Market Close: April 11 DOWN, Diesel DN $.0377, Gas DN $.0075
Apr 11th, 2024 by loren
Fueling Strategy: Please “KEEP YOUR TANKS TOPPED TODAY/TONIGHT, Friday prices will go up another 4 Cent ~ Be Safe
NMEX Crude $ 85.63 DN $.5800
NYMEX ULSD $2.6695 DN $.0377
NYMEX Gas $2.7741 UP $.0075
NEWS
May WTI crude oil on Thursday closed down -.58, and May RBOB gasoline closed down -0.75 (-0.27%). Crude and gasoline prices on Thursday closed moderately lower. Thursday’s rally in the dollar index to a 4-3/4 month high pressured energy prices. Crude also had some negative carryover from Wednesday when EIA crude inventories rose more than expected to a 9-month high.
Crude oil prices have underlying support from Middle East tensions after US intelligence on Wednesday warned that Iran might launch an imminent missile or drone strike against military and government targets in Israel as revenge for the recent Israel airstrike on Iran’s consulate in Syria that killed some top Iranian military commanders. An escalation of hostilities in the Middle East could lead to the disruption of crude supplies from the region. Reduced crude demand in India, the world’s third-largest crude consumer, is negative for oil prices after India’s March oil demand fell -0.6% y/y to 21.09 MMT.
Crude has support from the recent Ukrainian drone attacks on Russian refineries that damaged several Russian oil processing facilities, limiting Russia’s fuel exporting capacity. Russia’s fuel exports in the week to April 7 fell by -450,000 bpd from the prior week to 3.39 million bpd. JPMorgan Chase said it sees 900,000 bpd of Russian refinery capacity that could be offline “for several weeks if not months” from the attacks, adding $4 a barrel of risk premium to oil prices.
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