Market Close: April 05 MIXED, Diesel UP $.0317, Gas DN $.0056
Apr 5th, 2024 by loren
Fueling Strategy: Please “KEEP YOUR TANKS TOPPED TODAY/TONIGHT, Saturday prices will go up another 1 Cent then Sunday prices will continue upward 3+ Cents ~ Be Safe
NMEX Crude $ 86.70 UP $.3200
NYMEX ULSD $2.7730 UP $.0317
NYMEX Gas $2.7886 DN $.0056
NEWS
May WTI crude oil on Friday closed up +0.32 (+0.37%), and May RBOB gasoline closed down -0.56 (-0.20%). Crude and gasoline prices on Friday settled mixed, with crude posting a 5-1/4 month high as escalating tensions in the Middle East could lead to oil supply disruptions. Iran has vowed revenge on Israel for an airstrike on its embassy in Syria that killed top Iranian military commanders, raising fears that the Israel-Hamas war could more directly involve Iran. Strength in the dollar Friday limited gains in crude and knocked gasoline prices into negative territory.
Friday’s better-than-expected US payroll report signals strength in the economy that supports energy demand and crude prices. US Mar nonfarm payrolls rose +303,000, stronger than expectations of +214,000 and the biggest increase in 10 months. Friday’s action by Saudi Arabia to raise oil prices more than expected is a supportive factor for crude. State-owned Saudi Aramco raised the price of its Arab Light crude to Asian customers for May delivery by +30 cents/bbl, above expectations of +10 cents/bbl.
Crude prices have carryover support from Wednesday when OPEC+, at its monthly meeting, did not recommend any changes to their existing crude output cuts, which kept about 2 million bpd of production cuts in place until the end of June. However, OPEC crude production in March rose +10,000 bpd to 26.860 million bpd, a bearish factor for oil prices as Iraq and UAE continue to pump above their production quotas.
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Loren R Bailey, President
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