Sep 10th Fueling Strategy: Please “KEEP YOUR TANKS TOPPED TODAY/TONIGHT, Wednesday prices will go UP 2.5 Cents ~ Be Safe Today

NYEX Crude      $  68.71 UP $1.0400

NYMEX ULSD     $2.1394 UP $0.0244

NYMEX Gas       $1.9204 UP $0.0244

NEWS

Oct WTI crude oil Monday closed up +1.04 (+1.54%), and Oct RBOB gasoline closed up +2.44 (+1.29%).

Crude oil and gasoline prices Monday rallied on some short-covering after last week’s plunge to a 14-month nearest-futures low.   Crude oil prices also saw support as Tropical Storm Francine is expected to strengthen into a hurricane in the Gulf of Mexico later this week, which could disrupt US crude production and refining on the Gulf Coast, where 20% of US crude production is produced and 48% of US petroleum refining capacity is located.  A stronger dollar Monday and weak global economic news limited gains in crude.

Monday’s global economic news was bearish for energy demand and crude prices.  The Eurozone Sep Sentix investor confidence index unexpectedly fell -1.5 to an 8-month low of -15.4, weaker than expectations of an increase to -12.2.  Also, Japan’s Q2 GDP was unexpectedly revised lower to +2.9% (q/q annualized) from +3.1%, weaker than expectations of an upward revision to +3.2%.

A decline in crude oil held worldwide on tankers is bullish for prices.  Vortexa reported Monday that crude oil stored on tankers that have been stationary for at least seven days fell by -2.14% w/w to 60.25 million bbl in the week ended September 6.

Crude prices found support last Thursday after OPEC+ agreed to pause its scheduled crude production hike of 180,000 bpd in October and November due to recent weakness in crude prices and signs of fragile global energy demand.

Crude oil prices have had some negative carryover since last Tuesday when Libyan central bank governor Sadiq Al-Kibir said there are “strong” indications that political factions are nearing an agreement to overcome political differences and resume the country’s crude oil production.  Last week, Libya’s eastern government declared force majeure on all oil fields, terminals, and crude export facilities as it called for a halt to all crude production and exports due to political conflict over who controls the country’s central bank and oil revenues.  The halt to Libya’s crude exports threatened to remove more than 1 million bpd of crude from the global market.

A supportive factor for crude is a decline in Russian crude exports.  Weekly vessel-tracking data from Bloomberg showed Russian crude exports fell by -25,000 bpd to 3.1 million bpd in the week to September 1.  Meanwhile, increased Russian crude production is negative for oil prices after Russia’s Energy Ministry reported on August 23 that Russia’s July crude production was 9.045 million bpd, about 67,000 bpd above the output target it agreed to with OPEC+.

Last Thursday’s EIA report showed that (1) US crude oil inventories as of August 30 were -4.5% below the seasonal 5-year average, (2) gasoline inventories were -2.2% below the seasonal 5-year average, and (3) distillate inventories were -9.5% below the 5-year seasonal average.  US crude oil production in the week ending August 30 was unchanged w/w at 13.3 million bpd, falling back from the record high of 13.4 million bpd from the week of August 16.

Baker Hughes reported last Friday that active US oil rigs in the week ending September 6 were unchanged at 483 rigs, modestly above the 2-1/2 year low of 477 rigs posted in the week ending July 19.  The number of US oil rigs has fallen over the past year from the 4-year high of 627 rigs posted in December 2022.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

Sep 20 – Out of Office after 15:00

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 31-years of Service Excellence”

www.FuelManagerServices.com

“Coming Together is the Beginning; Keeping Together is Progress; Working Together is Success”  ~ Henry Ford

Sep 07 Fueling Strategy: Prices are UP 1 cent today, Please “PARTIAL FILL ONLY TODAY/TONIGHT” Sunday price DROP of 5 Cents ~ Be Safe Today

NYEX Crude      $  67.67 DN $1.4800

NYMEX ULSD     $2.1150 DN $0.0539

NYMEX Gas       $1.8960 DN $0.0298

NEWS

NEW YORK, Sept 6 (Reuters) – Oil prices settled 2% lower on Friday, with a big weekly loss after data U.S. jobs data was weaker than expected in August, which outweighed price support from a delay to supply increases by OPEC+ producers.

Brent crude futures were down $1.63, or 2.24%, to $71.06 a barrel, their lowest level since Dec. 2021. U.S. West Texas Intermediate crude futures fell $1.48, or 2.14%, to$67.67, their lowest since June 2023. For the week, Brent declined 10%, while WTI dropped around 8%.

U.S. government data showed employment increased less than expected in August, but a drop in the jobless rate to 4.2% suggested an orderly labor market slowdown that may not warrant a big interest rate cut from the Federal Reserve this month. “The jobs report was a little soft and implied that the economy in the U.S. is on the slide,” Bob Yawger, executive director of energy futures at Mizuho.

Concerns around Chinese demand also kept pressuring oil prices, Yawger said. On Thursday, Brent settled at its lowest since June 2023 despite a withdrawal from U.S. oil inventories and a decision by OPEC+ to delay planned oil output increases. 

U.S. crude stockpiles fell by 6.9 million barrels to 418.3 million barrels last week, compared with a projected decline of 993,000 barrels in a Reuters poll of analysts. The U.S. active oil rig count, an early indicator of future output, remained unchanged at 483 this week, energy services firm Baker Hughes , opens new tab reported on Friday.

Money managers cut their net long U.S. crude futures and options positions in the week to Sept. 3, the U.S. Commodity Futures Trading Commission (CFTC) said on Friday.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

Sep 05 – Out of Office after Noon to 15:00

Sep 20 – Out of Office after 15:00

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 31-years of Service Excellence”

www.FuelManagerServices.com

“Coming Together is the Beginning; Keeping Together is Progress; Working Together is Success”  ~ Henry Ford

Fueling Strategy: Prices are down 5 cents today, Please “KEEP YOUR TANKS TOPPED TODAY/TONIGHT” ahead of Saturday’s price MOVE UP of 1 Cents ~ Be Safe Today

NYEX Crude      $  69.15 DN $.0500

NYMEX ULSD     $2.1689 UP $.0114

NYMEX Gas       $1.9258 DN $.0360

NEWS

Oct WTI crude oil Thursday closed down -0.05 (-0.07%), and Oct RBOB gasoline closed down -3.60 (-1.84%). Crude oil and gasoline prices settled lower on Thursday, with crude posting an 8-3/4 month nearest-futures low and gasoline falling to a 2-3/4 year nearest-futures low.   Energy demand concerns undercut crude prices after Thursday’s US Aug ADP employment report showed employers added the fewest jobs in 3-1/2 years.  Losses in crude were limited due to a weak dollar.  Also, short-covering emerged in crude Thursday after OPEC+ agreed to pause its planned crude production increase for two months.  In addition, crude found support Thursday after weekly EIA crude inventories fell more than expected to an 11-month low.

Thursday’s global economic news was mixed for energy demand and crude prices.  On the negative side, the US Aug ADP employment change rose +99,000, weaker than expectations of +145,000 and the smallest increase in 3-1/2 years.  Also, Eurozone Jul retail sales rose +0.1% m/m, weaker than expectations of +0.2% m/m.  On the positive side, the US Aug ISM services index unexpectedly rose +0.1 to 51.5, stronger than expectations of no change at 51.4.  Also, German Jul factory orders unexpectedly rose +2.9% m/m, stronger than expectations of a -1.7% m/m decline.

Crude prices found support Thursday after OPEC+ agreed to pause its scheduled crude production hike of 180,000 bpd in October and November after crude prices tumbled to an 8-3/4 month low Wednesday amid fragile global energy demand.

Crude oil prices also have negative carryover from Tuesday when Libyan central bank governor Sadiq Al-Kibir said there are “strong” indications that political factions are nearing an agreement to overcome political differences and resume the country’s crude oil production.  Last week, Libya’s eastern government declared force majeure on all oil fields, terminals, and crude export facilities as it called for a halt to all crude production and exports due to political conflict over who controls the country’s central bank and oil revenues.  The halt to Libya’s crude exports threatened to remove more than 1 million bpd of crude from the global market.

Oil prices have some support from concern that an escalation of conflict in the Middle East could disrupt oil supplies.  Israel’s military continues to conduct operations in Gaza, and there is the continued risk that the war might spread to Hezbollah in Lebanon or even to a direct conflict with Iran.  Meanwhile, ongoing attacks on commercial shipping in the Red Sea by Iran-backed Houthi rebels have forced shippers to divert shipments around the southern tip of Africa instead of going through the Red Sea, disrupting global crude oil supplies.

A supportive factor for crude is a decrease in Russian crude exports.  Weekly vessel-tracking data from Bloomberg showed Russian crude exports fell by +-25,000 bpd to 3.1 million bpd in the week to September 1.  Meanwhile, increased Russian crude production is negative for oil prices after Russia’s Energy Ministry reported on August 23 that Russia’s July crude production was 9.045 million bpd, about 67,000 bpd above the output target it agreed to with OPEC+.

A decline in crude oil held worldwide on tankers is bullish for prices.  Vortexa reported Monday that crude oil stored on tankers that have been stationary for at least seven days fell by -14% w/w to 52.99 million bbl in the week ended August 30, the lowest in 4-1/2 years.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

Sep 05 – Out of Office after Noon to 15:00

Sep 20 – Out of Office after 15:00

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 31-years of Service Excellence”

www.FuelManagerServices.com

“Coming Together is the Beginning; Keeping Together is Progress; Working Together is Success”  ~ Henry Ford

Sep 05 – Fueling Strategy: Please “BUY ONLY ENOUGH FUEL TO GET THROUGH TODAY/TONIGHT” Prices will DROP another 5 cents after midnight tonight (Friday)!! ~ Be Safe Today!

NYEX Crude      $  69.20 DN $1.1400

NYMEX ULSD     $2.1575 DN $0.0485

NYMEX Gas       $1.9618 DN $0.0159

NEWS

Oct WTI crude oil Wednesday closed down -1.14 (-1.62%), and Oct RBOB gasoline closed down -1.59 (-0.80%). Crude oil and gasoline prices Wednesday added to Tuesday’s sharp losses, with crude falling to an 8-3/4 month low and gasoline falling to a 2-3/4 year nearest-futures low.  Weaker-than-expected global economic news weighs global energy demand prospects and crude prices.  Crude prices fell Wednesday despite a weaker dollar and signs that OPEC+ may delay a planned crude production increase in response to concern about weak energy demand.

Wednesday’s global economic news was bearish for energy demand and crude prices.  The US July JOLTS job openings fell -237,000 to a 3-1/2 year low of 7.673 million, showing a weaker labor market than expectations of 8.100 million.  Also, the Eurozone Aug S&P composite PMI was revised downward by -0.2 to 51.0 from the previously reported 51.2.  In addition, the  China Aug Caixin services PMI fell -0.5 to 51.6, weaker than expectations of 51.8.  Finally, the Japan Aug Jibun Bank services PMI was revised down by -0.3 to 53.7 from the previously reported 54.0.

Crude found brief support Wednesday after several OPEC+ delegates said the group is close to delaying a planned increase in oil production after prices plunged amid fragile demand and plentiful supplies.

Crude oil prices also have negative carryover from Tuesday when Libyan central bank governor Sadiq Al-Kibir said there are “strong” indications that political factions are nearing an agreement to overcome political differences and resume the country’s crude oil production.  Last week, Libya’s eastern government declared force majeure on all oil fields, terminals, and crude export facilities as it called for a halt to all crude production and exports due to political conflict over who controls the country’s central bank and oil revenues.  The halt to Libya’s crude exports threatened to remove more than 1 million bpd of crude from the global market.  

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

Sep 05 – Out of Office after Noon to 15:00

Sep 20 – Out of Office after 15:00

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 31-years of Service Excellence”

www.FuelManagerServices.com

“Coming Together is the Beginning; Keeping Together is Progress; Working Together is Success”  ~ Henry Ford

Sep 04 – Fueling Strategy: Please, if possible,  “PARTIAL (35 max gallons) FILL ONLY TODAY/TONIGHT” Prices will DROP 7 cents after midnight tonight (Thursday)!! ~ Be Safe Today!

NYEX Crude      $  70.34 DN $3.2100

NYMEX ULSD     $2.2060 DN $0.0723

NYMEX Gas       $1.9777 DN $0.1155

NEWS

Oct WTI crude oil Tuesday closed down -3.21 (-4.36%), and Oct RBOB gasoline closed down -11.55 (-5.52%).

Crude oil and gasoline prices plunged Tuesday, with crude falling to an 8-month low and gasoline falling to a 2-3/4 year nearest-futures low.  Tuesday’s rally in the dollar index to a 2-week high is bearish for energy prices.  Also, global energy demand concerns weighed on crude prices after Chinese and US manufacturing activity contracted more than expected.  Losses in crude oil accelerated Tuesday after a Libyan central banker said that a deal appears imminent to resume the country’s crude oil production.

Tuesday’s global economic news was bearish for energy demand and crude prices.  The US Aug ISM manufacturing index rose +0.4 to 47.2, weaker than expectations of 47.5.  The Aug ISM price paid sub-index unexpectedly rose +1.1 to 54.0 versus expectations of a decline to 52.0.  Also, US July construction spending unexpectedly fell -0.3% m/m, weaker than expectations of a +0.1% m/m increase and the biggest decline in 1-3/4 years.  In addition, the China Aug manufacturing PMI unexpectedly fell -0.3 to a 6-month low of 49.1, weaker than expectations of an increase to 49.5.

Crude oil prices were undercut Tuesday after Libyan central bank governor Sadiq Al-Kibir said there are “strong” indications that political factions are nearing an agreement to overcome political differences and resume the country’s crude oil production.  Last week, Libya’s eastern government declared force majeure on all oil fields, terminals, and crude export facilities as it called for a halt to all crude production and exports due to political conflict over who controls the country’s central bank and oil revenues.  The halt to Libya’s crude exports threatened to remove more than 1 million bpd of crude from the global market.  

Oil prices have some support from concern that an escalation of conflict in the Middle East could disrupt oil supplies.  Israel’s military continues to conduct operations in Gaza, and there is the continued risk that the war might spread to Hezbollah in Lebanon or even to a direct conflict with Iran.  Meanwhile, ongoing attacks on commercial shipping in the Red Sea by Iran-backed Houthi rebels have forced shippers to divert shipments around the southern tip of Africa instead of going through the Red Sea, disrupting global crude oil supplies.

In a bearish factor, increased Russian crude exports have boosted global supplies.  Weekly vessel-tracking data from Bloomberg showed Russian crude exports rose by +390,000 bpd to 3.35 million bpd in the week to August 25, the highest in nearly two months.  Meanwhile, increased Russian crude production is also negative for oil prices after Russia’s Energy Ministry reported last Friday that Russia’s July crude production was 9.045 million bpd, about 67,000 bpd above the output target it agreed to with OPEC+.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

Sep 05 – Out of Office after Noon to 15:00

Sep 20 – Out of Office after 15:00

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 31-years of Service Excellence”

www.FuelManagerServices.com

“Coming Together is the Beginning; Keeping Together is Progress; Working Together is Success”  ~ Henry Ford

Aug 31 Fueling Strategy: Please, If possible, “PARTIAL FILL ONLY TODAY/TONIGHT” Prices are UP over 5 cents today BUT will DROP 3 Cents Sunday ~ Be Safe

NYEX Crude      $  73.55 DN $2.3600

NYMEX ULSD     $2.2515 DN $0.0325

NYMEX Gas       $2.2117 DN $0.0360

NEWS

Oct WTI crude oil Friday closed down -2.36 (-3.11%), and Oct RBOB gasoline closed down -1.48 (-0.70%).

Crude oil and gasoline prices Friday fell sharply.  Friday’s rally in the dollar index to a 1-1/2 week high weighed on energy prices.  Crude also came under pressure Friday on a Reuters report that said OPEC+ plans to proceed with its previously announced production hikes in the fourth quarter.

Reuters reported Friday that several delegates within the OPEC+ coalition said they expect to add 543,000 bpd of crude output in October as it gradually restores the crude output halted since late 2022.  The International Energy Agency (IEA) predicts that the global oil market will tip into surplus next quarter if OPEC+ increases production.

Friday’s global economic news was mixed for energy demand and crude prices.  On the negative side, Japan’s July industrial production rose +2.8% m/m, weaker than expectations of +3.5% m/m.  Also, Japan’s July jobless rate unexpectedly rose +0.2 to a 17-month high of 2.7%, showing a weaker labor market than expectations of no change at 2.5%.  On the positive side, the US Aug MNI Chicago PMI unexpectedly rose +0.8 to 46.1, stronger than expectations of a decline to 44.8.  Also, the Eurozone July unemployment rate unexpectedly fell -0.1 to a record low of 6.4%, showing a more robust labor market than expectations of no change at 6.5%.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

Aug 30 – Out of Office after 15:00

Sep 20 – Out of Office after 15:00

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 31-years of Service Excellence”

www.FuelManagerServices.com

“Coming Together is the Beginning; Keeping Together is Progress; Working Together is Success”  ~ Henry Ford

Fueling Strategy: Prices are down 6 cents today, Please “KEEP YOUR TANKS TOPPED TODAY/TONIGHT” ahead of Saturday’s price JUMP UP of 5.5 Cents ~ Be Safe Today

NYEX Crude      $  75.91 UP $1.3900

NYMEX ULSD     $2.2840 UP $0.0549

NYMEX Gas       $2.2477 UP $0.0329

NEWS

Oct WTI crude oil Thursday closed up +1.39 (+1.87%), and Oct RBOB gasoline closed up +4.04 (+1.95%).

Crude oil and gasoline prices settled moderately higher Thursday on signs of strength in the US economy that supports energy demand.  Crude also moved higher as supply disruptions in Libya threatened to tighten global crude supplies.  In addition, Thursday’s rally in stocks shows confidence in the economic outlook that is bullish for crude demand.  A stronger dollar Thursday limited gains in crude.

Strength in Thursday’s global economic news supports energy demand and crude prices.  US Q2 GDP was revised upward to +3.0% (q/q annualized), stronger than expectations of no change at +2.8%.  Also, Eurozone Aug economic confidence rose +0.6 to a 15-month high of 96.6, stronger than expectations of 96.0.  In addition, Japan’s Cabinet Office said the Japanese economy in August recovered at a moderate pace, its first upgrade of the economy in 15 months.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

Aug 30 – Out of Office after 15:00

Sep 20 – Out of Office after 15:00

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 31-years of Service Excellence”

www.FuelManagerServices.com

“Coming Together is the Beginning; Keeping Together is Progress; Working Together is Success”  ~ Henry Ford

The most accurate fuel prices are located on the BennettIG App under Fuel Discounts. My office, Fuel Manager Services, updates the prices upwards of four times daily to assure you have the most current prices every day. (365 days)

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

Aug 30 – Out of Office after 15:00

Sep 20 – Out of Office after 15:00

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 31-years of Service Excellence”

www.FuelManagerServices.com

“Coming Together is the Beginning; Keeping Together is Progress; Working Together is Success”  ~ Henry Ford

Fueling Strategy: Please, If possible, “PARTIAL FILL ONLY TODAY/TONIGHT” Prices are DOWN 6 Cents BUT will DROP another 5 cents Friday ~ Be Safe Today!

NYEX Crude      $  74.38 DN $1.0100

NYMEX ULSD     $2.2291 DN $0.0571

NYMEX Gas       $2.2148 DN $0.0321

NEWS

Oct WTI crude oil Wednesday closed down -1.01 (-1.34%), and Oct RBOB gasoline closed down -3.21 (-1.44%).

Crude oil and gasoline prices posted moderate losses on Wednesday.  Dollar strength Wednesday undercut energy prices.  Crude prices extended their losses after weekly EIA crude inventories fell less than expected.  Losses in crude were limited by heightened Middle East tensions and the halt to Libya’s crude exports that have taken more than 1 million bpd of crude off the global market.  

Weakness in the crude crack spread is bearish for oil prices as the crack spread today dropped to a new 3-1/2 year low, discouraging refiners from purchasing crude oil and refining it into gasoline and distillates.

An increase in Russian crude exports has boosted global supplies and is bearish for oil prices.  Weekly vessel-tracking data from Bloomberg showed Russian crude exports rose by +390,000 bpd to 3.35 million bpd in the week to August 25, the highest in nearly two months.  

Meanwhile, increased Russian crude production is negative for oil prices after Russia’s Energy Ministry reported last Friday that Russia’s July crude production was 9.045 million bpd, about 67,000 bpd above the output target it agreed to with OPEC+.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

Aug 30 – Out of Office after 15:00

Sep 20 – Out of Office after 15:00

Tell Us How We’re Doing On Google Business

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

“Celebrating 31-years of Service Excellence”

www.FuelManagerServices.com

“Coming Together is the Beginning; Keeping Together is Progress; Working Together is Success”  ~ Henry Ford

Fueling Strategy: Please, If possible, “PARTIAL FILL ONLY TODAY/TONIGHT” or better yet don’t fuel today, Thursday prices will DROP 6 Cents ~ Be Safe Today!

NYEX Crude      $  75.53 DN $1.8900

NYMEX ULSD     $2.2862 UP $0.0618

NYMEX Gas       $2.2469 DN $0.0330

NEWS

Oct WTI crude oil Tuesday closed down -1.89 (-2.44%), and Oct RBOB gasoline closed down -3.73 (-1.75%). Crude oil and gasoline prices settled moderately lower on Tuesday.  Crude prices came under pressure Tuesday after Goldman Sachs cut its 2025 Brent crude forecast to $77 a barrel from a prior estimate of $82 per barrel.  Tuesday’s slump in the crude crack spread to a 3-1/2 year low is another bearish factor for crude prices.  In addition, an increase in Russian crude exports is negative for crude prices.

Weakness in the crude crack spread is bearish for oil prices as the crack spread Tuesday fell to a 3-1/2 year low, discouraging refiners from purchasing crude oil and refining it into gasoline and distillates.

An increase in Russian crude exports has boosted global supplies and is bearish for oil prices.  Weekly vessel-tracking data from Bloomberg showed Russian crude exports rose by +390,000 bpd to 3.35 million bpd in the week to August 25, the highest in nearly two months.  Meanwhile, increased Russian crude production is negative for oil prices after Russia’s Energy Ministry reported last Friday that Russia’s July crude production was 9.045 million bpd, about 67,000 bpd above the output target it agreed to with OPEC+.

Crude oil prices have support after Libya’s eastern government declared force majeure on all oil fields, terminals, and crude export facilities as it called for a halt to all crude production and exports due to political conflict over who controls the country’s central bank and oil revenues.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

Aug 30 – Out of Office after 15:00

Sep 20 – Out of Office after 15:00

Tell Us How We’re Doing On Google Business

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

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

“Celebrating 31-years of Service Excellence”

www.FuelManagerServices.com

“Coming Together is the Beginning; Keeping Together is Progress; Working Together is Success”  ~ Henry Ford