thursday, as a bigger-than-expected Bank of England rate hike prompted worries about the economy and fuel demand that outweighed support from a surprise draw in U.S. oil supplies.Brent futures settled down $2.98, or 3.9%, to $74.14 a barrel. U.S. West Texas Intermediate crude futures were down $3.02, or 4.2%, at $69.51. The Bank of England raised interest rates by a bigger-than-expected half a percentage point to fight stubborn inflation. It was the central bank’s 13th straight rate hike. Higher interest rates could slow economic growth and reduce oil demand.

Feeding caution, U.S. Federal Reserve Chair Jerome Powell said two more rate hikes of 25 basis points each by the end of the year was “a pretty good guess.” “We’re locked in a trading range but prices are held back by the concerns about the economy, the larger economy,” said Phil Flynn, an analyst at Price Futures Group.

In supply, U.S. crude inventories fell by 3.8 million barrels in the last week to 463.3 million barrels, compared with analysts’ expectations in a Reuters poll for a 300,000-barrel rise. U.S. gasoline stocks rose by about 480,000 barrels in the week to 221.4 million barrels, the Energy Information Administration (EIA) said, compared with analysts’ expectations in a Reuters poll for a 100,000-barrel rise.​ Distillate stockpiles, which include diesel and heating oil, rose by about 430,000 barrels in the week to 114.3 million barrels, versus expectations for a 700,000-barrel rise, the EIA data showed. “Given the decline in crude oil and the very modest increases in refined products inventories, I would have thought we would get a better response from the market, but the crude oil and refined product market is simply being weighed down by higher interest rates,” said Andrew Lipow, president of Lipow Oil Associates in Houston.

Investors are now awaiting Chinese factory activity data due next week, which could indicate the strength of China’s economy.

An executive at U.S. shale producer EOG Resources (EOG.N) said oil prices could rise as muted increases in U.S. oil production and cuts by OPEC+ producers will limit supply in the months ahead.

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Fueling Strategy: Please fuel as needed tonight but plan on Thursday’s 7 cent drop in prices~Be Safe

NMEX Crude      $ 72.53 UP $1.3400

NYMEX ULSD     $2.5642 UP $0.0888

NYMEX Gas       $2.6241 UP $0.0149

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JULY  07 AT 2:00 PM

JULY  14 AT NOON

JULY  21 AT 3:00 PM

SEPT  01 OUT ALL DAY

NOV 01-02-03 VACATION

Tell Us How We’re Doing On Google Business

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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