Fueling Strategy: Please “KEEP YOUR TANKS TOPPED” today/tonight, Thursday prices will jump UP 7 Cents~Be Safe

NMEX Crude      $ 77.86 UP $1.4500

NYMEX ULSD     $2.8885 DN $0.0185

NYMEX Gas       $2.2836 UP $0.0536

NEWS

January WTI crude oil on Wednesday closed up +1.45 (+1.90%), and Jan RBOB gasoline closed up +0.0547 (+2.49%). Crude oil and gasoline prices Wednesday posted moderate gains, with crude climbing to a 1-week high and gasoline climbing to a 2-week high.  Crude has support on signs of U.S. economic strength after U.S. Q3 GDP expanded more than expected.  Also, short covering ahead of  Thursday’s OPEC+ meeting is lifting crude prices.  Crude prices rallied Wednesday despite a stronger dollar and a bearish EIA inventory report.

Wednesday’s global economic news was stronger than expected and bullish for energy demand and crude prices.  U.S. Q3 GDP was revised upward by +0.3 to +5.2% (q/q annualized), stronger than expectations of +5.0%.  Also, Eurozone Nov economic confidence rose +0.3 to a 4-month high of 93.8, stronger than expectations of 93.6.

A rift among OPEC+ members regarding crude production levels has delayed the group’s monthly meeting until Thursday and is weighing on crude prices.  Saudi Arabia, which has unilaterally cut back its crude output by 1.0 million bpd since July, is now asking other OPEC+ members to reduce their oil production levels, which has prompted pushback from some African oil producers, including Angola and Nigeria.  OPEC+ delegates said they were progressing toward a compromise but have yet to clinch an agreement.  The rift among OPEC+ members about production levels reduces the likelihood that the group will extend their crude output cuts or make deeper cuts.

A decline in crude in floating storage is bullish for prices.  Monday’s weekly data from Vortexa showed that the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -2.9% w/w to 86.52 million bbl as of Nov 24.

Increased crude consumption in India, the world’s third largest crude consumer, is bullish for oil prices after India’s oil product consumption in October rose +3.7% y/y to 19.3 MMT, the highest five months.

An increase in Russian crude exports is bearish for oil prices.  Tanker-tracking data monitored by Bloomberg shows 3.24 million bpd of crude was shipped from Russian ports in the week to Nov 26, up +370,000 bpd from the prior week and near the highest in four months.

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

Wednesday’s weekly EIA report was bearish for crude and products.  EIA crude inventories unexpectedly rose +1.61 million bbl versus expectations of a -50,000 bbl draw.  Also, EIA gasoline supplies unexpectedly rose +1.76 million bbl versus expectations of a -700,000 bbl draw.  In addition, EIA distillate stockpiles unexpectedly rose +5.22 million bbl versus expectations of a -1.34 million bbl draw.  Finally, crude supplies at Cushing, the delivery point of WTI futures, rose +1.85 million bbl.

Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of Nov 24 were +0.2% above the seasonal 5-year average, (2) gasoline inventories were -1.4% below the seasonal 5-year average, and (3) distillate inventories were -10.0% below the 5-year seasonal average.  U.S. crude oil production in the week ended Nov 24 was unchanged w/w at a record high of 13.2 million bpd.

Baker Hughes reported last Wednesday that active U.S. oil rigs in the week ended Nov 24 were unchanged at 500 rigs, modestly above the 1-3/4 year low of 494 rigs from Nov 10.  The number of U.S. oil rigs has fallen this year after moving sharply higher during 2021-22 from the 18-year pandemic low of 172 rigs posted in Aug 2020 to a 3-1/2 year high of 627 rigs in December 2022.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

DEC 01 Out Late Afternoon

DEC 21 Out Late Afternoon

DEC 22 Out All Day

Tell Us How We’re Doing On Google Business

https://g.page/r/CUyL9wDolv04EAI/review

As always, thank you so much for being a part of the Fuel Manager Services, Inc. family, and we look forward to making this the best year yet!

“Celebrating 31-years of Service Excellence”

www.FuelManagerServices.com

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

Fueling Strategy: Please “FUEL AS NEEDED” today/tonight~Be Safe

NMEX Crude      $ 76.41 UP $1.5500

NYMEX ULSD     $2.9070 UP $0.0691

NYMEX Gas       $2.2300 UP $0.0501

NEWS

NEW YORK, Nov 28 (Reuters) – Oil prices jumped on Tuesday, settling up about 2% on the possibility OPEC+ will extend or deepen supply cuts, a storm-related drop in Kazakh oil output and a weaker U.S. dollar. Brent crude futures settled up $1.70, or 2.1%, at $81.68 a barrel. U.S. West Texas Intermediate (WTI) crude gained $1.55, or 2.1%, to settle at $76.41.

OPEC+, the Organization of the Petroleum Exporting Countries (OPEC) and allies including Russia, is due to hold an online ministerial meeting on Thursday to discuss 2024 production targets. The talks will be difficult and a rollover of the previous agreement is possible rather than deeper production cuts, four OPEC+ sources said. The market tumbled last week when OPEC+ pushed back the original date for its meeting to iron out differences on production targets for African producers. “We believe the market’s primary focus surrounds the continuation of Saudi Arabia’s additional voluntary cuts of 1 million barrels per day,” Walt Chancellor, an energy strategist at Macquarie, said in a note. “We believe an extension of these cuts into Q2/Q3 2024 may represent the threshold for this meeting being viewed bullishly.”

One possible compromise could involve Angola and Nigeria accepting reduced production targets for a few months if targets for the other countries were likewise lowered, said Commerzbank’s Carsten Fritsch. “According to delegates, Saudi Arabia is demanding lower production quotas from the other OPEC+ countries. While Kuwait has signaled that it would be willing to do so, some countries are apparently resisting any such move.” The United Arab Emirates is likely to oppose this, given that its 2024 production target was increased at its urging when OPEC+ held its previous meeting in early June, he added.

Oil also found support from a weak dollar, an expected decline in U.S. crude inventories and the drop in Kazakh output.

Kazakhstan’s largest oilfields have cut their combined daily oil output by 56%.

Four analysts polled by Reuters estimated that the latest round of weekly U.S. supply reports will show crude inventories fell by about 900,000 barrels.

The first of this week’s two reports is due at 2130 GMT from the American Petroleum Institute.

The U.S. dollar sank to a three-month low on Tuesday after U.S. Federal Reserve Governor Christopher Waller flagged the possibility of lowering the Fed policy rate in the months ahead if inflation declines further. A weaker dollar typically bolsters oil demand, making dollar-denominated oil less expensive for buyers using other currencies.

In the Middle East, Israeli forces and Hamas fighters held their fire beyond the original deadline of a truce, extended at the last minute by at least two days to let more hostages go free.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

DEC 01 Out Late Afternoon

DEC 21 Out Late Afternoon

DEC 22 Out All Day

Tell Us How We’re Doing On Google Business

https://g.page/r/CUyL9wDolv04EAI/review

As always, thank you so much for being a part of the Fuel Manager Services, Inc. family, and we look forward to making this the best year yet!

“Celebrating 31-years of Service Excellence”

www.FuelManagerServices.com

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

Fueling Strategy: Please “FUEL AS NEEDED” today/tonight~Be Safe

NMEX Crude      $ 74.86 DN $.6800

NYMEX ULSD     $2.8379 UP $.0022

NYMEX Gas       $2.1799 UP $.0148

NEWS

January WTI crude oil on Monday closed down -0.68 (-0.90%), and Jan RBOB gasoline closed up +0.0088 (+0.41%). Crude oil and gasoline prices on Monday settled mixed.  Crude prices are under pressure from a dispute among Saudi Arabia and other OPEC+ members on crude production levels.  Also, weaker-than-expected U.S. economic news suggests weaker growth that is negative for energy demand and crude prices.  A weaker dollar on Monday was supportive of energy prices.

A rift among OPEC+ members regarding crude production levels has delayed the group’s monthly meeting until this Thursday and is weighing on crude prices.  Saudi Arabia, which has unilaterally cut back its crude output by 1.0 million bpd since July, is now asking other OPEC+ members to reduce their oil production levels, which has prompted pushback from some African oil producers, including Angola and Nigeria.  OPEC+ delegates said they were progressing toward a compromise but have yet to clinch an agreement.  The rift among OPEC+ members about production levels reduces the likelihood that the group will extend their crude output cuts or make deeper cuts.

Monday’s U.S. economic news was weaker than expected and bearish for energy demand and crude prices.  U.S. Oct new home sales fell -5.6% m/m to 679,000, weaker than expectations of 721,000.  Also, the Nov Dallas Fed manufacturing outlook of general business activity unexpectedly fell -0.7 to a 4-month low of -19.9, weaker than expectations of an increase to -16.0. A decline in crude in floating storage is bullish for prices.  Monday’s weekly data from Vortexa showed that the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -2.9% w/w to 86.52 million bbl as of Nov 24.

Increased crude consumption in India, the world’s third largest crude consumer, is bullish for oil prices after India’s oil product consumption in October rose +3.7% y/y to 19.3 MMT, the highest five months. An increase in Russian crude exports is bearish for oil prices.  Tanker-tracking data monitored by Bloomberg shows 3.2 million bpd of crude was shipped from Russian ports in the four weeks to Nov 12, near the highest in four months. The tightness in the oil market is expected to continue due to the extension of OPEC+ production cuts.  Saudi Arabia recently said it would maintain its unilateral crude production cut of 1.0 million bpd through December.  The move will hold Saudi Arabia’s crude output at about 9 million bpd, the lowest level in three years.  Russia also recently announced that it would maintain its 300,000 bpd cut in crude production through December.  OPEC Oct crude production was little changed, rising +50,000 bpd to 28.08 million bpd.

Last Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of Nov 17 were -0.5% below the seasonal 5-year average, (2) gasoline inventories were -1.4% below the seasonal 5-year average, and (3) distillate inventories were -13.7% below the 5-year seasonal average.  U.S. crude oil production in the week ended Nov 17 was unchanged w/w at a record high of 13.2 million bpd.

Baker Hughes reported last Wednesday that active U.S. oil rigs in the week ended Nov 24 were unchanged at 500 rigs, modestly above the 1-3/4 year low of 494 rigs from Nov 10.  The number of U.S. oil rigs has fallen this year after moving sharply higher during 2021-22 from the 18-year pandemic low of 172 rigs posted in Aug 2020 to a 3-1/2 year high of 627 rigs in December 2022.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

DEC 01 Out Late Afternoon

DEC 21 Out Late Afternoon

DEC 22 Out All Day

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

The Bennett Mobile Fuel Discount App is more accurate than the Fuelbook App due to the locations and discounts are updated upwards of four times daily PLUS the locations ARE verified as discount locations. We’ve experiencing random truck stops loading on the Fuelbook App where you do NOT have a fuel discount. 

Please move to the BennettIG app that NOW had Fuel Discount loaded 365 days!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

NOV 18 Out Afternoon

NOV 19 Out Until Noon

DEC 21 Out Late Afternoon

DEC 22 Out All Day

Tell Us How We’re Doing On Google Business

https://g.page/r/CUyL9wDolv04EAI/review

As always, thank you so much for being a part of the Fuel Manager Services, Inc. family, and we look forward to making this the best year yet!

“Celebrating 31-years of Service Excellence”

www.FuelManagerServices.com

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

Fueling Strategy: Please “PARTIAL FILL ONLY” today/tonight due to Saturday wholesale prices will DROP 12 Cents ~ Be Safe

NMEX Crude      $ 75.89 UP $2.9900

NYMEX ULSD     $2.7725 UP $0.0223

NYMEX Gas       $2.1845 UP $0.0834

NEWS

Oil prices rose on Friday, a day after sinking 5% to a four month-low on growing worries about burgeoning non-OPEC supply and cooling demand. The WTI contract for December rose $2.99, or 3.03%, to $75.89 per barrel, while the Brent contract for January rose 3.2%, or $2.49, to $79.91 a barrel.

Both benchmarks have lost around a sixth of their value over the last four weeks, and prices are on track for their fourth straight week of losses. “Oil prices are down slightly this year despite demand exceeding our optimistic expectations,” Goldman Sachs analysts said in a note. “Non-core OPEC supply has been much stronger than expected, partly offset by OPEC cuts.” Prompt monthly spreads for both contracts have flipped to contango, a structure that indicates nearby prices are lower than those in future months reflecting healthy supply.

Oil’s decline this week was mainly triggered by a steep rise in U.S. crude inventories and production sustaining at record levels, while signs of thawing demand in China also triggered concerns. But the precipitous drop on Thursday had some analysts questioning whether the selloff was overdone, particularly in light of escalating tensions in the Middle East that could disrupt oil supplies and the U.S. vowing to enforce sanctions against Hamas-backer Iran. Another factor contributing to negative sentiment on Thursday was the number of Americans filing new claims for unemployment benefits increasing, and a slight contraction in industrial production figures. “Poor numbers maybe, but not disastrous, however it was enough to tip the balance and carnage ensued with sell stops cascading with triggers,” said John Evans of oil broker PVM.

With Brent below $80 a barrel, a barrage of analysts now expect OPEC+, principally Saudi Arabia and Russia, to extend their voluntary cuts into 2024. “It has become clearer that the oil balance for the remainder of this year is not as tight as initially expected,” ING analysts said in a note. “As things stand, the market is still expected to return to surplus in 1Q24.”

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

NOV 18 Out Afternoon

NOV 19 Out Until Noon

DEC 21 Out Late Afternoon

DEC 22 Out All Day

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 OUT” tonight, Friday look for a 3 cent jump in prices, Please plan on Saturday’s 12 Cent drop in prices ~ Be Safe

NMEX Crude      $ 72.90 DN $3.7600

NYMEX ULSD     $2.7502 DN $0.1185

NYMEX Gas       $2.1011 DN $0.1008

NEWS

Oil prices fell on Thursday, extending losses from the previous session, as signals of higher supply from the United States met worries about lackluster energy demand from China. Brent Crude down $1.64 or 2.02%, at $79.54 a barrel. U.S. crude shed $3.67, or 2.18%, to $74.99 a barrel. Both benchmarks fell more than 1.5% in the prior session.

WTI’s front-month contract also traded below the price for the second month, a structure known as contango, suggesting that investors expect prices to increase. The front month’s discount to the second month traded at minus 17 cents on Thursday. “Concerns over a record-high U.S. production rate put fresh pressure on oil prices, adding to an already worrisome demand outlook,” said Tina Teng, a markets analyst at CMC Markets in Auckland. U.S. crude stocks rose by 3.6 million barrels last week to 421.9 million barrels, according to the U.S. Energy Information Administration (EIA), far exceeding analysts’ expectations in a Reuters poll for a 1.8 million-barrel rise. U.S. crude production held steady at a record 13.2 million barrels per day (bpd).

In Asia, China’s oil refinery throughput eased in October from the previous month’s highs as industrial fuel demand weakened and refining margins narrowed. Still, its economic activity perked up in October as industrial output increased at a faster pace and retail sales growth beat expectations. Data released on Thursday morning underscored concerns around China’s property sector, showing that new home prices fell for a fourth consecutive month in October, with property sales by floor area down 20.33% year-on-year. Technical factors were also restraining any upward movement in prices, said Jun Rong Yeap, a market strategist at IG in Singapore.

“Given that the tighter oil supply-demand dynamics have been less prominent from months ago, there has been some unwinding in previous bullish positioning ever since, with prices falling back below their 200-day moving average as a sign of sellers in control,” Yeap said.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

NOV 18 Out Afternoon

NOV 19 Out Until Noon

DEC 21 Out Late Afternoon

DEC 22 Out All Day

Tell Us How We’re Doing On Google Business

https://g.page/r/CUyL9wDolv04EAI/review

As always, thank you so much for being a part of the Fuel Manager Services, Inc. family, and we look forward to making this the best year yet!

“Celebrating 31-years of Service Excellence”

www.FuelManagerServices.com

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

Fueling Strategy: Please “FUEL AS NEEDED” tonight, Thursday look a small 1/2 cent drop in prices ~ Be Safe

NMEX Crude      $ 76.66 UP $1.6000

NYMEX ULSD     $2.8687 UP $0.0316

NYMEX Gas       $2.2018 UP $0.0210

NEWS

December WTI crude oil on Wednesday closed down -1.60 (-2.04%), and Dec RBOB gasoline closed down -0.0210 (-0.94%) Crude oil and gasoline prices Wednesday settled moderately lower.  A stronger dollar Wednesday weighed on energy prices.  Crude prices extended their losses after Wednesday’s weekly EIA report showed crude inventories rose more than expected.  Losses in crude were limited by signs of strength in China’s economy after China’s Oct industrial production rose more than expected.  Also, Wednesday’s rally in the S&P 500 rose to a 2-1/2 month high increases confidence in the economic outlook that supports energy demand and crude prices.

Wednesday’s global economic news was mixed for crude prices.  On the bearish side, the European Commission cut its Eurozone 2023 GDP forecast to 0.6% from a September forecast of 0.8%.  Also, Eurozone Sep industrial production fell -1.1% m/m, weaker than expectations of -1.0% m/m.  In addition, Japan’s Q3 GDP fell -2.1% (q/q annualized), weaker than expectations of -0.4%.  On the bullish side, China Oct industrial production rose +4.6% y/y, stronger than expectations of +4.5% y/y and the largest increase in 6 months.  Also, the U.S. Nov Empire manufacturing survey general business conditions rose +13.7 to a 7-month high of 9.1, stronger than expectations of -3.0. Strength in the crude crack spread is bullish for oil prices.  The crack spread rose to a 1-1/2 month high Wednesday, encouraging refiners to boost their crude purchases and refine the crude into gasoline and distillates.

Expectations for increased travel in the U.S. over the Thanksgiving holiday are supporting fuel demand and crude prices.  According to the American Automobile Association (AAA) forecast, 55.4 million Americans are expected to travel 50 miles or more from home over the holiday, the third most in records from 2000.

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 -26% w/w to 58.17 million bbl as of Nov 10, the lowest in 2-3/4 years.

Increased crude consumption in India, the world’s third largest crude consumer, is bullish for oil prices after India’s oil product consumption in October rose +3.7% y/y to 19.3 MMT, the highest five months. An increase in Russian crude exports is bearish for oil prices.  Tanker-tracking data monitored by Bloomberg shows 3.48 million bpd of crude was shipped from Russian ports in the four weeks to Nov 5, near the highest in four months.

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

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

Wednesday’s weekly EIA report was mixed for crude and products.  On the bearish side, EIA crude inventories rose +3.6 million bbl, above expectations of +2.0 million bbl.  Also, crude supplies at Cushing, the delivery point of WTI futures, rose +1.9 million bbl.  On the bullish side, EIA gasoline stockpiles unexpectedly fell -1.5 million bbl versus expectations of a +1.5 million bbl increase.  Also, EIA distillate supplies fell -1.4 million bbl, more than expectations of -1.1 million bbl.

Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of Nov 10 were -2.4% below the seasonal 5-year average, (2) gasoline inventories were -1.2% below the seasonal 5-year average, and (3) distillate inventories were -13.6% below the 5-year seasonal average.  U.S. crude oil production in the week ended Nov 10 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 Nov 10 fell by -2 rigs to 494 rigs, posting a new 1-3/4 year low.  The number of U.S. oil rigs has fallen this year after moving sharply higher during 2021-22 from the 18-year pandemic low of 172 rigs posted in Aug 2020 to a 3-1/2 year high of 627 rigs in December 2022.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

NOV 18 Out Afternoon

NOV 19 Out Until Noon

DEC 21 Out Late Afternoon

DEC 22 Out All Day

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