Market Close: Aug 09 UP
Aug 9th, 2019 by loren
Fueling Strategy: Please fuel as needed today/tonight, Saturday prices will go UP 2.5 cents then Sunday look for another rise of 3.5 cents – Be Safe
NYMEX Crude $ 54.50 UP $1.9600
NYMEX ULSD $1.8080 UP $0.0314
NYMEX Gas $1.6740 UP $0.0283
NEWS
- The tit-for-tat tariff dispute between the U.S. and China has already sent oil prices plunging, in large part because of worries about a severe global economic slowdown and potentially even a U.S. recession.
- Chinese buyers recently rekindled their interest in U.S. crude, as imports climbed to a nine-month high of 247,000 barrels per day in May, according to figures from the Energy Information Administration (EIA).
- However, Stephen Brennock, oil analyst at PVM Oil Associates, told CNBC that the latest ramp-up in trade tensions would most likely reverse this trend.
Have a Great Day,
Loren R Bailey, President
Fuel Manager Services Inc.
Office: 479-846-2761
Cell: 479-790-5581