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Market Close: April 11 DOWN, Diesel DN $.0377, Gas DN $.0075

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.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

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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!

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www.FuelManagerServices.com

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Categories: Fuel News
loren: Fuel Manager Services Inc. "Serving the trucking industry since 1992" I've been in and around the trucking industry for 45-years beginning in owner operator operations at Willis Shaw Express. I bought a small trucking company that I ran for 6-years then sold and went to work for J.B. Hunt Transport in 1982. After 10-years with Hunt, I started Fuel Manager Services, Inc., we are in our 29th year of serving the American trucking companies. Our simple goal was and is to bridge the gap between the trucking companies and the fuel suppliers.