Fueling Strategy: Please “KEEP YOUR TANKS TOPPED” today/tonight, Today (Wednesday) prices are down 10.5 cents, Thursday prices will JUMP back UP 2.5 cents so please ‘PARTIAL FILL ONLY” due to Friday Diesel will DROP over 11 Cents ~Be Safe

NMEX Crude      $ 81.63 UP $.4700

NYMEX ULSD     $3.0962 DN $.1133

NYMEX Gas       $2.8092 UP $.0187

NEWS

October WTI crude oil on Wednesday closed up +0.47 (+0.58%), and Oct RBOB gasoline closed up +1.06 (+0.41%).

Crude oil and gasoline prices Wednesday posted moderate gains, with crude climbing to a 2-week high.  A slump in the dollar index Wednesday to a 2-week low was bullish for energy prices.  Crude jumped to its high after weekly EIA crude inventories fell more than expected to an 8-month low.  Gains in crude were limited after Wednesday’s weaker-than-expected U.S. economic news raised concerns that the U.S. economy was slowing, a bearish factor for energy demand.

Wednesday’s U.S. economic news signals weakness in the economy that is negative for energy demand and crude prices.   The Aug ADP employment change rose +177,000, weaker than expectations of +195,000 and the smallest increase in 5 months.  Also, Q2 GDP was revised downward to 2.1% (q/q annualized) from 2.4%.  On the positive side,  July pending home sales unexpectedly rose +0.9% m/m, stronger than expectations of a -1.0% m/m decline.

Weakness in the crude crack spread is bearish for crude prices.  The crack spread Wednesday fell to a 1-1/2 month low, discouraging refiners from purchasing crude oil and refining it into gasoline and distillates.

A bearish factor for crude was a Bloomberg report that said the Biden administration is in talks with Venezuela to explore a temporary lifting of U.S. sanctions against Venezuela in exchange for allowing fair elections next year.  Lifting U.S. sanctions would allow crude exports from Venezuela into the global market, boosting supplies.

An increase in Iranian crude exports is boosting global supplies and is bearish for oil prices.  According to TankerTrackers.com, which provides data on oil cargo shipments to governments, Iranian crude exports rose to a 5-year high of 2.2 million bpd during the first 20 days of August, with most of the crude going to China.

A negative factor for crude prices is the progress made in Iran-U.S. relations that could lead to higher crude exports from Iran after Iran said the recent deal with the U.S. on the release of prisoners and frozen Iranian funds could lead to diplomacy in other areas, including its nuclear program.  An agreement on Iran’s nuclear program could prompt the U.S. and its allies to remove sanctions on Iranian crude exports, boosting global crude supplies.

In a bearish factor, China’s July crude imports fell -19% m/m to 10.33 million bpd, the smallest volume in 6 months.  Also, Vortexa said China’s onshore crude inventories have expanded to a record 1.02 billion bbl as of July 27.

A decline in crude demand in India, the world’s third-biggest crude consumer, is bearish for oil prices.  India’s July crude oil imports fell -6.3% y/y to 19.3 MMT, the lowest in 8 months.

Crude has support from concerns that Ukraine could retaliate against Russian ships in the Black Sea if Russia continued to block Ukrainian ports.   Ukrainian drones on Aug 6 attacked a Russian oil tanker in the Black Sea, a route that accounts for 20% of the oil that Russia sells daily on global markets.

Crude prices have carryover support from earlier this month when Saudi Arabia and Russia said they would extend their crude production cuts.  Saudi Arabia said it will extend its 1 million bpd cut in crude production into September and said its crude output may “be extended, or extended and deepened.”  The cut in Saudi production keeps its crude output at about 9 million bpd, the lowest level in several years.  Meanwhile, Russian Deputy Prime Minister Novak said Russia “will continue to voluntarily reduce its oil supply in September by 300,000 bpd” to balance the market.  Russia cut its crude output by 500,000 bpd in August.

OPEC crude production in July fell -900,000 bpd to a 1-3/4 year low of 27.79 million bpd.

A bullish factor for crude oil is a decline in Russian crude shipments.  Vessel-tracking data monitored by Bloomberg showed Russian crude oil shipments in the four weeks to Aug 18 dropped to 2.29 million bpd, the lowest daily average in ten months.

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 -23% w/w to 82.34 million bbl as of Aug 25.

Wednesday’s weekly EIA report was mixed for crude.  On the negative side, EIA gasoline supplies fell -214,000 bbl, a smaller draw than expectations of -1.25 million bbl.  Also, EIA distillate stockpiles unexpectedly rose +1.2 million bbl versus expectations of a -1.0 million bbl draw.  On the positive side, EIA crude inventories fell -10.58 million bbl to an 8-month low, a bigger draw than expectations of -2.19 million bbl.  Also, crude supplies at Cushing, the delivery point of WTI futures, fell -1.5 million bbl to a 7-1/2 month low.

Wednesday’s weekly EIA report showed that (1) U.S. crude oil inventories as of Aug 25 were -3.5% below the seasonal 5-year average, (2) gasoline inventories were -5.0% below the seasonal 5-year average, and (3) distillate inventories were -15.2% below the 5-year seasonal average.  U.S. crude oil production in the week ended Aug 25 was unchanged w/w at 12.8 million bpd, the most in over three 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 Aug 25 fell by -8 to a 17-month low of 512 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 are more than triple the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity from pandemic lows.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

SEP 01 ALL DAY

SEP 05 AFTER 14:00

SEP 08 AFTER 15:00

SEP 14 AFTER 14:00

SEP 22 AFTER 14:00

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, Wednesday look for prices to DROP 10.5 cents  ~Be Safe

NMEX Crude      $ 81.16 UP $1.0600

NYMEX ULSD     $3.2095 UP $0.0058

NYMEX Gas       $2.7905 DN $0.0052

NEWS

October WTI crude oil on Tuesday closed up +1.06 (+1.32%), and Oct RBOB gasoline closed down -1.04 (-0.41%).

Crude oil and gasoline prices on Tuesday settled mixed, with crude climbing to a 1-week high.  A weaker dollar Tuesday was supportive of energy prices.  Also, actions by China to restore confidence in its economy may boost growth and energy demand and are bullish for crude after its largest state-owned banks are preparing to cut interest rates on trillions of yuan of outstanding home mortgages for the first time since the global financial crisis.  Gains in crude were limited after weaker-than-expected U.S. economic news on July JOLTS openings and August consumer confidence signaled economic weakness that is bearish for energy demand.

Gasoline prices Tuesday were under pressure for a second day as supply concerns eased after Marathon Petroleum said it plans to return the Garyville refinery in Louisiana to normal operations.  The Garyville refinery, the third largest U.S. refinery that can process 596,000 bpd of crude, was shut since last Friday because of a fire.

Tuesday’s U.S. economic news signals weakness in the economy that is negative for energy demand and crude prices.   The July JOLTS job openings fell -338,000 to a nearly 2-1/2 year low of 8.827 million, weaker than expectations of 9.500 million.  Also, the Conference Board U.S. Aug consumer confidence index fell -7.9 to 106.1, weaker than expectations of 116.0.

Weakness in the crude crack spread is bearish for crude prices.  The crack spread fell to a 6-week low Tuesday, discouraging refiners from purchasing crude oil and refining it into gasoline and distillates.

A bearish factor for crude was a Bloomberg report that said the Biden administration is in talks with Venezuela to explore a temporary lifting of U.S. sanctions against Venezuela in exchange for allowing fair elections next year.  Lifting U.S. sanctions would allow crude exports from Venezuela into the global market, boosting supplies.

An increase in Iranian crude exports is boosting global supplies and is bearish for oil prices.  According to TankerTrackers.com, which provides data on oil cargo shipments to governments, Iranian crude exports rose to a 5-year high of 2.2 million bpd during the first 20 days of August, with most of the crude going to China.

A negative factor for crude prices is the progress made in Iran-U.S. relations that could lead to higher crude exports from Iran after Iran said the recent deal with the U.S. on the release of prisoners and frozen Iranian funds could lead to diplomacy in other areas, including its nuclear program.  An agreement on Iran’s nuclear program could prompt the U.S. and its allies to remove sanctions on Iranian crude exports, boosting global crude supplies.

In a bearish factor, China’s July crude imports fell -19% m/m to 10.33 million bpd, the smallest volume in 6 months.  Also, Vortexa said China’s onshore crude inventories have expanded to a record 1.02 billion bbl as of July 27.

A decline in crude demand in India, the world’s third-biggest crude consumer, is bearish for oil prices.  India’s July crude oil imports fell -6.3% y/y to 19.3 MMT, the lowest in 8 months.

Crude has support from concerns that Ukraine could retaliate against Russian ships in the Black Sea if Russia continued to block Ukrainian ports.   Ukrainian drones on Aug 6 attacked a Russian oil tanker in the Black Sea, a route that accounts for 20% of the oil that Russia sells daily on global markets.

Crude prices have carryover support from earlier this month when Saudi Arabia and Russia said they would extend their crude production cuts.  Saudi Arabia said it will extend its 1 million bpd cut in crude production into September and said its crude output may “be extended, or extended and deepened.”  The cut in Saudi production keeps its crude output at about 9 million bpd, the lowest level in several years.  Meanwhile, Russian Deputy Prime Minister Novak said Russia “will continue to voluntarily reduce its oil supply in September by 300,000 bpd” to balance the market.  Russia cut its crude output by 500,000 bpd in August.

OPEC crude production in July fell -900,000 bpd to a 1-3/4 year low of 27.79 million bpd.

A bullish factor for crude oil is a decline in Russian crude shipments.  Vessel-tracking data monitored by Bloomberg showed Russian crude oil shipments in the four weeks to Aug 18 dropped to 2.29 million bpd, the lowest daily average in ten months.

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 -23% w/w to 82.34 million bbl as of Aug 25.

The consensus is for Wednesday’s weekly EIA crude inventories to fall by -2.19 million bbl.

Last Wednesday’s weekly EIA report showed that (1) U.S. crude oil inventories as of Aug 18 were -2.2% below the seasonal 5-year average, (2) gasoline inventories were -5.9% below the seasonal 5-year average, and (3) distillate inventories were -16.2% below the 5-year seasonal average.  U.S. crude oil production in the week ended Aug 18 rose +0.8% w/w to 12.8 million bpd, the most in over three 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 Aug 25 fell by -8 to a 17-month low of 512 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 are more than triple the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity from pandemic lows.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

SEP 01 ALL DAY

SEP 05 AFTER 14:00

SEP 08 AFTER 15:00

SEP 14 AFTER 14:00

SEP 22 AFTER 14:00

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

Severe Weather Fuel & Location Updates

Updated August 29, 2023 3:00pm CT

Love’s teams are monitoring the latest developments as Hurricane Idalia is expected to make landfall along the Gulf Coast of Florida early Wednesday, Aug. 30. We are taking precautions and increasing fuel and food deliveries to stay stocked. Our stores are prepared to safely serve customers as long as possible. We will provide regular updates on loves.com/weather and Love’s Connect app.

If business interruptions occur, including closures, Love’s will note which locations are affected on this page.

To Our Valued Customers,

Idalia has intensified into a Category 1 hurricane and has now slightly shifted more Northwest towards Northern Florida and South Georgia.  Landfall is still expected early Wednesday morning as a Category 3 hurricane.  We have initiated Pilot’s Emergency Response Team and are having daily calls to track the storm and guide our operations.

For the latest information on our store operations, please visit this link:  https://pilotflyingj.com/operational-updates.

Pilot’s Logistics Team has been working to build up inventory levels and our fleet of drivers are positioned to help prevent any service interruptions.  We believe we have ample supply in the impacted areas to keep your drivers and fleet fueled.

All of our stores in the region are currently open and will remain open as long as it is safe for our team members to serve your drivers, emergency personnel and the community.

Please reach out to me if you have any questions.

Best,

Ethon

Ethon​ Stanford VP, National Accounts [email protected] cell: (615) 202-7172 | office: (865) 474‑2827 efax: (865) 297-9566 5508 Lonas Drive / Knoxville, TN 37909 Facebook  | Twitter  | Instagram CONFIDENTIAL

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

NMEX Crude      $ 80.10 UP $.2700

NYMEX ULSD     $3.2037 DN $.1038

NYMEX Gas       $2.7957 DN $.0807

NEWS

October WTI crude oil on Monday closed up +0.27 (+0.34%), and Oct RBOB gasoline closed down -7.81 (-2.95%).

Crude oil and gasoline prices Monday settled mixed.  The actions by China over the weekend to boost its markets sparked optimism that it could revive economic growth that is positive for energy demand and crude prices.  Also, Monday’s gains in U.S. equity markets boosted confidence in the economic outlook supporting energy demand.  Gasoline prices were under pressure after Marathon Petroleum said it plans to return the Garyville refinery in Louisiana to normal operations.  The Garyville refinery, the third largest U.S. refinery that can process 596,000 bpd of crude, was shut since last Friday because of a fire.

China, over the weekend, took steps to boost confidence in its markets, which may lead to more robust economic growth and is bullish for energy demand and crude prices.  Chinese regulators cut the tax charged on stock trades in half to 0.05% from 0.1%, the first cut since 2008.  Also, the China Securities Regulatory Commission cut margin ratios for leveraged trades and said it would slow the pace of IPOs.  In addition, the regulator said the property sector is exempt from new restrictions on refinancing.

A bearish factor for crude was a Bloomberg report that said the Biden administration is in talks with Venezuela to explore a temporary lifting of U.S. sanctions against Venezuela in exchange for allowing fair elections next year.  Lifting U.S. sanctions would allow crude exports from Venezuela into the global market, boosting supplies.

An increase in Iranian crude exports is boosting global supplies and is bearish for oil prices.  According to TankerTrackers.com, which provides data on oil cargo shipments to governments, Iranian crude exports rose to a 5-year high of 2.2 million bpd during the first 20 days of August, with most of the crude going to China.

A negative factor for crude prices is the progress made in Iran-U.S. relations that could lead to higher crude exports from Iran after Iran said the recent deal with the U.S. on the release of prisoners and frozen Iranian funds could lead to diplomacy in other areas, including its nuclear program.  An agreement on Iran’s nuclear program could prompt the U.S. and its allies to remove sanctions on Iranian crude exports, boosting global crude supplies.

In a bearish factor, China’s July crude imports fell -19% m/m to 10.33 million bpd, the smallest volume in 6 months.  Also, Vortexa said China’s onshore crude inventories have expanded to a record 1.02 billion bbl as of Jul 27.

A decline in crude demand in India, the world’s third-biggest crude consumer, is bearish for oil prices.  India’s July crude oil imports fell -6.3% y/y to 19.3 MMT, the lowest in 8 months.

Crude has support from concerns that Ukraine could retaliate against Russian ships in the Black Sea if Russia continued to block Ukrainian ports.   Ukrainian drones on Aug 6 attacked a Russian oil tanker in the Black Sea, a route that accounts for 20% of the oil that Russia sells daily on global markets.

Crude prices have carryover support from earlier this month when Saudi Arabia and Russia said they would extend their crude production cuts.  Saudi Arabia said it will extend its 1 million bpd cut in crude production into September and said its crude output may “be extended, or extended and deepened.”  The cut in Saudi production keeps its crude output at about 9 million bpd, the lowest level in several years.  Meanwhile, Russian Deputy Prime Minister Novak said Russia “will continue to voluntarily reduce its oil supply in September by 300,000 bpd” to balance the market.  Russia cut its crude output by 500,000 bpd in August.

OPEC crude production in July fell -900,000 bpd to a 1-3/4 year low of 27.79 million bpd.

A bullish factor for crude oil is a decline in Russian crude shipments.  Vessel-tracking data monitored by Bloomberg showed Russian crude oil shipments in the four weeks to Aug 18 dropped to 2.29 million bpd, the lowest daily average in ten months.

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 -23% w/w to 82.34 million bbl as of Aug 25.

Last Wednesday’s weekly EIA report showed that (1) U.S. crude oil inventories as of Aug 18 were -2.2% below the seasonal 5-year average, (2) gasoline inventories were -5.9% below the seasonal 5-year average, and (3) distillate inventories were -16.2% below the 5-year seasonal average.  U.S. crude oil production in the week ended Aug 18 rose +0.8% w/w to 12.8 million bpd, the most in over three 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 Aug 25 fell by -8 to a 17-month low of 512 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 are more than triple the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity from pandemic lows.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

SEP 01 ALL DAY

SEP 05 AFTER 14:00

SEP 08 AFTER 15:00

SEP 14 AFTER 14:00

SEP 22 AFTER 14:00

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, Prices are down $.0097 cents today, Saturday prices will JUMP UP 2.5 CENTS, Sunday prices will JUMP UP another 15 Cents~Be Safe

NMEX Crude      $ 79.83 UP $.7800

NYMEX ULSD     $3.3075 UP $.1511

NYMEX Gas       $2.8764 UP $.0964

NEWS

October WTI crude oil on Friday closed up +0.78 (+0.99%), and Oct RBOB gasoline closed up +6.40 (+2.48%).

Crude oil and gasoline prices Friday posted moderate gains, with gasoline climbing to a 1-week high.  Crude garnered support Friday after Marathon Petroleum shut the Garyville refinery in Louisiana, the third largest U.S. refinery with a crude processing capacity of 596,000 bpd, because of a fire.   Also, Friday’s weekly report from Baker Hughes was bullish for crude as the report showed active U.S. oil rigs fell to a 1-1/2 year low.  Friday’s rally in the dollar index to a 2-1/2 month high limited gains in energy prices.

Friday’s action by China to ease mortgage policies may boost housing demand and is positive for economic growth and energy demand.  The Xinhua news agency reported the government is proposing scrapping a rule that disqualifies people who ever had a mortgage from being classified as a first-time homebuyer, which would lower down payments for homebuyers and eases restrictions on borrowing limits.

Friday’s global news on consumer and business sentiment was weaker than expected and bearish for economic growth prospects and energy demand.  The University of Michigan U.S. Aug consumer sentiment index was revised down by -1.7 to 69.5, weaker than expectations of no change at 71.2.  Also, the German Aug IFO business climate fell -1.7 to a 10-month low of 85.7, weaker than expectations of 86.8.

A bearish factor for crude was a Bloomberg report that said the Biden administration is in talks with Venezuela to explore a temporary lifting of U.S. sanctions against Venezuela in exchange for allowing fair elections next year.  Lifting U.S. sanctions would allow crude exports from Venezuela into the global market, boosting supplies.

An increase in Iranian crude exports is boosting global supplies and is bearish for oil prices.  According to TankerTrackers.com, which provides data on oil cargo shipments to governments, Iranian crude exports rose to a 5-year high of 2.2 million bpd during the first 20 days of August, with most of the crude going to China.

A negative factor for crude prices is the progress made in Iran-U.S. relations that could lead to higher crude exports from Iran after Iran said the recent deal with the U.S. on the release of prisoners and frozen Iranian funds could lead to diplomacy in other areas, including its nuclear program.  An agreement on Iran’s nuclear program could prompt the U.S. and its allies to remove sanctions on Iranian crude exports, boosting global crude supplies.

In a bearish factor, China’s July crude imports fell -19% m/m to 10.33 million bpd, the smallest volume in 6 months.  Also, Vortexa said China’s onshore crude inventories have expanded to a record 1.02 billion bbl as of July 27.

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

Crude has support from concerns that Ukraine could retaliate against Russian ships in the Black Sea if Russia continued to block Ukrainian ports.   Ukrainian drones on Aug 6 attacked a Russian oil tanker in the Black Sea, a route that accounts for 20% of the oil that Russia sells daily on global markets.

Crude prices have carryover support from earlier this month when Saudi Arabia and Russia said they would extend their crude production cuts.  Saudi Arabia said it will extend its 1 million bpd cut in crude production into September and said its crude output may “be extended, or extended and deepened.”  The cut in Saudi production keeps its crude output at about 9 million bpd, the lowest level in several years.  Meanwhile, Russian Deputy Prime Minister Novak said Russia “will continue to voluntarily reduce its oil supply in September by 300,000 bpd” to balance the market.  Russia cut its crude output by 500,000 bpd in August.

OPEC crude production in July fell -900,000 bpd to a 1-3/4 year low of 27.79 million bpd.

A bullish factor for crude oil is a decline in Russian crude shipments.  Vessel-tracking data monitored by Bloomberg showed Russian crude oil shipments in the four weeks to Aug 18 dropped to 2.29 million bpd, the lowest daily average in ten months.

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 -7% w/w to 104.09 million bbl as of Aug 18.

Wednesday’s weekly EIA report showed that (1) U.S. crude oil inventories as of Aug 18 were -2.2% below the seasonal 5-year average, (2) gasoline inventories were -5.9% below the seasonal 5-year average, and (3) distillate inventories were -16.2% below the 5-year seasonal average.  U.S. crude oil production in the week ended Aug 18 rose +0.8% w/w to 12.8 million bpd, the most in over three years.  U.S. crude oil production is modestly 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 Aug 25 fell by -8 to a 17-month low of 512 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 are more than triple the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity from pandemic lows.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE 

SEP 01 ALL DAY 

SEP 05 AFTER 14:00

SEP 08 AFTER 15:00

SEP 14 AFTER 14:00

SEP 22 AFTER 14:00

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

Team,

One of our dealer providers, Mountain Express Oil Co. (MEX) and its affiliates are ceasing operations due to Chapter 7 liquidating bankruptcy. Effective immediately, the below MEX locations are temporarily closed.  Please refer them to the alternative nearby locations in our network.

Fueling Strategy: Please “FUEL AS NEEDED” today/tonight, Friday prices do down 1 cent~Be Safe

NMEX Crude      $ 79.05 UP $.1600

NYMEX ULSD     $3.1564 UP $.0273

NYMEX Gas       $2.7800 UP $.0112

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE 

SEP 01 ALL DAY

SEP 05 AFTER 14:00

SEP 08 AFTER 15:00

SEP 14 AFTER 14:00

SEP 22 AFTER 14:00

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 30-years of Service Excellence”

www.FuelManagerServices.com

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

Fueling Strategy: Please “KEEP YOUR TANKS TOPPED” today/tonight, Thursday prices will JUMP UP 2.5 cents ~Be Safe

NMEX Crude      $ 78.89 DN $.7500

NYMEX ULSD     $3.1291 DN $.0097

NYMEX Gas       $2.7688 DN $.0203

NEWS

October WTI crude oil on Wednesday closed down -0.75 (-0.94%), and Oct RBOB gasoline closed down -1.30 (-0.51%).

Crude oil and gasoline prices Wednesday retreated, with crude falling to a 4-week low and gasoline dropping to a 3-week low.  Weaker-than-expected economic news Wednesday from the U.S. and Europe signals economic weakness that is bearish for energy demand and crude prices.   Crude recovered from its worst levels after weekly EIA crude inventories fell more than expected to a 7-1/2 month low.

Global economic news Wednesday was weaker than expected and is bearish for energy demand and crude prices.  The U.S. Aug S&P manufacturing PMI fell -2.0 to 47.0, weaker than expectations of no change at 49.0.  Also, the Eurozone Aug S&P composite PMI fell -1.6 to 47.0, weaker than expectations of -0.1 to 48.5 and the steepest pace of contraction in 2-3/4 years.  In addition, the UK Aug S&P manufacturing PMI fell -2.8 to 42.5, weaker than expectations of 45.0 and the steepest pace of contraction in 3 years.

Another bearish factor for crude was a Bloomberg report that said the Biden administration is in talks with Venezuela to explore a temporary lifting of U.S. sanctions against Venezuela in exchange for allowing fair elections next year.  Lifting U.S. sanctions would allow crude exports from Venezuela into the global market, boosting supplies.

Weakness in the crude crack spread is bearish for crude prices.  The crack spread Wednesday fell to a 5-week low, discouraging refiners from purchasing crude to refine it into gasoline and distillates.

An increase in Iranian crude exports is boosting global supplies and is bearish for oil prices.  According to TankerTrackers.com, which provides data on oil cargo shipments to governments, Iranian crude exports rose to a 5-year high of 2.2 million bpd during the first 20 days of August, with most of the crude going to China.

A negative factor for crude prices is the progress made in Iran-U.S. relations that could lead to higher crude exports from Iran after Iran said the recent deal with the U.S. on the release of prisoners and frozen Iranian funds could lead to diplomacy in other areas, including its nuclear program.  An agreement on Iran’s nuclear program could prompt the U.S. and its allies to remove sanctions on Iranian crude exports, boosting global crude supplies.

In a bearish factor, China’s July crude imports fell -19% m/m to 10.33 million bpd, the smallest volume in 6 months.  Also, Vortexa said China’s onshore crude inventories have expanded to a record 1.02 billion bbl as of July 27.

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

Crude has support from concerns that Ukraine could retaliate against Russian ships in the Black Sea if Russia continued to block Ukrainian ports.   Ukrainian drones on Aug 6 attacked a Russian oil tanker in the Black Sea, a route that accounts for 20% of the oil that Russia sells daily on global markets.

Crude prices have carryover support from earlier this month when Saudi Arabia and Russia said they would extend their crude production cuts.  Saudi Arabia said it will extend its 1 million bpd cut in crude production into September and said its crude output may “be extended, or extended and deepened.”  The cut in Saudi production keeps its crude output at about 9 million bpd, the lowest level in several years.  Meanwhile, Russian Deputy Prime Minister Novak said Russia “will continue to voluntarily reduce its oil supply in September by 300,000 bpd” to balance the market.  Russia cut its crude output by 500,000 bpd in August.

OPEC crude production in July fell -900,000 bpd to a 1-3/4 year low of 27.79 million bpd.

A bullish factor for crude oil is a decline in Russian crude shipments.  Vessel-tracking data monitored by Bloomberg showed Russian crude oil shipments in the four weeks to Aug 18 dropped to 2.29 million bpd, the lowest daily average in ten months.

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 -7% w/w to 104.09 million bbl as of Aug 18.

Wednesday’s weekly EIA report was mixed for crude oil and products.  On the bearish side, EIA gasoline supplies unexpectedly rose +1.47 million bbl versus expectations of a -481,000 bbl draw.  Also, EIA distillate stockpiles rose +945,000 bbll, a larger build than expectations of +698,000 bbl.  In addition, U.S. crude production in the week ended Aug 18 rose +0.8% w/w to 12.8 million bpd, the most in over three years.  On the bullish side, EIA crude inventories fell -6.13 million bbl to a 7-1/2 month low, a larger draw than expectations of -3.0 million bbl.  Also, crude supplies at Cushing, the delivery point of WTI futures, fell -3.13 million bbl to a 7-month low.

Wednesday’s weekly EIA report showed that (1) U.S. crude oil inventories as of Aug 18 were -2.2% below the seasonal 5-year average, (2) gasoline inventories were -5.9% below the seasonal 5-year average, and (3) distillate inventories were -16.2% below the 5-year seasonal average.  U.S. crude oil production in the week ended Aug 18 rose +0.8% w/w to 12.8 million bpd, the most in over three 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 Aug 18 fell by -5 to a 17-month low of 520 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 are more than triple the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity from pandemic lows.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

SEPT 01 OUT OF OFFICE

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 “PARTIAL FILL ONLY” today/tonight, Wednesday look for prices to DROP 4.5 cents  ~Be Safe

NMEX Crude      $ 80.35 DN $.3700

NYMEX ULSD     $3.1388 UP $.0226

NYMEX Gas       $2.7891 UP $.0165

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

SEPT 01 OUT OF OFFICE

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 30-years of Service Excellence”

www.FuelManagerServices.com

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