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Market Close: Aug 03 Up

Fueling Strategy: Please fuel as needed today/tonight, Be Safe
NYMEX Crude    $ 41.01 UP $.7400
NYMEX ULSD     $1.2409 UP $.0169
NYMEX Gas       $1.2131 UP $.0420
NEWS
Oil prices rose nearly 2% on Monday on positive economic data from Europe, Asia and the United States, but investors remained concerned about rising COVID-19 cases globally and oversupply as OPEC begins to lift supply cuts. Brent crude rose 86 cents, or 2%, to $44.38 a barrel, while WTI Crude settled 74 cents, or 1.84%, higher at $41.01 per barrel.

U.S. manufacturing activity accelerated to its highest level in nearly 1-1/2 years in July as orders increased despite a resurgence in new COVID-19 infections, the Institute for Supply Management said. A similar survey showed manufacturing activity across the euro zone expanded last month for the first time since early 2019, while positive manufacturing data in Asia also boosted oil. “The industrial sector is picking back up and that portends well for demand going forward,” said John Kilduff, partner at Again Capital LLC in New York. Investors, however, continue to worry about the economic recovery as coronavirus cases climb, with known infections reaching almost 18 million globally. More countries are imposing new restrictions or extending existing curbs in an effort to control the pandemic.

The prospect of oversupply also weighed on oil prices as the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia, prepare to ease oil supply cuts while U.S. shale production begins to increase. “As weakening demand possibly intersects with rising production, a renewed supply upswing into record high territory would appear likely,” said Jim Ritterbusch of Ritterbusch Oil Associates. OPEC+ members have been cutting output by 9.7 million barrels per day (bpd) since May. This month, cuts will taper to 7.7 million bpd until December.

Russian oil and gas condensate output increased to 9.8 million bpd over Aug. 1-2, from 9.37 million bpd in July, a source familiar with data said.

Have a Great Day,
Loren R Bailey, President
Fuel Manager Services Inc.
Office: 479-846-2761
Cell: 479-790-5581
“Serving the trucking industry since 1992”
www.FuelManagerServices.com
www.owneroperatoradvisoryservice.com
“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.”
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.