Fueling Strategy: Please “KEEP YOUR TANKS TOPPED” today/tonight, Thursday prices will go UP $.0071 Cents~Be Safe

NMEX Crude      $ 78.78 DN $.8500

NYMEX ULSD     $2.8429 UP $.0653

NYMEX Gas       $2.9072 UP $.0539

NEWS

September WTI crude oil on Wednesday closed down -0.85 (-1.07%), and Sep RBOB gasoline closed up +4.39 (+1.57%).

Crude oil and gasoline prices on Wednesday settled mixed.  Crude prices are modestly lower after weekly EIA crude inventories fell less than expected.  Also, the Fed’s action Wednesday to raise interest rates by 25 bp may slow the economy and negatively affect energy demand and crude prices.  Weakness in the dollar Wednesday was supportive of energy prices.

Crude prices have support on signs China will implement policies to revive economic growth.  This week’s Politburo meeting laid out a pre-growth tone that was more dovish than markets expected.  The ruling Communist Party’s 24-member Politburo, China’s top decision-making body led by President Xi Jinping, promised “counter-cyclical” policies, which imply an easing bias.

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.

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 July 16 dropped to a 6-month low of 3.1 million bpd.

In a supportive factor for oil prices, Saudi Arabia earlier this month said it would extend its unilateral 1 million bpd production cut through August, keeping Saudi Arabia’s crude output at about 9 million bpd, the lowest level in several years.  Also, Russia voluntarily pledged to cut 500,000 bpd of crude output in August.  However, Russia has yet to implement its pledged crude production cuts fully.  Russian crude production cuts totaled 350,000 bpd in June, below the 500,000 bpd of cuts it said it would implement in March.  Meanwhile, OPEC crude production in June rose +80,000 bpd to 28.57 million bpd.

A decline in crude in floating storage is bullish for prices.  Monday’s weekly data from Vortexa shows the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -2.2% w/w to 106.95 million bbl as of July 21.

An improvement in Chinese crude demand is bullish for prices after government trade data showed China’s June crude imports rose +4.6% m/m to 12.72 million bpd, the most in three years.

Wednesday’s weekly EIA report was mostly bearish for crude and products.  On the negative side, EIA crude inventories fell -600,000 bbl, a smaller draw than expectations of -2.25 million bbl.  Also, EIA gasoline supplies fell -786,000 bbl, less than expectations of -1.37 million bbl.  In addition, EIA distillate stockpiles fell by -245,000 bbl, less than expectations of -415,000 bbl.  On the positive side, crude supplies at Cushing, the delivery point of WTI futures, fell 2.61 million bbl.

Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of July 21 were +1.6% above the seasonal 5-year average, (2) gasoline inventories were -7.4% below the seasonal 5-year average, and (3) distillate inventories were -14.4% below the 5-year seasonal average.  U.S. crude oil production in the week ended July 21 fell -0.8% w/w to 12.2 million bpd.  U.S. crude oil production is well below the Feb-2020 record-high of 13.1 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended July 21 fell by -7 rigs to a 16-month low of 530 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 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

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, Wednesday prices will go UP 2.5 Cents~Be Safe

NMEX Crude      $ 79.63 UP $.8900

NYMEX ULSD     $2.7776 UP $.0071

NYMEX Gas       $2.8533 DN $.0418

NEWS

September WTI crude oil on Tuesday closed up +0.89 (+1.13%), and Sep RBOB gasoline closed down -4.28 (-1.51%).

Crude oil and gasoline prices Tuesday settled mixed, with crude posting a 3-month nearest-futures high.   Crude found support Tuesday on optimism of stronger Chinese energy demand after China signaled further measures to bolster economic growth.  Crude prices fell Baker Hughes reported last Friday that active U.S. oil rigs in the week ended July 21 fell by -7 rigs to a 16-month low of 530 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 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. back from their best levels Tuesday, and gasoline retreated after the dollar index raised to a 2-week high.

Crude prices rallied Tuesday on signs China will implement policies to revive economic growth.  This week’s Politburo meeting laid out a pre-growth tone that was more dovish than markets expected.  The ruling Communist Party’s 24-member Politburo, China’s top decision-making body led by President Xi Jinping, promised “counter-cyclical” policies, which imply an easing bias.

Crude also moved higher Tuesday after the International Monetary Fund (IMF) raised its global 2023 GDP forecast to 3.0% from an April estimate of 2.8%.

Tuesday’s global news was mixed for energy demand and crude prices.  On the positive side, the Conference Board U.S. Jul consumer confidence index rose +6.9 to a 2-year high of 117.0, stronger than expectations of 112.0.  Conversely, the German Jul IFO business climate fell -1.3 to an 8-month low of 87.3, weaker than expectations of 88.0.

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.

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 July 16 dropped to a 6-month low of 3.1 million bpd.

In a supportive factor for oil prices, Saudi Arabia earlier this month said it would extend its unilateral 1 million bpd production cut through August, keeping Saudi Arabia’s crude output at about 9 million bpd, the lowest level in several years.  Also, Russia voluntarily pledged to cut 500,000 bpd of crude output in August.  However, Russia has yet to implement its pledged crude production cuts fully.  Russian crude production cuts totaled 350,000 bpd in June, below the 500,000 bpd of cuts it said it would implement in March.  Meanwhile, OPEC crude production in June rose +80,000 bpd to 28.57 million bpd.

A decline in crude in floating storage is bullish for prices.  Monday’s weekly data from Vortexa shows the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -2.2% w/w to 106.95 million bbl as of July 21.

An improvement in Chinese crude demand is bullish for prices after government trade data showed China’s June crude imports rose +4.6% m/m to 12.72 million bpd, the most in three years.

The consensus is that Wednesday’s weekly EIA crude inventories will fall -2.25 million bbl.

Last Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of July 14 were +1.1% above the seasonal 5-year average, (2) gasoline inventories were -7.6% below the seasonal 5-year average, and (3) distillate inventories were -14.3% below the 5-year seasonal average.  U.S. crude oil production in the week ended July 14 was unchanged w/w at 12.3 million bpd.  U.S. crude oil production is well below the Feb-2020 record-high of 13.1 million bpd.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED 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

Fueling Strategy: Please “FUEL AS NEEDED” today/tonight, Tuesday please keep your tanks topped ahead of Wednesday’s 2.5 cents increased~Be Safe

NMEX Crude      $ 78.74 UP $1.6700

NYMEX ULSD     $2.7705 UP $0.0248

NYMEX Gas       $2.8951 UP $0.0933

NEWS

September WTI crude oil on Monday closed up +1.67 (+2.17%), and Sep RBOB gasoline closed up +8.24 (+2.99%).

Crude oil and gasoline prices Monday moved sharply higher, with crude posting a 3-month nearest-futures high and gasoline posting a 9-month high.  Crude prices are underpinned by the outlook for tighter supplies after Saudi Arabia earlier this month said it would extend its unilateral 1 million bpd crude production cut through August and after Russia’s crude shipments fell to a 6-month low.  Gains in crude accelerated on technical buying Monday after prices rose above their 200-day moving average.

Strength in the crude crack spread is bullish for oil prices after the crack spread Monday jumped to a 4-month high.  The stronger crack spread encourages refiners to boost their crude purchases and refine the crude into gasoline and distillates.

Monday’s global news on manufacturing activity was mixed for energy demand and crude prices.  On the positive side, the U.S. Jul S&P manufacturing PMI unexpectedly rose +2.7 to 49.0, stronger than expectations of a decline to 46.2.  Conversely, the Eurozone Jul S&P manufacturing PMI unexpectedly fell -0.7 to 42.7, weaker than expectations of an increase to 43.5 and the steepest pace of contraction in more than three years.  Also, the Japan Jul Jibun Bank manufacturing PMI fell -0.4 to a 4-month low of 49.4.

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 July 16 dropped to a 6-month low of 3.1 million bpd.

Crude prices have support from signs China will implement policies to revive economic growth.  Last Wednesday, the Communist Party and the government issued a rare joint statement that included 31 measures to improve business conditions, including pledges to treat private companies the same as state-owned enterprises and consult more with entrepreneurs before drafting policies.

In a supportive factor for oil prices, Saudi Arabia earlier this month said it would extend its unilateral 1 million bpd production cut through August, keeping Saudi Arabia’s crude output at about 9 million bpd, the lowest level in several years.  Also, Russia voluntarily pledged to cut 500,000 bpd of crude output in August.  However, Russia has yet to implement its pledged crude production cuts fully.  Russian crude production cuts totaled 350,000 bpd in June, below the 500,000 bpd of cuts it said it would implement in March.  Meanwhile, OPEC crude production in June rose +80,000 bpd to 28.57 million bpd.

A decline in crude in floating storage is bullish for prices.  Monday’s weekly data from Vortexa shows the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -2.2% w/w to 106.95 million bbl as of July 21.

An improvement in Chinese crude demand is bullish for prices after government trade data showed China’s June crude imports rose +4.6% m/m to 12.72 million bpd, the most in three years.

Last Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of July 14 were +1.1% above the seasonal 5-year average, (2) gasoline inventories were -7.6% below the seasonal 5-year average, and (3) distillate inventories were -14.3% below the 5-year seasonal average.  U.S. crude oil production in the week ended July 14 was unchanged w/w at 12.3 million bpd.  U.S. crude oil production is well below the Feb-2020 record-high of 13.1 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended July 21 fell by -7 rigs to a 16-month low of 530 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 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

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 30-years of Service Excellence”

www.FuelManagerServices.com

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

Fueling Strategy: Please “KEEP YOUR TANKS FULL OF FUEL” today/tonight, Saturday prices will jump UP 2.5 cents then Sunday up another 8 cents ~Be Safe

NMEX Crude      $ 77.07 UP $1.4200

NYMEX ULSD     $2.7557 UP $0.0813

NYMEX Gas       $2.87018 UP $0.0586

NEWS

September WTI crude oil on Friday closed up +1.42 (+1.88%), and Sep RBOB gasoline closed up +5.86 (+2.22%).

Crude oil and gasoline prices Friday settled moderately higher, with gasoline posting a 3-month nearest-futures high.   Crude prices are underpinned by the outlook for tighter crude supplies after news this week showed Russia’s crude shipments fell to a 6-month low.  Crude also found support on hopes that China will implement policies that revive economic growth and energy demand.  Crude prices raced to their highs Friday afternoon after the weekly report from Baker Hughes showed that active U.S. oil rigs fell to a 16-month low.

An easing of UK recession concerns is supportive for energy demand and crude prices after Friday’s news that UK June retail sales ex-auto fuel rose +0.8% m/m, stronger than expectations of +0.2% m/m.

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 July 16 dropped to a 6-month low of 3.1 million bpd.

Crude prices have support from signs China will implement policies to revive economic growth.  On Wednesday, the Communist Party and the government issued a rare joint statement that included 31 measures to improve business conditions, including pledges to treat private companies the same as state-owned enterprises and consult more with entrepreneurs before drafting policies.

In a supportive factor for oil prices, Saudi Arabia earlier this month said it would extend its unilateral 1 million bpd production cut through August, keeping Saudi Arabia’s crude output at about 9 million bpd, the lowest level in several years.  Also, Russia voluntarily pledged to cut 500,000 bpd of crude output in August.  However, Russia has yet to implement its pledged crude production cuts fully.  Russian crude production cuts totaled 350,000 bpd in June, below the 500,000 bpd of cuts it said it would implement in March.  Meanwhile, OPEC crude production in June rose +80,000 bpd to 28.57 million bpd.

A decline in crude in floating storage is bullish for prices.  Monday’s weekly data from Vortexa shows the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -21% w/w to 94.60 million bbl as of July 14.

An improvement in Chinese crude demand is bullish for prices after government trade data showed China’s June crude imports rose +4.6% m/m to 12.72 million bpd, the most in three years.

Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of July 14 were +1.1% above the seasonal 5-year average, (2) gasoline inventories were -7.6% below the seasonal 5-year average, and (3) distillate inventories were -14.3% below the 5-year seasonal average.  U.S. crude oil production in the week ended July 14 was unchanged w/w at 12.3 million bpd.  U.S. crude oil production is well 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 July 21 fell by -7 rigs to a 16-month low of 530 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 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

JULY 18 AT NOON

JULY 21 AT 3:00 PM

JULY 24 AT NOON

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 30-years of Service Excellence”

www.FuelManagerServices.com

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

Fueling Strategy: Please “KEEP YOUR TANKS FULL OF FUEL” today/tonight, Friday prices will jump UP 4.5 cents~Be Safe

NMEX Crude      $ 75.63 UP $.2800

NYMEX ULSD     $2.6644 UP $.0226

NYMEX Gas       $2.7432 UP $.0227

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JULY 21 AT 3:00 PM

JULY 24 AT NOON

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 30-years of Service Excellence”

www.FuelManagerServices.com

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

Fueling Strategy: Please “KEEP YOUR TANKS FULL OF FUEL” today/tonight, Thursday prices will jump UP 3.5 cents~Be Safe

NMEX Crude      $ 75.35 DN $.4000

NYMEX ULSD     $2.6418 UP $.0424

NYMEX Gas       $2.7205 UP $.0261

NEWS

August WTI crude oil on Wednesday closed down -0.40 (-0.53%), and Aug RBOB gasoline closed up +2.61 (+0.97%).

Crude oil and gasoline prices Wednesday settled mixed, with gasoline climbing to a 3-month nearest-futures high.  Crude prices Wednesday gave up an early advance and turned lower on a stronger dollar and a smaller-than-expected draw in weekly EIA crude inventories.  Crude initially moved higher Wednesday on the outlook for tighter crude supplies after Russia’s crude shipments fell to a 6-month low.  Also, Wednesday’s rally in the S&P 500 to a 15-month high shows confidence in the economic outlook that supports energy demand and crude prices.

A bullish factor for crude is a decline in Russian crude shipments.  Vessel-tracking data monitored by Bloomberg and corroborated by other sources showed Russian crude shipments in the four weeks to July 16 dropped to 3.1 million bpd, a 6-month low.

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

Crude prices were under pressure Monday on news that Libya is restarting crude production at its 250,000 bpd Sharara oil field, its second-largest after protesters left the facility following their forced shutdown last week.  Crude production at the 70,000 bpd El Feel oil field has also resumed.

In a supportive factor for oil prices, Saudi Arabia week in early July said it would extend its unilateral 1 million bpd production cut through August, keeping Saudi Arabia’s crude output at about 9 million bpd, the lowest level in several years.  Also, Russia pledged to cut 500,000 bpd of crude output in August voluntarily.  However, Russia has yet to implement its pledged crude production cuts fully.  Russian crude production cuts totaled 350,000 bpd in June, below the 500,000 bpd of cuts it said it would implement in March.  Meanwhile, OPEC crude production in June rose +80,000 bpd to 28.57 million bpd.

A decline in crude in floating storage is bullish for prices.  Monday’s weekly data from Vortexa shows the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -21% w/w to 94.60 million bbl as of July 14.

An improvement in Chinese crude demand is bullish for prices after government trade data showed China’s June crude imports rose +4.6% m/m to 12.72 million bpd, the most in three years.

Wednesday’s weekly EIA report was mixed for crude prices.  On the bullish side, crude supplies at Cushing, the delivery point of WTI futures, fell -2.89 million bbl.  Also, EIA distillate supplies rose +13,000 bbl, fewer than expectations of +1.0 million bbl.  On the negative side, EIA crude inventories fell -708,000 bbl, a smaller draw than expectations of -2.5 million bbl.  Also, EIA gasoline stockpiles fell -1.07 million bbl, below expectations of -1.5 million bbl.

Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of July 14 were +1.1% above the seasonal 5-year average, (2) gasoline inventories were -7.6% below the seasonal 5-year average, and (3) distillate inventories were -14.3% below the 5-year seasonal average.  U.S. crude oil production in the week ended July 14 was unchanged w/w at 12.3 million bpd.  U.S. crude oil production is well below the Feb-2020 record-high of 13.1 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended July 14 fell by -3 rigs to a 15-month low of 537 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  U.S. active oil rigs have more than tripled from the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JULY 21 AT 3:00 PM

JULY 24 AT NOON

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 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

See below marketing material and promotions for our sites. These promos will run from August 2^nd – August 29^th. Please communicate these to your network and let me know if you need anything further!

Thank you for your partnership!

The 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 “PARTIAL FILL ONLY” today/tonight, Wednesday prices will fall 3 to 3.5 cents~Be Safe

NMEX Crude      $ 75.75 UP $1.6000

NYMEX ULSD     $2.5994 UP $0.0352

NYMEX Gas       $2.6944 UP $0.0627

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JULY 18 AT NOON

JULY 21 AT 3:00 PM

JULY 24 AT NOON

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 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      $ 74.15 DN $1.2700

NYMEX ULSD     $2.5642 DN $0.0337

NYMEX Gas       $2.6317 DN $0.0120

NEWS

August WTI crude oil on Monday closed down -1.27 (-1.68%), and Aug RBOB gasoline closed down -1.20 (-0.45%).

Crude oil and gasoline prices Monday posted moderate losses on weaker-than-expected Chinese economic reports and the restart of crude oil production in Libya as protesters left oilfields.

Crude prices were under pressure Monday on news that Libya is restarting crude production at its 250,000 bpd Sharara oil field, its second-largest, after protesters left the facility following their forced shutdown last week.  Crude production at the 70,000 bpd El Feel oil field has also resumed.

Signs of weakness in China’s economy, the world’s second-largest, are bearish for energy demand after China’s Q2 GDP rose +6.3% y/y, weaker than expectations of +7.1% y/y.

In a supportive factor for oil prices, Saudi Arabia week in early July said it would extend its unilateral 1 million bpd production cut through August, keeping Saudi Arabia’s crude output at about 9 million bpd, the lowest level in several years.  Also, Russia pledged to cut 500,000 bpd of crude output in August voluntarily.  However, Russia has yet to implement its pledged crude production cuts fully.  Russian crude production cuts totaled 350,000 bpd in June, below the 500,000 bpd of cuts it said it would implement in March.  Meanwhile, OPEC crude production in June rose +80,000 bpd to 28.57 million bpd.

A decline in crude in floating storage is bullish for prices.  Monday’s weekly data from Vortexa shows the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -21% w/w to 94.60 million bbl as of July 14.

An improvement in Chinese crude demand is bullish for prices after government trade data showed China’s June crude imports rose +4.6% m/m to 12.72 million bpd, the most in three years.

Last Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of July 7 were +0.7% above the seasonal 5-year average, (2) gasoline inventories were -7.0% below the seasonal 5-year average, and (3) distillate inventories were -13.4% below the 5-year seasonal average.  U.S. crude oil production in the week ended July 7 fell -0.8% w/w to 12.3 million bpd, falling back from the prior week’s 3-year high of 12.4 million bpd.  U.S. crude oil production is well below the Feb-2020 record-high of 13.1 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended July 14 fell by -3 rigs to a 15-month low of 537 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  U.S. active oil rigs have more than tripled from the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JULY 18 AT NOON

JULY 21 AT 3:00 PM

JULY 24 AT NOON

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 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, before 23:00 CST fuel again, Saturday prices will go Up 1 cent and Sunday look for prices to drop 1.25 cents~Be Safe

NMEX Crude      $ 75.42 DN $1.4700

NYMEX ULSD     $2.5979 DN $0.0125

NYMEX Gas       $2.6437 DN $0.0349

NEWS

August WTI crude oil on Friday closed down -1.47 (-1.91%), and Aug RBOB gasoline closed down -3.49 (-1.30%).

Crude oil and gasoline prices Friday posted moderate losses.  Crude oil prices were undercut as the dollar index recovered from a 15-month low and moved higher.  Also, technical selling sparked long liquidation in crude futures when crude prices failed to cross above the 200-day moving average.

In a bearish factor for crude oil, the International Energy Agency (IEA) on Thursday cut its global oil demand forecast for this year.  The IEA projects global 2023 oil consumption will increase by about 2%, or 2.2 million bpd, down -220,000 bpd from last month’s forecast.

Crude prices have support on concerns about global crude supply disruptions after Libya on Thursday was forced to shut production at its 250,000 bpd Sharara oil field and its 70,000 bpd El Feel oil field after protesters entered the projects.

An improvement in Chinese crude demand is bullish for prices after government trade data showed China June crude imports rose +4.6% m/m to 12.72 million bpd, the most in three years.

Hopes for additional stimulus measures from China to revive its economy is bullish for energy demand and crude prices after top officials of the People’s Bank of China (PBOC) said Friday that they have enough room to ease monetary policy if needed.

In a supportive factor for oil prices, Saudi Arabia last week said it would extend its unilateral 1 million bpd production cut through August, keeping Saudi Arabia’s crude output at about 9 million bpd, the lowest level in several years.  Also, Russia pledged last Monday to cut 500,000 bpd of crude output in August voluntarily.  However, Russia has yet to implement its pledged crude production cuts fully.  Russian crude production cuts totaled 350,000 bpd in June, below the 500,000 bpd of cuts it said it would implement in March.  Meanwhile, OPEC crude production in June rose +80,000 bpd to 28.57 million bpd.

An increase in crude in floating storage is bearish for prices.  Monday’s weekly data from Vortexa shows the amount of crude oil held worldwide on tankers that have been stationary for at least a week rose +5.5% w/w to 112.07 million bbl as of July 7.

Wednesday’s EIA report showed that (1) U.S. crude oil inventories as of July 7 were +0.7% above the seasonal 5-year average, (2) gasoline inventories were -7.0% below the seasonal 5-year average, and (3) distillate inventories were -13.4% below the 5-year seasonal average.  U.S. crude oil production in the week ended July 7 fell -0.8% w/w to 12.3 million bpd, falling back from the prior week’s 3-year high of 12.4 million bpd.  U.S. crude oil production is well 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 July 14 fell by -3 rigs to a 15-month low of 537 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  U.S. active oil rigs have more than tripled from the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity.

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