Market Close: April 12 UP, Diesel UP $.0218, Gas UP $.0222
Apr 12th, 2024 by loren
Fueling Strategy: Please “PARTIAL FILL ONLY” today/tonight, Saturday prices will drop 4 cents BUT will go back UP 2 cents Sunday ~ Please Be Safe
NMEX Crude $ 85.45 UP $.4300
NYMEX ULSD $2.6816 UP $.0218
NYMEX Gas $2.7963 UP $.0222
NEWS
May WTI crude oil on Friday closed up +0.43, and May RBOB gasoline closed up +2.22. Crude and gasoline prices Friday posted moderate gains, with crude climbing to a 5-1/2 month high and gasoline climbing to a 7-1/2 month high. Crude prices moved higher Friday on concern that an escalation of conflict in the Middle East could disrupt global crude supplies. Crude prices fell back from their best levels Friday after the dollar index rallied to a 5-1/4 month high.
Crude oil prices jumped Friday after Western intelligence assessments said an assault on Israeli government assets from missiles or drones by Iran or its proxies is expected to come as soon as the next 48 hours. Iran said it would retaliate 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. The strength of the crude crack spread is bullish for oil prices after the crack spread Friday rose to a 1-week high. The stronger crack spread encourages refiners to boost their crude purchases and refine it into gasoline and distillates.
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.
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Loren R Bailey, President
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