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Market Close: Dec 10 Mixed

Fueling Strategy: Please partial fill tonight, Friday AM wholesale prices will fall another 2 cents – Please Be Safe Today!!

NYMEX Crude $ 36.76 DN $.4000
NY Harbor ULSD $1.2251 DN $.0138
NYMEX Gasoline $1.2802 UP $.0485

NEWS
Oil prices settled under $37 a barrel on Thursday for the first time since 2009, after data from the Organization of the Petroleum Countries’ report showed that the group increased its crude production in November to its highest monthly level in three years.

Natural-gas futures, meanwhile, ended with a loss after a U.S. government report showed that supplies fell more than expected last week, but total stocks remained well above the year-ago level. On the New York Mercantile Exchange, January West Texas Intermediate crude shed 40 cents, or 1.1%, to settle at $36.76 a barrel. That was the lowest settlement for a most-active contract since February 2009 and prices have now extended their losing streak to a fifth straight session. January Brent crude on London’s ICE Futures exchange slipped 38 cents, or 1%, to $39.73 a barrel.

OPEC’s monthly report revealed total production rose in November by 230,100 barrels a day from October, to 31.695 million barrels a day, largely due to higher output from Iraq. But the cartel cut its 2016 estimates for non-OPEC output by 250,000 barrels a day to average 57.14 million barrels a day, noting that U.S. shale-oil production has been falling since April. OPEC said that process should speed up, notably due to the sharp fall in oil prices. “While non-OPEC members may slow producing as a result of lower prices, the oil cartel continues an aggressive production pace in a market-share Battle Royale,” said John Macaluso, an analyst at Tyche Capital Advisors. Macaluso expects WTI prices to test the 2008 low of $32.48 going into the year-end. The OPEC report was the first since the cartel last week decided to essentially raise its production ceiling to 31.5 million barrels of oil a day, to reflect the “current actual production,” a move that sent oil prices tumbling.

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.