Fueling Strategy: Please fuel as needed today/tonight~Be Safe

NMEX Crude      $ 71.19 DN $.7300

NYMEX ULSD     $2.4754 DN $.0760

NYMEX Gas       $2.6092 DN $.0713

NEWS

Crude oil and gasoline prices Tuesday settled moderately lower.  A stronger dollar Tuesday was bearish for crude prices, along with a selloff in stocks, which weighs on confidence in the economic outlook and energy demand.  Also, Chinese energy demand concerns are weighing on crude prices after the China National Petroleum Corp (CNPC) cut its 2023 China crude oil demand estimate.

Crude prices came under pressure Tuesday after the China National Petroleum Corp (CNPC), China’s largest oil and gas producer, cut its 2023 China crude demand estimate.  The CNPC forecasts 2023 China crude demand will grow by +3.5% to 740 MMT, down from a March estimate of +5.1% to 756 MMT.

A bearish factor for crude is the weakness in Chinese energy demand, which has resulted in higher Chinese crude oil stockpiles.  According to analytics firm Kpler, 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.

Crude oil prices are being undercut by signs that Russia has not delivered on its threat to cut crude output.  Tanker-tracking data from Bloomberg shows Russia’s crude exports in the four weeks to June 11 are at 3.63 million bpd, 250,000 bpd higher than they were in the four weeks to Feb 26.  Crude shipments from Russian ports are +1.4 million bpd higher than at the end of 2022, with most of the crude going to India and China.  Russia has halted the publication of crude and condensate production data in an attempt to disguise if it has actually cut crude output.

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.

Last Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of June 9 were -0.6% below the seasonal 5-year average, (2) gasoline inventories were -7.1% below the seasonal 5-year average, and (3) distillate inventories were -14.5% below the 5-year seasonal average.  U.S. crude oil production in the week ended June 9 was unchanged w/w at a 3-year high of 12.4 million bpd, only 0.7 million bpd (-5.3%) 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 16 fell by -4 to 552 rigs, a 13-1/2 month low.  That is well below the 2-1/2 year high of 627 rigs posted on December 2.  U.S. active oil rigs have more than tripled from the 17-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

he 7FLEET Diesel Network is a nationwide network of truck diesel lanes established by 7-Eleven, Inc.  These truck-friendly locations are built with professional drivers in mind with payment acceptance, food offerings and other amenities which better serve the trucking industry.  The 7FLEET Diesel Network currently includes over 260+ Speedway locations in 24 states with future expansion to the 7-Eleven family of brands in the coming months which will bring the total site count over 450+.

Fueling Strategy: Please KEEP YOUR TANKS FULL OF FUEL today/tonight, Saturday prices will jump UP 12 THEN Sunday look for prices to jump UP another 7 cents ~Be Safe

NMEX Crude      $ 71.78 UP $1.1660

NYMEX ULSD     $2.5514 UP $0.0718

NYMEX Gas       $2.6805 UP $0.0388

NEWS

July WTI crude oil on Friday closed up +1.16 (+1.64%), and July RBOB gasoline closed up +3.88 (+1.47%).

Crude oil and gasoline prices Friday moved higher the entire day, with crude posting a 1-week high and gasoline posting a 2-week high.  Crude prices rose Friday on hopes that China will boost stimulus measures to spur economic growth and energy demand.  Crude extended its gains Friday afternoon when the weekly report from Baker Hughes showed active U.S. oil rigs fell to a 13-1/2 month low.

An increase in U.S. consumer confidence supports energy demand and crude prices after Friday’s report showed the University of Michigan’s U.S. June consumer sentiment index rose +4.7 to a 4-month high of 63.9, stronger than expectations of 60.0.

Strength in the crude crack spread is bullish for crude prices as the crack spread Friday climbed to a 2-1/2 month high.  The stronger crack spread encourages refiners to boost their crude purchases to refine the crude into gasoline and distillates.

Crude prices found support Wednesday after China issued its third batch of crude oil quotas this year, a positive sign for Chinese energy demand.  Bloomberg reported that the Chinese government gave refiners an allocation of 62.28 million tons, which took the total quota this year to around 194 million tons, +18% more than the same time last year.

A bearish factor for crude is the weakness in Chinese energy demand, which has resulted in higher Chinese crude oil stockpiles.  According to analytics firm Kpler, 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 last Monday 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.

Crude oil prices are being undercut by signs that Russia has not delivered on its threat to cut crude output.  Tanker-tracking data from Bloomberg shows Russia’s crude exports in the four weeks to June 4 rose to 3.73 million bpd from a revised 3.68 million bpd in the four-week period to May 28.  Crude shipments from Russian ports are +1.4 million bpd higher than at the end of 2022, with most of the crude going to India and China.  Russia has halted the publication of crude and condensate production data in an attempt to disguise if it has actually cut crude output.

In a bullish factor, Vortexa reported Monday that the amount of crude stored on tankers that have been stationary for at least a week fell -4.2% w/w to 101.76 million bbl in the week ended June 9.

Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of June 9 were -0.6% below the seasonal 5-year average, (2) gasoline inventories were -7.1% below the seasonal 5-year average, and (3) distillate inventories were -14.5% below the 5-year seasonal average.  U.S. crude oil production in the week ended June 9 was unchanged w/w at a 3-year high of 12.4 million bpd, only 0.7 million bpd (-5.3%) 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 16 fell by -4 to 552 rigs, a 13-1/2 month low.  That is well below the 2-1/2 year high of 627 rigs posted on December 2.  U.S. active oil rigs have more than tripled from the 17-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, Friday prices will drop 4 cents & you’ll need to keep your tanks completely full of fuel to get ahead of Saturday’s 12 jump UP ~Be Safe

NMEX Crude      $ 70.62 UP $2.3500

NYMEX ULSD     $2.4796 UP $0.1219

NYMEX Gas       $2.6417 UP $0.0871

NEWS

July WTI crude oil on Thursday closed up +2.35 (+3.44%), and July RBOB gasoline closed up +8.71 (+3.41%).

Crude oil and gasoline prices Thursday settled sharply higher.  A slump in the dollar index Thursday to a 1-month low is bullish for energy prices.  Crude also found support on Thursday’s action by the PBOC to lower interest rates, which may revive economic growth and energy demand in China.  In addition, Thursday’s rally in the S&P 500 to a 13-3/4 month high shows confidence in the economic outlook that is supportive of energy demand.

Strength in the crude crack spread is bullish for crude prices as the crack spread Thursday jumped to a 2-1/2 month high.  The stronger crack spread encourages refiners to boost their crude purchases to refine the crude into gasoline and distillates.

Crude prices found support Wednesday after China issued its third batch of crude oil quotas this year, a positive sign for Chinese energy demand.  Bloomberg reported that the Chinese government gave refiners an allocation of 62.28 million tons, which took the total quota this year to around 194 million tons, +18% more than the same time last year.

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

NMEX Crude      $ 68.68 DN $1.1500

NYMEX ULSD     $2.3577 DN $0.0378

NYMEX Gas       $2.5546 DN $0.0033

NEWS

July WTI crude oil on Wednesday closed down -1.15 (-1.66%), and July RBOB gasoline  closed down -0.33 (-0.13%).

Crude oil and gasoline prices Wednesday settled lower.  Crude prices gave up an early advance and moved moderately lower after an unexpected build in weekly EIA crude inventories.  Crude prices Wednesday morning initially moved higher after the dollar index fell to a 4-week low and after the S&P 500 rallied to a 13-3/4 month high, which shows confidence in the economic outlook that is supportive for energy demand.

Crude prices found support Wednesday after China issued its third batch of crude oil quotas this year, a positive sign for Chinese energy demand.  Bloomberg reported that the Chinese government gave refiners an allocation of 62.28 million tons, which took the total quota this year to around 194 million tons, +18% more than the same time last year.

Wednesday’s U.S. May PPI report showed prices eased to +1.1% y/y from +2.3% y/y in Apr, better than expectations of +1.5% y/y and the smallest increase in over two years.  The easing of U.S. producer prices bolsters the case for the Fed to pause raising interest rates at today’s FOMC meeting and is supportive of crude prices

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

SEP   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 or not at all today/tonight, Wednesday prices will fall 5 cents BUT will jump UP 9 cents Thursday~Be Safe

NMEX Crude      $ 69.42 UP $2.3000

NYMEX ULSD     $2.3955 UP $0.0864

NYMEX Gas       $2.5579 UP $0.0753

NEWS

July WTI crude oil on Tuesday closed up +2.30 (+3.43%), and July RBOB gasoline closed up +7.53 (+3.03%). Crude oil and gasoline prices Tuesday rallied sharply.  A slump in the dollar index Tuesday to a 3-week low was bullish for energy prices.  Also, the outlook for China to boost its stimulus measures is supportive of economic growth and energy demand. Crude prices fell -10 cents/bbl below their Tuesday afternoon close after the API reported that U.S. crude supplies rose by +1.0 million bbl last week.  The consensus is for Wednesday’s weekly EIA crude inventories to decline by -1.5 million bbl.

Crude prices rallied Tuesday on a Bloomberg report that said the Chinese government is considering a broad package of stimulus measures.  Crude also garnered support after th repurchase rate, which bolsters the outlook for a cut in one-year policy loans on Thursday. e People’s Bank of China (PBOC) Tuesday unexpectedly lowered its seven-day reverse repurchase rate, which bolsters the outlook for a cut in one-year policy loans on Thursday.

Tuesday’s U.S. May CPI report showed prices eased to +4.0% y/y from +4.9% y/y in Apr, better than expectations of +4.1% y/y and the smallest increase in over two years.  The easing of U.S. consumer prices bolsters the case for the Fed to pause raising interest rates at the Tue/Wed FOMC meeting and is supportive of crude prices. Resurgent wildfires in Canada may curb Canadian crude output and is bullish for prices.  Rystad Energy said Tuesday that 300,000 bpd of crude production in British Columbia is under threat as fires reignite across the region.

A bearish factor for crude is the weakness in Chinese energy demand, which has resulted in higher Chinese crude oil stockpiles.  According to analytics firm Kpler, 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 last Monday 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.

Crude oil prices are being undercut by signs that Russia has not delivered on its threat to cut crude output.  Tanker-tracking data from Bloomberg shows Russia’s crude exports in the four weeks to June 4 rose to 3.73 million bpd from a revised 3.68 million bpd in the four-week period to May 28.  Crude shipments from Russian ports are +1.4 million bpd higher than at the end of 2022, with most of the crude going to India and China.  Russia has halted the publication of crude and condensate production data in an attempt to disguise if it has actually cut crude output.

In a bullish factor, Vortexa reported Monday that the amount of crude stored on tankers that have been stationary for at least a week fell -4.2% w/w to 101.76 million bbl in the week ended June 9.

Last Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of June 2 were -2.2% below the seasonal 5-year average, (2) gasoline inventories were -7.5% below the seasonal 5-year average, and (3) distillate inventories were -15.6% below the 5-year seasonal average.  U.S. crude oil production in the week ended June 2 rose +1.6% w/w to a 3-year high of 12.4 million bpd, only 0.7 million bpd (-5.3%) 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 9 rose by +1 to 556 rigs.  That is well below the 2-1/2 year high of 627 rigs posted on December 2 and just above the prior week’s 13-month low of 555 rigs.  U.S. active oil rigs have more than tripled from the 17-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

JUNE 14 AT 2:00 PM

JULY  07 AT 2:00 PM

JULY  14 AT NOON

JULY  21 AT 3:00 PM

SEP   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      $ 67.12 DN $3.0500

NYMEX ULSD     $2.3091 DN $0.0519

NYMEX Gas       $2.4826 DN $0.1106

NEWS

July WTI crude oil on Monday closed down -3.05 (-4.35%), and July RBOB gasoline closed down -11.06 (-4.27%).

Crude oil and gasoline prices Monday sold off sharply, with crude falling to a 6-week low and gasoline sliding to a 1-week low.  A stronger dollar Monday weighed on energy prices.  Also, global energy demand concerns are negative for crude prices after Goldman Sachs cut its crude price forecast again.

Goldman Sachs on Sunday cut its crude price outlook for the third time in the last six months.  Goldman Sachs cut its forecast for Brent crude to $85 a barrel by December, down from a previous forecast of $95 a barrel.

A bearish factor for crude is the weakness in Chinese energy demand, which has resulted in higher Chinese crude oil stockpiles.  According to analytics firm Kpler, 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 last Monday 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.

Crude oil prices are being undercut by signs that Russia has not delivered on its threat to cut crude output.  Tanker-tracking data from Bloomberg shows Russia’s crude exports in the four weeks to June 4 rose to 3.73 million bpd from a revised 3.68 million bpd in the four-week period to May 28.  Crude shipments from Russian ports are +1.4 million bpd higher than at the end of 2022, with most of the crude going to India and China.  Russia has halted the publication of crude and condensate production data in an attempt to disguise if it has actually cut crude output.

In a bullish factor, Vortexa reported Monday that the amount of crude stored on tankers that have been stationary for at least a week fell -4.2% w/w to 101.76 million bbl in the week ended June 9.

Last Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of June 2 were -2.2% below the seasonal 5-year average, (2) gasoline inventories were -7.5% below the seasonal 5-year average, and (3) distillate inventories were -15.6% below the 5-year seasonal average.  U.S. crude oil production in the week ended June 2 rose +1.6% w/w to a 3-year high of 12.4 million bpd, only 0.7 million bpd (-5.3%) 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 9 rose by +1 to 556 rigs.  That is well below the 2-1/2 year high of 627 rigs posted on December 2 and just above the prior week’s 13-month low of 555 rigs.  U.S. active oil rigs have more than tripled from the 17-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

JUNE 14 AT 2:00 PM

JULY  07 AT 2:00 PM

JULY  14 AT NOON

JULY  21 AT 3:00 PM

SEP   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, Prices will drop 1.5 cents Saturday the another 3 cents Sunday ~ Be Safe

NMEX Crude      $ 70.17 DN $1.1200

NYMEX ULSD     $2.3610 DN $0.0288

NYMEX Gas       $2.5932 DN $0.0195

NEWS

July WTI crude oil on Friday closed down -1.12 (-1.57%), and July RBOB gasoline closed down -1.95 (-0.75%).  Crude oil and gasoline prices Friday posted moderate losses.  A stronger dollar Friday undercut energy prices.  Also, concern about weakness in China’s energy demand is bearish for crude prices.  A bullish factor for crude was Friday’s rally in the S&P 500 to a 9-3/4 month high, which shows confidence in the economic outlook and energy demand.

A bearish factor for crude is the weakness in Chinese energy demand, which has resulted in higher Chinese crude oil stockpiles.  According to analytics firm Kpler, 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 Monday after OPEC+ Sunday 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.  Goldman Sachs said the latest OPEC production cuts would prompt a draw in global oil inventories that will spark a rally in crude prices into the low $90s per barrel later this year.

Crude oil prices are being undercut by signs that Russia has not delivered on its threat to cut crude output.  Tanker-tracking data from Bloomberg shows Russia’s crude exports in the four weeks to June 4 rose to 3.73 million bpd from a revised 3.68 million bpd in the four-week period to May 28.  Crude shipments from Russian ports are +1.4 million bpd higher than at the end of 2022, with most of the crude going to India and China.  Russia has halted the publication of crude and condensate production data in an attempt to disguise if it has actually cut crude output.

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 +1.8% w/w to 101.46 million bbl in the week ended June 2.

Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of June 2 were -2.2% below the seasonal 5-year average, (2) gasoline inventories were -7.5% below the seasonal 5-year average, and (3) distillate inventories were -15.6% below the 5-year seasonal average.  U.S. crude oil production in the week ended June 2 rose +1.6% w/w to a 3-year high of 12.4 million bpd, only 0.7 million bpd (-5.3%) 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 9 rose by +1 to 556 rigs.  That is well below the 2-1/2 year high of 627 rigs posted on December 2 and just above the prior week’s 13-month low of 555 rigs.  U.S. active oil rigs have more than tripled from the 17-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

JUNE 14 AT 2:00 PM

JULY  07 AT 2:00 PM

JULY  14 AT NOON

JULY  21 AT 3:00 PM

SEP   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 topped today/tonight, Friday prices will jump UP 3.5 cents  ~Be Safe

NMEX Crude      $ 71.29 DN $1.2400

NYMEX ULSD     $2.3898 DN $0.0120

NYMEX Gas       $2.6127 DN $0.0285

NEWS

July WTI crude oil on Thursday closed down -1.24 (-1.71%), and July RBOB gasoline closed down -2.85 (-1.08%).

Crude oil and gasoline prices this morning gave up an early advance and posted moderate losses on reports that Iran and the U.S. have made progress in talks over Iran’s nuclear program, which could pave the way for more Iranian crude exports.  Crude prices recovered from their worst levels Thursday after the dollar index  dropped to a 2-week low.

Crude prices dropped Thursday after the Israeli newspaper Haaretz said Iran and the U.S. have made progress over Iran’s nuclear program, which could lead to an easing of sanctions on Iranian crude exports and allow additional crude supplies into the global market.

Concern about a slowdown in the global economy is bearish for energy demand after Thursday’s news that U.S. weekly initial unemployment claims rose +28,000 to a 19-month high of 261,000, showing a weaker labor market than expectations of 235,000.  Also, Eurozone Q1 GDP was revised downward to -0.1% q/q and +1.0% y/y from the previously reported unchanged q/q and +1.2% y/y.

Chinese crude demand improved last month after China’s May crude imports climbed to 12.16 million bpd, up +17% from April.

Crude prices jumped Monday after OPEC+ Sunday 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.

Crude oil prices are being undercut by signs that Russia has not delivered on its threat to cut crude output.  Tanker-tracking data from Bloomberg shows Russia’s crude exports in the four weeks to June 4 rose to 3.73 million bpd from a revised 3.68 million bpd in the four-week period to May 28.  Crude shipments from Russian ports are +1.4 million bpd higher than at the end of 2022, with most of the crude going to India and China.  Russia has halted the publication of crude and condensate production data in an attempt to disguise if it has actually cut crude output.

On the negative side, India’s Apr crude imports fell -8.3% y/y to 19.8 MMT as processors curbed operating rates amid a drop in petroleum-product exports.  India is the world’s third-largest crude-consuming country in the world.

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 +1.8% w/w to 101.46 million bbl in the week ended June 2.

Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of June 2 were -2.2% below the seasonal 5-year average, (2) gasoline inventories were -7.5% below the seasonal 5-year average, and (3) distillate inventories were -15.6% below the 5-year seasonal average.  U.S. crude oil production in the week ended June 2 rose +1.6% w/w to a 3-year high of 12.4 million bpd, only 0.7 million bpd (-5.3%) 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 2 fell by -15 to a 13-month low of 555 rigs, falling further below the 2-1/2 year high of 627 rigs posted on December 2.  U.S. active oil rigs have more than tripled from the 17-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

JUNE 14 AT 2:00 PM

JULY  07 AT 2:00 PM

JULY  14 AT NOON

JULY  21 AT 3:00 PM

SEP   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

Fueling Strategy: Please fuel as needed today/tonight, Thursday prices will drop one penny but will jump UP 3.5 cents Friday

~Be Safe

NMEX Crude      $ 72.53 UP $.7900

NYMEX ULSD     $2.4018 UP $.0340

NYMEX Gas       $2.6412 UP $.0769

NEWS

Oil prices climbed about 1% on Wednesday as Saudi Arabia’s plans for deep output cuts more than offset demand woes stemming from rising U.S. fuel stocks and weak Chinese export data. Brent crude futures settled 66 cents, or 0.9%, higher at $76.95 a barrel, while U.S. West Texas Intermediate crude futures gained 79 cents, or 1.1%, to $72.53. Both benchmarks jumped more than $1 on Monday after Saudi Arabia’s decision over the weekend to reduce output by 1 million barrels per day (bpd) to 9 million bpd in July. “Futures seem to be in a ‘tug of war’ with slowing demand for manufacturing, and lighter diesel demand, against expected production cuts coming from OPEC & Saudi,” said Dennis Kissler, senior vice president of trading at BOK Financial.

U.S. crude stocks fell by about 450,000, according to data from the Energy Information Administration, compared with estimates for a 1 million build. Diesel inventories rose by 5.1 million barrels, while markets had estimated a build of 1.33 million. Gasoline inventories also rose more-than-expected at 2.8 million barrels, compared with estimates for a build of 880,000 barrels. The unexpected build in fuel inventories raised concerns over consumption by the world’s top oil user, especially as travel demand grew during the Memorial Day weekend.

Prices fell earlier in the session on weak Chinese economic data. China’s exports shrank much faster than expected in May and imports fell, albeit at a slower pace, as manufacturers struggled to find demand abroad and domestic consumption remained sluggish. Wednesday’s data also showed that crude oil imports into China, the world’s largest oil importer, rose to their third-highest monthly level in May as refiners built up inventories.

A JP Morgan note said forward crude cover in the country has climbed, indicating refiners have not increased processing rates but are instead storing oil. Also, supporting prices, the dollar dipped as chances faded for a Federal Reserve rate hike next week. A weaker greenback helps demand as oil becomes cheaper for foreign buyers. Global economic growth will pick up only moderately over the next year as the full effects of central bank rate hikes are felt, the Organisation for Economic Cooperation and Development said, the latest to flag the impact of monetary tightening.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JUNE 14 AT 2:00 PM

JULY  07 AT 2:00 PM

JULY  14 AT NOON

JULY  21 AT 3:00 PM

SEP   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