Fueling Strategy: Please keep your tanks topped today/tonight, before 23:00 CST fuel again, Friday prices will go Up 1.5 cents~Be Safe

NMEX Crude      $ 76.89 UP $1.1400

NYMEX ULSD     $2.6104 UP $0.0108

NYMEX Gas       $2.6786 UP $0.0116

NEWS

August WTI crude oil Thursday closed up +1.14 (+1.50%), and Aug RBOB gasoline closed up +1.16 (+0.43%).

Crude oil and gasoline prices Thursday added to this week’s gains, with crude posting a 2-1/2 month nearest-futures high and gasoline posting a 3-week high.  The action by Libya to halt production at its Sharara oil field, its second-largest, due to protesters pushed prices higher.  Also, a selloff in the dollar index Thursday to a 15-month low is bullish for energy prices.

Crude prices found support Thursday on concerns about global crude supply disruptions after Libya was forced to shut production at its 250,000 bpd Sharara oil field and its ‘s 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 Jun crude imports rose +4.6% m/m to 12.72 million bpd, the most in three years.

Concerns about a slowdown in the global economy are bearish for energy demand and crude prices due to weaker-than-expected Chinese trade data.  China Jun exports fell -12.4% y/y, weaker than expectations of -10.0% y/y and the largest decline in over three years.  Also, Jun imports fell -6.8% y/y, weaker than expectations of -4.1% y/y.

Thursday’s action by the International Energy Agency (IEA) to cut its global oil demand forecast for this year is bearish for crude prices.  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.

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.

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

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 last Friday that active U.S. oil rigs in the week ended June 30 fell by -5 rigs to a 15-month low of 540 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, Thursday prices will go Up 3 cents~Be Safe

NMEX Crude      $ 75.75 UP $.9200

NYMEX ULSD     $2.5996 UP $.0159

NYMEX Gas       $2.6670 UP $.0443

NEWS

August WTI crude oil on Wednesday closed up +0.92 (+1.23%), and Aug RBOB gasoline  closed up +4.43 (+1.69%).

Crude oil and gasoline prices Wednesday settled moderately higher, with crude climbing to a 3-1/4 month nearest-futures high and gasoline rising to a 3-week high.  The selloff in the dollar index (DXY00) Wednesday was bullish for energy prices.  Also, a rally in the S&P 500 to a 14-1/2 month high Wednesday signals optimism in the economy and energy demand.  Crude prices fell back from their best levels after weekly EIA crude inventories unexpectedly increased.

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.

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

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 weekly EIA inventory report was mostly bearish for crude and its products.  EIA crude inventories unexpectedly rose +5.95 million bbl versus expectations of a -50,000 bbl draw.  Also, EIA gasoline supplies fell -4,000 bbl, less than expectations of -1.35 million bbl.  In addition, EIA distillate stockpiles unexpectedly rose +4.82 million bbl versus expectations of an -800,000 bbl draw.  On the positive side, crude supplies at Cushing, the delivery point of WTI futures, fell -1.61 million bbl.

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 June 30 fell by -5 rigs to a 15-month low of 540 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 11 AT 3:00 PM

JULY 18 AT NOON

JULY 21 AT 3:00 PM

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 30-years of Service Excellence”

www.FuelManagerServices.com

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

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

NMEX Crude      $ 74.83 UP $1.8400

NYMEX ULSD     $2.5837 UP $0.0305

NYMEX Gas       $2.6227 UP $0.0531

NEWS

August WTI crude oil on Tuesday closed up +1.84 (+2.52%), and Aug RBOB gasoline closed up +5.31 (+2.07%).

Crude oil and gasoline prices Tuesday rallied, with crude posting a 5-week high and gasoline posting a 2-week high.  A slump in the dollar index Tuesday to a 2-month low was bullish for energy prices.   Crude prices also rose Tuesday after China signaled it would take more steps to revive its economy, a positive factor for economic growth and energy demand.

Crude prices rallied Tuesday after China took steps to support the property market by extending loan relief for developers.  Also, Chinese state-run financial newspapers today ran reports flagging the likely adoption of additional property-supportive policies, along with measures to boost business confidence.  Any improvement in China’s economy, the world’s second-largest, would be bullish for energy demand and crude prices.

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.

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

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.

The consensus is for Wednesdays’ weekly EIA crude inventories to fall -50,000 bbl.

Last Thursday’s EIA report showed that (1) U.S. crude oil inventories as of June 30 were -1.5% below the seasonal 5-year average, (2) gasoline inventories were -7.6% below the seasonal 5-year average, and (3) distillate inventories were -15.0% below the 5-year seasonal average.  U.S. crude oil production in the week ended June 30 rose +1.6% w/w to 12.4 million bpd, matching the 3-year high of 12.4 million bpd posted in the week ended June 9.  U.S. crude oil production is well below the Feb-2020 record-high of 13.1 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended June 30 fell by -5 rigs to a 15-month low of 540 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 11 AT 3:00 PM

JULY 18 AT NOON

JULY 21 AT 3:00 PM

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 30-years of Service Excellence”

www.FuelManagerServices.com

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

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

NMEX Crude      $ 72.99 DN $.8700

NYMEX ULSD     $2.5532 DN $.0059

NYMEX Gas       $2.5696 DN $.0197

NEWS

August WTI crude oil on Monday closed down -0.87 (-1.18%), and Aug RBOB gasoline closed down -1.97 (-0.76%).

A bullish factor for crude prices was last Friday’s announcement from the Biden administration that the U.S. is purchasing 6 million more barrels of crude oil for the Strategic Petroleum Reserve, scheduled for October and November.

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.

On the negative side, 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.

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

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.

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

Last Thursday’s EIA report showed that (1) U.S. crude oil inventories as of June 30 were -1.5% below the seasonal 5-year average, (2) gasoline inventories were -7.6% below the seasonal 5-year average, and (3) distillate inventories were -15.0% below the 5-year seasonal average.  U.S. crude oil production in the week ended June 30 rose +1.6% w/w to 12.4 million bpd, matching the 3-year high of 12.4 million bpd posted in the week ended June 9.  U.S. crude oil production is well below the Feb-2020 record-high of 13.1 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended June 30 fell by -5 rigs to a 15-month low of 540 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.

Crude oil and gasoline prices Monday settled moderately lower.  Concerns that a slowdown in China’s economy will crimp its energy demand weighed on crude prices Monday.  Also, comments from U.S. Treasury Secretary Yellen undercut crude prices when she said the risk of a U.S. recession isn’t “off the table.”  A bullish factor for energy prices was Monday’s decline in the dollar index to a 2-week low.

Crude prices are under pressure on Monday’s price reports from China that were weaker than expected, bolstering deflation concerns that are negative for economic growth and energy demand.  China Jun CPI was unchanged y/y, weaker than expectations of +0.2% y/y, and the weakest rate in 2-1/3 years.  Also, Jun PPI fell -5.4% y/y, weaker than expectations of -5.0% y/y and the steepest pace of decline in 7-1/2 years.

Comments on Sunday from U.S. Secretary Yellen were bearish for crude prices when she said inflation remains too high and the risk of recession in the U.S. is “not completely off the table.”

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JULY 11 AT 2:00 PM

JULY 18 AT NOON

JULY 21 AT 3:00 PM

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 30-years of Service Excellence”

www.FuelManagerServices.com

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

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

NMEX Crude      $ 73.86 UP $2.0600

NYMEX ULSD     $2.5591 UP $0.0797

NYMEX Gas       $2.5893 UP $0.0455

NEWS

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

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

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

In a supportive factor for oil prices, Saudi Arabia this week said it would extend its unilateral 1 million bpd production cut through August, keeping Saudi Arabia’s crude output at about 9 million bpd, the lowest level in several years.  Also, Russia pledged Monday that it would voluntarily cut 500,000 bpd of crude output in August.

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

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

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

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

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

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JULY 07 AT 2:00 PM

JULY 11 AT 2:00 PM

JULY 18 AT NOON

JULY 21 AT 3:00 PM

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 30-years of Service Excellence”

www.FuelManagerServices.com

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

Fueling Strategy: Please keep your tanks full of fuel today, tonight before 23:00 CST have completely full of fuel, Friday prices will jump UP 12 cents ~ Be Safe

NMEX Crude      $  71.80 UP $.0100

NYMEX ULSD     $2.4794 DN $.0139

NYMEX Gas       $2.5438 UP $.0255

NEWS

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

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

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

In a supportive factor for oil prices, Saudi Arabia this week said it would extend its unilateral 1 million bpd production cut through August, keeping Saudi Arabia’s crude output at about 9 million bpd, the lowest level in several years.  Also, Russia pledged Monday that it would voluntarily cut 500,000 bpd of crude output in August.

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

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

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

A decline in crude in floating storage is supportive of prices.  Monday’s weekly data from Vortexa shows the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -23% w/w to 102.70 million bbl as of June 30.

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

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

Thursday’s EIA report showed that (1) U.S. crude oil inventories as of June 30 were -1.5% below the seasonal 5-year average, (2) gasoline inventories were -7.6% below the seasonal 5-year average, and (3) distillate inventories were -15.0% below the 5-year seasonal average.  U.S. crude oil production in the week ended June 30 rose +1.6% w/w to 12.4 million bpd, matching the 3-year high of 12.4 million bpd posted in the week ended June 9.  U.S. crude oil production is well below the Feb-2020 record-high of 13.1 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended June 23 fell by -6 rigs to a 1-1/4 year low of 546 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  U.S. active oil rigs have more than tripled from the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JULY 07 AT 2:00 PM

JULY 11 AT 2:00 PM

JULY 18 AT NOON

JULY 21 AT 3:00 PM

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 30-years of Service Excellence”

www.FuelManagerServices.com

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

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

NMEX Crude      $ 71.79 UP $2.0000

NYMEX ULSD     $2.4933 UP $0.1160

NYMEX Gas       $2.5183 UP $0.0559

NEWS

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

In a supportive factor for oil prices, Saudi Arabia said it would extend its unilateral 1 million bpd production cut through August, keeping Saudi Arabia’s crude output at about 9 million bpd, the lowest level in several years.  Also, Russia pledged Monday that it would voluntarily cut 500,000 bpd of crude output in August.

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

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JULY 07 AT 2:00 PM

JULY 11 AT 2:00 PM

JULY 18 AT NOON

JULY 21 AT 3:00 PM

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 30-years of Service Excellence”

www.FuelManagerServices.com

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

Fueling Strategy: Please fuel as needed today, prices are down 4 cents, Friday prices will go up 1 cent~Be Safe

NMEX Crude      $ 69.86 UP $.3000

NYMEX ULSD     $2.4156 UP $.0089

NYMEX Gas       $2.6177 UP $.0143

NEWS

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

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

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

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

Thursday’s EIA report showed that (1) U.S. crude oil inventories as of June 23 were -1.4% below the seasonal 5-year average, (2) gasoline inventories were -6.8% below the seasonal 5-year average, and (3) distillate inventories were -14.4% below the 5-year seasonal average.  U.S. crude oil production in the week ended June 23 was unchanged at 12.2 million bpd, just mildly below the 3-year high of 12.4 million bpd posted in the week ended June 9.  U.S. crude oil production is well below the Feb-2020 record-high of 13.1 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended June 23 fell by -6 rigs to a 1-1/4 year low of 546 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  U.S. active oil rigs have more than tripled from the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JULY  07 AT 2:00 PM

JULY  14 AT NOON

JULY  21 AT 3:00 PM

SEPT  01 OUT ALL DAY

NOV 01-02-03 VACATION

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 30-years of Service Excellence”

www.FuelManagerServices.com

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

Fueling Strategy: Please PARTIAL FILL ONLY today/tonight, Thursday prices will go down 4 cents~Be Safe

NMEX Crude      $ 69.56 UP $1.8600

NYMEX ULSD     $2.4067 UP $0.0077

NYMEX Gas       $2.6034 UP $0.0866

NEWS

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

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

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

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

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

Thursday’s EIA report showed that (1) U.S. crude oil inventories as of June 23 were -1.4% below the seasonal 5-year average, (2) gasoline inventories were -6.8% below the seasonal 5-year average, and (3) distillate inventories were -14.4% below the 5-year seasonal average.  U.S. crude oil production in the week ended June 23 was unchanged at 12.2 million bpd, just mildly below the 3-year high of 12.4 million bpd posted in the week ended June 9.  U.S. crude oil production is well below the Feb-2020 record-high of 13.1 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended June 23 fell by -6 to a 1-1/4 year low of 546 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  U.S. active oil rigs have more than tripled from the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JULY  07 AT 2:00 PM

JULY  14 AT NOON

JULY  21 AT 3:00 PM

SEPT  01 OUT ALL DAY

NOV 01-02-03 VACATION

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 30-years of Service Excellence”

www.FuelManagerServices.com

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

Fueling Strategy: Please KEEP YOUR TANKS FULL OF FUEL today/tonight, Wednesday prices will go UP 3 cents~Be Safe

NMEX Crude      $ 67.70 DN $1.6700

NYMEX ULSD     $2.3990 DN $0.0398

NYMEX Gas       $2.5168 EN $0.0207

NEWS

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

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

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

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

Last Thursday’s EIA report showed that (1) U.S. crude oil inventories as of June 16 were -0.7% below the seasonal 5-year average, (2) gasoline inventories were -7.2% below the seasonal 5-year average, and (3) distillate inventories were -14.2% below the 5-year seasonal average.  U.S. crude oil production in the week ended June 16 fell -200,000 bpd (-1.6%) to 12.2 million from the 3-year high of 12.4 million bpd posted in the week ended June 9.  U.S. crude oil production is moderately below the Feb-2020 record-high of 13.1 million bpd.

Baker Hughes reported last Friday that active U.S. oil rigs in the week ended June 23 fell by -6 to a 1-1/4 year low of 546 rigs.  That is well below the 3-1/4 year high of 627 rigs posted on December 2, 2022.  U.S. active oil rigs have more than tripled from the 18-year low of 172 rigs seen in Aug 2020, signaling an increase in U.S. crude oil production capacity.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE

JULY  07 AT 2:00 PM

JULY  14 AT NOON

JULY  21 AT 3:00 PM

SEPT  01 OUT ALL DAY

NOV 01-02-03 VACATION

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 30-years of Service Excellence”

www.FuelManagerServices.com

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