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Market Close: Aug 11 Up

Fueling Strategy: Please have completely full of fuel before 23:00 CST due to Friday prices will go UP 8 cents, then Saturday prices will go up another 8 cents ~ Be Safe
NMEX Crude     $ 94.34 UP $2.4100
NYMEX ULSD    $3.4840 UP $0.0737
NYMEX Gas      $3.0715 UP $0.0012
NEWS
Oil gained after the International Energy Agency boosted its forecast for global demand growth this year, easing concerns about consumption.

West Texas Intermediate futures settled 2.6% higher to trade above $94 a barrel while Brent again neared $100. The IEA lifted its consumption estimate by 380,000 barrels a day, saying soaring natural gas prices and heat waves are prompting manufacturers and power generators to switch their fuel to oil.

Buffeted by bullish and bearish headlines, crude has been largely rangebound near a six-month low. A brief halt of Russian flows to some parts of Europe and weaker-than-expected US inflation data pushed prices higher. The subsequent resumption of Russian supply — as well as renewed attempts to resurrect the Iranian nuclear deal — have since weighed on the market.

“It looks like demand worries might be a bit overdone, and extremely high gas prices will support oil demand during winter with gas-to-oil switching,” said Helge Andre Martinsen, a senior oil analyst at DNB Bank ASA.

In the US, average retail pump prices dropped below $4 a gallon after peaking at a record above $5 in mid-June, according to data from auto club AAA. The decline may be brief. Retail gasoline may surge back above $5 and Brent oil futures could go as high as $130, Damien Courvalin, Goldman’s head of energy research, said in a Bloomberg Television interview.

Still, there are signs of weakness in the futures market. It’s most evident in a narrowing of closely watched time differentials. WTI’s prompt spread — the gap between its two nearest contracts — has shrunk to about 87 cents a barrel in backwardation, down from $2.88 a month ago. The comparable measure for global benchmark Brent was $1.34, down by about two-thirds during the same period.

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Loren R Bailey, President
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As always, thank you so much for being a part of the Fuel Manager Services, Inc. family, and we look forward to making this the best year yet!

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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.