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Market Close: April 17 Down

Fueling Strategy: Please fuel as needed today/tonight ~Be Safe

NMEX Crude     $ 80.83 DN $1.6900

NYMEX ULSD    $2.6147 DN $0.0245

NYMEX Gas      $2.7740 DN $0.0619

NEWS
Oil prices turned lower on Monday as the U.S. dollar strengthened and as investors mulled over a possible May interest rate hike by the U.S. Federal Reserve, which could dampen economic recovery hopes. Brent crude futures fell $1.55, or 1.8%, to settle at $84.76 a barrel, while U.S. West Texas Intermediate crude dropped $1.69, or 2.1%, at $80.83 a barrel. Both contracts notched their fourth weekly gain in a row last week, the longest such streak since mid-2022.
The U.S. dollar has been strengthening alongside interest rate hikes, making dollar-denominated oil more expensive for holders of other currencies. The dollar index gained around 0.6% on Monday. “The dollar is a little bit stronger, and that seems to be putting a little bit of pressure on oil here,” Price Futures Group analyst Phil Flynn said. Traders are betting the Fed will raise its lending rate in May by another quarter of a percentage point and have pushed out to late this year expectations of a rate cut, as typically occurs in a slowdown.
Meanwhile, the release of China’s first-quarter gross domestic product (GDP) data at 0200 GMT on Tuesday is expected to be positive for commodity prices, with the International energy Agency (IEA) forecasting it will account for most of 2023 demand growth. However, the IEA also warned in its monthly report that output cuts announced by OPEC+ producers risked exacerbating an oil supply deficit expected in the second half of this year and could hurt consumers and a global economic recovery. The Group of Seven coalition will keep a $60 per barrel price cap on seaborne Russian oil, a coalition official said, despite rising global crude prices and calls by some countries for a lower price cap to restrict Moscow’s revenues.
In Iraq, the federal government and the Kurdistan Regional Government (KRG) have ironed out technical issues essential to resuming northern oil exports from the Turkish port of Ceyhan to international markets, four sources told Reuters on Monday. Turkey halted Iraq’s 450,000 barrels per day (bpd) of northern exports on March 25 after an arbitration ruling by the International Chamber of Commerce (ICC), which ordered Turkey to pay Baghdad damages of $1.5 billion for the KRG’s unauthorized exports between 2014 and 2018. In Saudi Arabia, crude oil exports in February fell to 7.455 million bpd from 7.658 million bpd in January, official data showed on Monday.
U.S. shale crude oil production in the seven biggest shale basins is expected to rise in May by 49,000 bpd to 9.33 million bpd, the highest on record, data from the Energy Information Administration showed on Monday
Have a Great Day,
Loren R Bailey, President
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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.