Fueling Strategy: Please fuel as needed today/tonight, Wednesday prices will fall one penny BUT Thursday look for a 10 cent jump UP in prices~ Be Safe

NMEX Crude     $ 86.92 UP $1.0500

NYMEX ULSD    $3.6413 UP $0.0973

NYMEX Gas      $2.5161 DN $0.0124

NEWS

Oil futures closed higher Tuesday, shaking off early losses that pulled prices for global and U.S. benchmark crude to their lowest intraday levels in three weeks, as traders continued to weigh prospects for oil demand. Signs of a crimp to supplies offered some futures price support. In a report Tuesday, the International Energy Agency warned of tighter global supplies ahead as the European Union’s ban on Russian oil goes into effect in early December. And the dollar’s fortunes, with the buck in a strengthening trend after a six-week slide, was impacting U.S. commodity markets, including oil and gas.

Stocks were subjected to volatile trade in afternoon action after a report said Russian missiles had hit NATO member Poland, but the impact was limited in the oil and gas space, at least initially.

* West Texas Intermediate crude for December delivery settled up $1.05, or 1.2%, to $86.92 a barrel on the New York Mercantile Exchange after losing 3.5% on Monday. It touched a low of $84.06.

* January Brent crude climbed by 72 cents, or 0.8% at settlement, to $93.86 a barrel on ICE Futures Europe after trading as low as $91.53. Prices for the front-month Brent and WTI contracts both tapped their lowest intraday levels since Oct. 25, FactSet data show.

* December gasoline lost 0.5% to $2.5161 a gallon, while December heating oil traded at $3.6351 a gallon, up 2.5%.

* December natural gas was up 1.7% at $6.034 per million British thermal units.

Market drivers

The IEA on Tuesday said that more than 1 million barrels a day of Russian oil exports will be upended within weeks, with a European ban on Russia crude oil imports and a plan to cap prices for Russian crude-oil sales go into effect. The Paris-based agency also raised its global oil demand forecast for this year by 170,000 barrels a day to 99.8 million barrels a day and for next year by 130,000 barrels a day to 101.4 million barrels a day. The IEA report followed the release of the Organization of the Petroleum Exporting Countries’ monthly oil report on Monday. OPEC modestly revised lower its forecast for growth in global oil demand by 100,000 barrels a day to 2.5 million barrels a day, while making small tweaks to its supply forecasts and holding off from making changes to its global economic growth forecasts. OPEC warned that the oil market faces considerable uncertainties, “and while that is a bold statement, the reality is that based on their own data, the oil market is tighter than it has been in over a decade,” said Phil Flynn, senior market analyst at The Price Futures Group, in a daily report.

Markets continue to look for signs of economic optimism, or fresh worry, from major oil consumers. “For all the optimism over an economic reopening, the penny finally appears to be dropping that even if Chinese officials are talking about it, they remain some way off implementing it,” said Michael Hewson, chief market analyst at CMC Markets UK. Meanwhile, Troy Vincent, senior market analyst at DTN, was attributing oil’s earlier move lower to “both physical and financial market developments.”

The dollar saw some “buying interest after nearing a major technical support level…as the euro is bumping up against long-term technical resistance,” he told MarketWatch. “The potential that this proves to be the beginning of the dollar continuing its long-term strengthening trend after a six-week correction is a worry for oil markets.” The ICE U.S. Dollar index was up 0.1% at 106.78 in late Tuesday dealings, but continues to trade more than 10% higher month to date. Strength in the greenback can pressure dollar-denominated commodity prices, including oil.

U.S. petroleum inventory numbers should be in focus moving through midweek, said Robbie Fraser, manager, global research and analytics at Schneider Electric, in a daily note. While commercial crude stocks have managed to gain ground recently, that growth has often “come at the expense of further declines” in U.S. Strategic Petroleum Reserves, he said. The Energy Information Administration will release its weekly U.S. petroleum supply report Wednesday morning. On average, analysts expect the report to show supply declines of 400,000 barrels for crude, 800,000 barrels for gasoline, and 500,000 barrels for distillates, according to a survey conducted by S&P Global Commodity Insights.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

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

www.owneroperatoradvisoryservice.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     $ 85.87 DN $3.0900

NYMEX ULSD    $3.5440 DN $0.0113

NYMEX Gas      $2.5285 DN $0.0811

NEWS

The crude market had soared at the end of last week as Chinese health authorities cut the quarantine times for inbound travelers, raising optimism that a more comprehensive relaxation of the country’s strict Zero-Covid policy may be just around the corner. However, the number of Covid cases climbed in China over the weekend, with Beijing and other big cities on Monday reporting record infections, dashing relaxation hopes. Frequent outbreaks of Covid, coupled with the country’s severe mobility restrictions, have limited economic activity in the world’s second largest economy throughout this year. China’s gross domestic product grew 3.9% from a year ago in the third quarter, significantly below the official target of around 5.5%.

The Organization of Petroleum Exporting Countries cut its forecast for 2022 global oil demand growth on Monday, for a fifth time since April, by 100,000 barrels a day to 2.55 million barrels per day. In its monthly report, OPEC cited mounting economic challenges for the decision, including high inflation and rising interest rates. This is the last report before the group, and its allies, known as OPEC+, meet to set output policy in early December, having decided last time to cut production by 2 million barrels a day to shore up prices.

Also weighing on the market Monday is a rebound in the U.S. dollar after a sharp selloff at the end of last week. The US Dollar Index, which tracks the greenback against a basket of six other currencies, fell to the lowest levels on Friday after the weaker than expected U.S. inflation release, but climbed 0.6% Monday after Fed Governor Christopher Waller reaffirmed the central bank’s commitment to lower inflation over the weekend. A stronger dollar makes the commodity more expensive for buyers holding other currencies.

Elsewhere, the European Union is “ready to go” with an effort to impose a price cap on Russian oil, Ursula von der Leyen, the president of its executive arm, said Monday, although the price level has yet to be decided. “We have set all the tools necessary in place in the European Union,” von der Leyen told Bloomberg Television on Monday. “It is important not only to dry out the war chest of Russia but also very important for many vulnerable countries to have an acceptable level of prices.”

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

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

www.owneroperatoradvisoryservice.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 tonight or better yet wait to fuel until Saturday AM then prices will fall another 8 to 9 cent drop in prices, Sunday look for prices to drop almost 1.5 cents ~Be Safe

NMEX Crude     $ 88.96 UP $2.4900

NYMEX ULSD    $3.5553 DN $0.0141

NYMEX Gas      $2.6096 UP $0.0433

NEWS

Commodities from oil to soybeans to precious metals jumped after China eased some Covid restrictions, raising hopes of a demand recovery in the world’s second-biggest economy.

Almost all major commodities traded higher following China’s move to reduce the time that travelers and close contacts of infected people must spend in quarantine, a significant amendment to the Covid Zero policy. Oil futures in New York rose 2.8% to settle near $89 a barrel. Copper, precious metals and agricultural commodities from corn to wheat all climbed, as did shares of companies across the sector. Aluminum had its best day since 2009.

China’s loosening of restrictions strengthened a rally that began on Wall Street, with risk assets rising after US inflation slowed. Markets interpreted the data as a sign that the Federal Reserve could slowdown its aggressive interest-rate hike plans. A gauge of the dollar has fallen sharply from its 2022 high in recent days, aiding commodities priced in the currency.

“Commodities caught a bid today as China revised some of it is COVID travel policies,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “The impact of these changes may not be felt immediately, but any signs that China is preparing to move away from COVID Zero is enough to spark a rally across commodities as China is traditionally the growth engine for commodity demand.”

Base metals traded on the London Metal Exchange jumped with zinc soaring as much as 6.4% and aluminum gaining 5.9%. In the US, Chicago soybean futures had the biggest intraday increase in a month, settling at $14.50 a bushel.

Shares of companies across the commodities industry surged. Century Aluminum Co.  jumped 23%, the most in six years, while top US producer Alcoa Corp. surged as much as 16%. Offshore oil and gas driller Transocean Ltd. added as much as 14% and oil refiner Phillips 66 climbed 5.6% to the highest since January 2020.

Investors have been closely watching for signs that Beijing will loosen its restrictive policies. A gauge of energy and raw material prices has slumped from its 2022 high as demand from China remained stymied because of the virus-related movement controls.

Still, some in the market were less optimistic. Though the relaxation of the rules is a step in the right direction, the jump in oil prices looks like an overreaction given China is likely to pursue its Covid Zero policy, said Warren Patterson, head of commodities strategy at ING Groep NV in Singapore.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

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

www.owneroperatoradvisoryservice.com 

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

Fueling Strategy: Please partial fill ONLY today/tonight, Friday prices will fall another 11 cents then Saturday look for another 8 to 9 cent drop in prices~Be Safe

NMEX Crude     $ 86.47 UP $.6400

NYMEX ULSD    $3.5694 DN $.0869

NYMEX Gas      $2.5663 UP $.0217

NEWS

Oil rose in a volatile session as broader market rally overtook earlier concerns over China’s Covid Zero policy weighing on their demand outlook.

West Texas Intermediate settled above $86 a barrel after a choppy session in which futures traded in a $3 range. Dour sentiment over China’s commitment to its Covid Zero policy vied with optimism that slower-than-expected inflation means the Federal Reserve may be able to temper aggressive rate hikes.

Despite weakness earlier in the session, oil traders were unable to withstand risk-on appetite that sent US stocks spiking by the most in two years.

“Oil was starting too look heavy as China continues to struggle with COVID but that is being offset by optimism that the US economy might be able to avoid a recession,” said Ed Moya, senior market analyst at Oanda Corp.

After Brent crude rallied toward $100 earlier this week, prices have pulled back on concerns about the demand outlook.

Still, futures have regained some ground this quarter after the Organization of Petroleum Exporting Countries and its allies agreed to reduce supply. The market now faces several major catalysts in the coming weeks — an OPEC+ meeting and the start of sanctions on Russian oil flows in December, along with a Federal Reserve policy decision in the middle of next month.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

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

www.owneroperatoradvisoryservice.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: Prices are down 13 cents today and will continue down another penny Thursday, Please be safe today!

NMEX Crude     $ 85.83 DN $3.0800

NYMEX ULSD    $3.6563 DN $0.1144

NYMEX Gas      $2.5437 DN $0.0921

NEWS

Oil declined as US crude inventories rose while China struggles to contain rising Covid cases.

West Texas Intermediate lost 3.5% to settle near $86 a barrel. US crude stockpiles rose 3.93 million barrels, climbing to the highest since July 2021, according to government data. Meanwhile, swelling virus outbreaks in China show the strain its Covid Zero strategy is facing, with cases in Beijing hitting the highest in more than five months.

“The macro data from China is much more negative” than the weekly crude inventories report and is “the real driver of trading direction,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth Management. “However, if you were hoping to see crude draws add to an overwhelmingly negative macro backdrop, this report did not deliver.”

Crude has rebounded of late, with Brent futures rallying toward $100 earlier this week, after the Organization of Petroleum Exporting Countries and its allies agreed to cut supplies. The International Energy Agency said on Wednesday that the group may need to rethink its plans as they are damaging emerging economies. The world’s main physical oil benchmark, Dated Brent, rallied back above $100 this week. 

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

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

www.owneroperatoradvisoryservice.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 prices will drop 13 cents then look for another penny drop Thursday ~ Be Safe

NMEX Crude     $ 88.91 DN $2.8800

NYMEX ULSD    $3.7707 DN $0.0104

NYMEX Gas      $2.6367 DN $0.0164

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

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

www.owneroperatoradvisoryservice.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     $ 91.79 DN $.8200

NYMEX ULSD    $3.7811 DN $.1337

NYMEX Gas      $2.6531 DN $.0817

NEWS

Oil slumped as China’s continued adherence to its Covid-Zero policy dampened hopes of a demand rebound.

West Texas Intermediate remained little changed near $92 after a day of volatile trading. Most commodities dropped Monday as China signaled a continuation of its Covid-Zero policy. Tight fuel supplies and a weakening dollar contained the drop, at one point propelling Brent above $99 a barrel to its highest intraday since the end of August.

Officials at China’s National Health Commission said the country will unswervingly adhere to current virus controls, cooling the optimism that had helped crude rally to a two-month high last week.

“Near term fundamentals have been moving toward the bullish side,” wrote Dennis Kissler, senior vice president at Bok Financial Securities, in a market note. “However, news this morning that China may not be relaxing COVID restrictions as anticipated last week is bleeding back into the market causing pressure.”

Oil has been buffeted in recent weeks by the uncertainty of demand in China, a looming Russian exports ban and the decision by the Organization of Petroleum Exporting Countries and its allies to rein in production. Gathering concerns about a global slowdown and tighter monetary policy have also swung prices. Despite concerns about long-term demand, fuel inventories are tight, thrusting Brent back toward $100 a barrel. The global benchmark traded as high as $99.56 earlier M0nday.

Money managers have been betting on higher prices in the coming months. Net-bullish Brent crude bets climbed to the highest level since June last week, while options markets have seen a flurry of bullish positions taken of late.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

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

www.owneroperatoradvisoryservice.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: Have your tanks completely full of fuel before 23:00 CST, Saturday prices will go up 19 cents, Sunday prices will continue UP 5 cents~Be Safe

NMEX Crude     $ 92.61 UP $4.4400

NYMEX ULSD    $3.9148 UP $0.0495

NYMEX Gas      $2.7348 UP $0.0409

NEWS

Oil closed at the highest level since August as markets rallied over China easing its Covid restrictions.

Brent crude futures settled above $98 a barrel for a third straight weekly gain. China is said to be working on plans to scrap a system that penalizes airlines for bringing virus cases into the country, a move that suggests the nation may be easing its so-called Covid Zero policy, paving the way for higher crude demand.

Oil has struggled to find direction in recent sessions, with lackluster trading volumes rendering futures especially susceptible to macro market moves. Adding to volatility is the push and pull between a tightening supply outlook and concerns over a global economic slowdown. The prospect of renewed demand from China, the world’s biggest crude importer, is propelling futures to levels not seen since August, while new Russian sanctions taking force in December are also bullish for crude.

“There are too many geopolitical risks on the table — that should keep oil’s trajectory higher,” said Ed Moya, senior market analyst at Oanda Corp. “If the dollar continues to slide here, oil’s strength could be relentless.”

China’s Covid Zero strategy, which relies on lockdowns and mass testing to stamp out infections, has weighed on the nation’s economy and on the crude market. Oil demand in 2022 is seen falling by 400,000 barrels a day due to the virus curbs, according to Bank of China International Ltd. analysts.

PRICES:

• WTI for December delivery advanced $4.44 to settle at $92.61 a barrel in New York.
• Brent for January settlement gained $3.90 to $98.57 a barrel.

“With China’s easing some COVID restrictions especially for air travel most traders are taking the news as a positive pull to demand in the near future,” said Dennis Kissler, senior vice president at Bok Financial Securities.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

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

www.owneroperatoradvisoryservice.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: Keep tanks topped today, tonight before 23:00 have tanks full of fuel, Friday prices will go UP 5 cents, Saturday prices will go up 19 cents~Be Safe

NMEX Crude     $ 88.95 DN $1.8300

NYMEX ULSD    $3.8653 UP $0.1879

NYMEX Gas      $2.6939 DN $0.0033

NEWS

Oil settled lower on Thursday, with U.S. prices posting their first loss in three sessions on as fears that aggressive monetary tightening by the Federal Reserve will tip the economy into recession.

Price action

• West Texas Intermediate crude for December delivery fell $1.83, or 2%, to settle at $88.17 a barrel on the New York Mercantile Exchange after ending Wednesday at $90 — the highest front-month finish since Oct. 10.

• January Brent crude BRN00 the global benchmark, was down $1.49, or nearly 1.6%, at $94.67 a barrel on ICE Futures Europe.
• Back on Nymex, December gasoline fell 0.1% to $2.6939 a gallon, while December heating oil added 5.1% at $3.8653 a gallon.
• December natural gas dropped 4.7% to $5.975 per million British thermal units after climbing by 9.7% on Wednesday.

Market drivers

Concerns that the Fed is “much more likely to overshoot on rates rather than doing too little” have grown, raising the risk of the economy “tipping” into recession, said Robbie Fraser, manager, global research and analytics at Schneider Electric.That’s a particularly “bearish prospect for crude prices due to the potential demand hit, and is further reinforced by the stronger dollar that weighs on dollar-denominated crude prices,” he said in daily commentary.

The Fed on Wednesday raised its key interest rate by 75 basis points, or 0.75 percentage points, as expected, delivering a policy statement that was interpreted as a signal that the size of rate increases would likely fall at the December meeting.  Fed Chairman Jerome Powell, in a subsequent new conference, said that while smaller rate rises may be in store in future meetings, it was premature to talk about a pause in rate increases and that the peak in rates would be higher than Fed officials previously thought and that rates would likely remain high for a long period, while the path to a “soft landing” for the economy had narrowed due to persistently high inflation.

The dollar rose sharply in the wake of the Fed’s decision, with the ICE U.S. Dollar Index a measure of the currency against a basket of six major rivals, up 1.4%. The index is up nearly 18% year to date. A stronger dollar is seen as a negative for commodities priced in the unit, making them more expensive to users of other currencies.

Still, Tyler Richey, co-editor of Sevens Report Research, pointed out that oil has been trending higher in recent weeks. It’s found support amid “renewed hopes that China’s economy will reopen in the months ahead, rising geopolitical tensions surrounding the Ukraine war as well as in the Middle East,” and prospects of a standing bid from the Energy Department in the $70 a barrel range as the U.S. government looks to replenish the Strategic Petroleum Reserve, he said. “An uncertain global economic outlook, and more specifically increasingly pressing recession worries, are for now keeping WTI prices capped in the low $90s, but due to supply concerns, there are emerging risks of an upside move as we approach the end of the year,” Richey said.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

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

www.owneroperatoradvisoryservice.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