X

Market Close: April 20 Down

Fueling Strategy: Please fill as needed today/tonight, Friday prices will drop 4 cents~Be Safe

NMEX Crude     $ 77.29 DN $1.8700

NYMEX ULSD    $2.4949 DN $0.0628

NYMEX Gas      $2.5864 DN $0.0591

NEWS

Oil prices slid by about $2 a barrel to their lowest level since late March on Thursday, dragged lower by fears a possible recession could dent fuel demand and after a rise in U.S. gasoline inventories. Brent crude futures settled at $81.10 a barrel, shedding $2.02, or 2.4%. West Texas Intermediate crude futures settled at $77.29 a barrel, losing $1.87, or 2.4%. Both benchmarks fell 2% on Wednesday and are at their lowest since just before a surprise OPEC+ production cut announcement. “At the end of the day, one of the big reasons why we’re sliding is fear of recession,” said Bob Yawger, executive director of energy futures at Mizuho.

The number of Americans filing new claims for unemployment benefits increased moderately last week, indicating the labor market was slowing after a year of interest rate hikes by the U.S. Federal Reserve, and fanning concerns about a slowdown in fuel demand.

Gasoline inventories jumped unexpectedly last week by 1.3 million barrels to 223.5 million barrels, the U.S. Energy Information Administration said in its report on Wednesday. Implied gasoline demand also fell 3.9% from year-ago levels to 8.5 million barrels a day. U.S. crude stockpiles, meanwhile, dropped by 4.6 million barrels, but analysts said that decline could be short-lived. “Although yesterday’s EIA crude stock draw of more than 4.5 million barrels looked supportive, all of the reduction was related to a spike in crude export activity that could easily be reversed in next week’s EIA,” said Jim Ritterbusch of consultancy Ritterbusch and Association.

Easing some concern about a rate hike-induced recession in the world’s largest oil consuming nation, economist polled by Reurters expected the Fed to end its tightening with a final 25 basis point rate rise in May. In Britain, persistent double-digit inflation has bolstered expectations of a further Bank of England rate hike.

On the supply side, oil loading from Russia’s western ports in April is likely to rise to the highest since 2019, trading and shipping sources said. Pakistan has placed its first order for discounted Russian crude under a new deal which could cover 100,000 barrels per day, the country’s petroleum minister said. Also weighing on crude prices, equity markets, which often move in tandem with oil prices, were down after disappointing results from Tesla and other companies.

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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.