Market Close: Dec 01 Down
Dec 1st, 2020 by loren
Fueling Strategy: Please partial fill ONLY today/tonight, Wednesday prices will drop 2.5 cents – Be Safe Today
NYMEX Crude $ 44.55 DN $.7900
NYMEX ULSD $1.3473 DN $.0241
NYMEX Gas $1.2204 DN $.0212
NEWS
Oil prices fell on Tuesday morning as OPEC+ failed to reach an agreement regarding production cuts in 2021, with the three most influential members all disagreeing on how to proceed.
U.S. distillate inventories declined to 143 million barrels in mid-November, dipping back into five-year-average territory for the first time since May.
– Inventories hit a high of 180 million barrels in July, just short of an all-time record high reached in 1982.
– Distillate demand averaged 4.2 mb/d for the week ending on November 20, around the five-year average for this time of year.
OPEC+ delays meeting as talks continue.OPEC+ postponed a decision on its next steps until Thursday after talks proved trickier than expected. Analysts expected the group to extend its current agreement by three months or so, rather than allowing the cuts to taper beginning in January. However, Reuters reports that some members are itching to increase production. Russia has suggested easing by 0.5 mb/d each month beginning in January. At the same time, the UAE is uncomfortable with low compliance levels of other members.
Have a Great Day,
Loren R Bailey, President
Fuel Manager Services Inc.
“Serving the trucking industry since 1992”
Office: 479-846-2761
Cell: 479-790-5581
“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.”