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Market Close: April 19 Down

Fueling Strategy: Please fill as needed today/tonight, Thursday prices will drop 1.5 cents~Be Safe

NMEX Crude     $ 79.16 DN $1.7000

NYMEX ULSD    $2.5577 DN $0.0422

NYMEX Gas      $2.6455 DN $0.1054

NEWS

Oil fell as the latest economic report revealed the slowdown effects of monetary tightening and pushed demand concerns to the market’s forefront.

West Texas Intermediate fell the most in a month to slip below $80 after being pressured by a rising dollar and dampened risk appetite throughout the session. An economic survey from the Federal Reserve late Wednesday showed the US economy stalled in recent weeks with hiring and inflation slowing and access to credit narrowing.

While the report likely reinforces the chances that the Federal Reserve will ease its policy of interest rate hikes, the demand implications are unsettling the crude market. A report showing that the US drew from the nation’s oil reserves failed to quell worries.

“The market is laser-focused on product demand and this report will not ease concerns that demand is fragile,” said Rebecca Babin, a senior energy trader at CIBC Private Wealth, referring to Energy Information Administration data. “These numbers were not bad, but they were not good enough to keep traders sleeping well at night.”

Nationwide inventories declined 4.6 million barrels last week. Total demand rose “but not really where it matters,” said Emily Ashford, Executive Director of Energy Research, noting that gasoline demand fell and diesel consumption was effectively flat.

Despite the pullback, crude is still up from a 15-month low reached in mid-March following turmoil in the banking sector. A surprise announcement by OPEC+ on production cuts and curbed Iraqi flows pushed oil back into the $80-range. The producers’ group is looking to force consumers to take oil out of storage and shore up prices amid tentative demand growth.

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Loren R Bailey, President

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Cell: 479-790-5581

 

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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.