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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

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” 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

Aug 27th Fueling Strategy: Prices are down slightly today, Please “KEEP YOUR TANKS TOPPED TODAY/TONIGHT” Wednesday prices will JUMP UP 5 Cents ~ Be Safe Today!

NYEX Crude      $  77.42 UP $2.5900

NYMEX ULSD     $2.3480 UP $0.0483

NYMEX Gas       $2.1190 DN $0.0159

NEWS

Oct WTI crude oil Monday closed up +2.59 (+3.46%), and Oct RBOB gasoline closed up +1.63 (+0.77%).

Crude oil and gasoline prices Monday rallied sharply to 1-week highs.  Oil prices moved higher on concern that an escalation of conflict in the Middle East could disrupt oil supplies after more than 100 Israeli warplanes Sunday attacked sites in southern Lebanon to take out hundreds of Hezbollah missile launchers.  Crude oil prices also saw support after Libya’s eastern government 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.

A sharp 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 -24% w/w to 58.06 million bbl in the week ended August 23, the lowest in 4-1/2 years. Weakness in the crude crack spread is bearish for oil prices as the crack spread Monday fell to a 3-1/2 year low, discouraging refiners from purchasing crude oil and refining it into gasoline and distillates.

Signs of weaker US gasoline demand have prompted several US refiners to reduce refining operations, a bearish factor for crude prices.  Marathon Petroleum, the owner of the largest US refinery, said it plans to cut its refining capacity rate to 90% this quarter, the lowest for a Q3 since 2020.  Also, PBF Energy said it was cutting its refining capacity utilization rate to a three-year low, and Phillips 66 said it would cut its capacity rate to a two-year low.

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+. OPEC+ rolled out a plan to restore some crude production in Q4, which sparked worries about a glut in global oil supplies.  On June 2, OPEC+ extended the 2 million bpd of voluntary crude production cuts into Q3 but said they would gradually phase out the cuts over the following 12 months, beginning in October.  OPEC pledged to extend its crude production cap at about 39 million bpd to the end of 2025.  Also, the UAE was given a 300,000 bpd boost to its production target for 2025.  In June, OPEC crude production fell -80,000 bpd to 26.98 million bpd.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

Aug 27 – Out of Office after 12:30

Aug 30 – 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

August 24th Fueling Strategy: Please “KEEP YOUR TANKS TOPPED TODAY/TONIGHT” prices are UP 1.5 cents today but Sunday prices will jump UP 4 cents ~ Be Safe Today!

NYEX Crude      $  74.83 UP $1.1820

NYMEX ULSD     $2.2997 UP $0.0362

NYMEX Gas       $2.2851 UP $0.0414

NEWS

Oct WTI crude oil Friday closed up +1.82 (+2.49%), and Oct RBOB gasoline closed up +3.93 (+1.89%). Crude oil and gasoline prices settled sharply higher on Friday after the dollar index tumbled to a 13-month low.  

Crude oil prices also rallied Friday on comments from Fed Chair Powell that the time has come to cut interest rates, which sparked a risk-on mood in asset markets.  In addition, Friday’s stock rally showed confidence in the economic outlook, a supportive factor for energy demand.Friday’s US economic news was better than expected and supportive of crude after July new home sales rose +10.6% m/m to a 14-month high of 739,000, stronger than expectations of 623,000.

Concern about energy demand in China, the world’s second-largest crude consumer, is bearish for oil prices.  China’s steel production in July fell -9% y/y to 82.94 MMT, the lowest this year, which signals weak industrial and building demand and weakness in China’s economy.

Signs of weaker US gasoline demand have prompted several US refiners to reduce refining operations, a bearish factor for crude prices.  Marathon Petroleum, the owner of the largest US refinery, said it plans to cut its refining capacity rate to 90% this quarter, the lowest for a Q3 since 2020.  Also, PBF Energy said it was cutting its refining capacity utilization rate to a three-year low, and Phillips 66 said it would cut its capacity rate to a two-year low.

Crude prices have support from ongoing fears of an attack by Iran against Israel in response to last month’s assassination of a Hamas leader by Israel in Iran, which could escalate the conflict in the Middle East and disrupt the region’s crude oil supplies.  Israel’s military continues to conduct operations in Gaza, and there is the 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.

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+.

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 -4.1% w/w to 66.26 million bbl in the week ended August 16.

OPEC+ rolled out a plan to restore some crude production in Q4, which sparked worries about a glut in global oil supplies.  On June 2, OPEC+ extended the 2 million bpd of voluntary crude production cuts into Q3 but said they would gradually phase out the cuts over the following 12 months, beginning in October.  OPEC pledged to extend its crude production cap at about 39 million bpd to the end of 2025.  Also, the UAE was given a 300,000 bpd boost to its production target for 2025.  In June, OPEC crude production fell -80,000 bpd to 26.98 million bpd.

Wednesday’s EIA report showed that (1) US crude oil inventories as of August 16 were -5.0% below the seasonal 5-year average, (2) gasoline inventories were -3.2% below the seasonal 5-year average, and (3) distillate inventories were -10.0% below the 5-year seasonal average.  US crude oil production in the week ending August 16 rose +0.8% w/w to match the record high of 13.4 million bpd from the week of August 2.

Baker Hughes reported Friday that active US oil rigs in the week ending August 23 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  

Aug 23 – Out of Office after 15:00

Aug 30 – 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

August 22 Fueling Strategy: Please “FUEL AS NEEDED TODAY/TONIGHT” prices are down less than 1/4 cent but Friday prices will drop 1.5 cents ~ Be Safe Today!

NYEX Crude      $  71.93 DN $1.2400

NYMEX ULSD     $2.2497 DN $0.0135

NYMEX Gas       $2.2050 DN $0.0513

NEWS

Oct WTI crude oil Wednesday closed down -1.24 (-1.69%), and Oct RBOB gasoline closed down -3.22 (-1.55%).

Crude oil and gasoline prices Wednesday gave up early gains and tumbled to 6-1/2 month lows.  US energy demand concerns are undercutting crude prices after the US Bureau of Labor Statistics (BLS) revised US payrolls down more than expected.  Also, hopes for a cease-fire deal between Israel and Hamas are taking some risk premium out of crude prices.  Crude prices sold off Wednesday despite a fall in the dollar index (DXY00) to a 7-1/2 month low, and after weekly EIA crude inventories fell more than expected to a 6-1/2 month low.

Signs of a weaker US labor market are bearish for energy demand and crude prices after the BLS revised US payrolls down by -818,000 for the year through March, a bigger decline than expectations of -600,000 and the largest downward revision since 2009, signaling a weaker labor market than was originally reported.

Weakness in the crude crack spread is bearish for crude prices as the crack spread sank to a 2-3/4 year low Wednesday, discouraging refiners from purchasing crude oil and refining it into gasoline and distillates.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

Aug 23 – Out of Office after 15:00

Aug 30 – 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

August 21 Fueling Strategy: Please “FUEL AS NEEDED TODAY/TONIGHT” prices are down 6.5 cents today, Thursday prices will be slight down to no change ~ Be Safe Today!

NYEX Crude      $  74.04 DN $.3300

NYMEX ULSD     $2.2632 DN $.0003

NYMEX Gas       $2.2563 DN $.0075

NEWS

Sep WTI crude oil Tuesday closed down -0.33 (-0.44%), and Sep RBOB gasoline closed down -0.75 (-0.33%).

Crude oil and gasoline prices Tuesday fell moderately, with crude posting a 1-1/2 week low and gasoline falling to a 6-1/2 month low.  Hopes for a cease-fire deal between Israel and Hamas took some risk premium out of crude prices.  Also, energy demand concerns in China are undercutting crude prices.  Losses in crude were limited Tuesday after the dollar index tumbled to a 7-1/2 month low.

Concern about energy demand in China, the world’s second-largest crude consumer, is bearish for oil prices.  China’s steel production in July fell -9% y/y to 82.94 MMT, the lowest this year, which signals weak industrial and building demand and weakness in China’s economy.

Signs of weaker US gasoline demand have prompted several US refiners to reduce refining operations, a bearish factor for crude prices.  Marathon Petroleum, the owner of the largest US refinery, said it plans to cut its refining capacity rate to 90% this quarter, the lowest for a Q3 since 2020.  Also, PBF Energy said it was cutting its refining capacity utilization rate to a three-year low, and Phillips 66 said it would cut its capacity rate to a two-year low.

Crude prices have support from fears of an attack by Iran against Israel in response to last month’s assassination of a Hamas leader by Israel in Iran, which could escalate the conflict in the Middle East and disrupt the region’s crude oil supplies.

Israel’s military continues to conduct operations in Gaza, and there is the 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.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

SCHEDULED OUT OF OFFICE  

Aug 23 – Out of Office after 15:00

Aug 30 – 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

August 20th Fueling Strategy: Please, If possible, don’t fuel today or “PARTIAL FILL ONLY TODAY/TONIGHT”  Prices will go DOWN  another 6.5 cents Wednesday ~ Be Safe

NYEX Crude      $  74.37 DN $2.2800

NYMEX ULSD     $2.2672 DN $0.0652

NYMEX Gas       $2.2638 DN $0.0464

NEWS

Sep WTI crude oil on Monday closed down -2.28 (-2.97%), and Sep RBOB gasoline closed down -4.64 (-2.01%).

Crude oil and gasoline prices tumbled Monday, with crude posting a 1-1/2 week low and gasoline falling to a 5-1/2 month low.  Energy demand concerns in China are undercutting crude prices.  Also, a lack of retaliation thus far by Iran against Israel has taken some of the risk premium out of crude prices.  Crude Soloff Monday despite the fall in the dollar index (DXY00) to a 7-1/2 month low.  Also, Monday’s rally in the S&P 500 to a 1-month high shows confidence in the economy that supports the energy demand outlook and crude prices.

Concern about energy demand in China, the world’s second-largest crude consumer, is bearish for oil prices.  China’s steel production in July fell -9% y/y to 82.94 MMT, the lowest this year, which signals weak industrial and building demand and weakness in China’s economy.

Weakness in the crude crack spread is bearish for oil prices.  The crack spread dropped to a 9-1/2 month low Monday, discouraging refiners from purchasing crude oil and refining it into gasoline and distillates.

Crude prices have support from fears of an attack by Iran against Israel in response to last month’s assassination of a Hamas leader by Israel in Iran, which could escalate the conflict in the Middle East and disrupt the region’s crude oil supplies.  Israel’s military continues to conduct operations in Gaza, and there is the 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.

Signs of weaker US gasoline demand have prompted several US refiners to reduce refining operations, a bearish factor for crude prices.  Marathon Petroleum, the owner of the largest US refinery, said it plans to cut its refining capacity rate to 90% this quarter, the lowest for a Q3 since 2020.  Also, PBF Energy said it was cutting its refining capacity utilization rate to a three-year low, and Phillips 66 said it would cut its capacity rate to a two-year low.

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+.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 -4.1% w/w to 66.26 million bbl in the week ended August 16.

OPEC+ rolled out a plan to restore some crude production in Q4, which sparked worries about a glut in global oil supplies.  On June 2, OPEC+ extended the 2 million bpd of voluntary crude production cuts into Q3 but said they would gradually phase out the cuts over the following 12 months, beginning in October.  OPEC pledged to extend its crude production cap at about 39 million bpd to the end of 2025.  Also, the UAE was given a 300,000 bpd boost to its production target for 2025.  In June, OPEC crude production fell -80,000 bpd to 26.98 million bpd.

Last Wednesday’s EIA report showed that (1) US crude oil inventories as of August 9 were -4.6% below the seasonal 5-year average, (2) gasoline inventories were -2.6% below the seasonal 5-year average, and (3) distillate inventories were -7.5% below the 5-year seasonal average.  US crude oil production in the week ending August 9 fell -0.7% w/w to 13.3 million bpd, falling back from the record high of 13.4 million bpd from the week of August 2.

Baker Hughes reported last Friday that active US oil rigs in the week ending August 16 fell -2 to 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  

Aug 23 – Out of Office after 15:00

Aug 30 – 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

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