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Market Close: Dec 23 Up

Fueling Strategy: Please have have full of fuel tonight before 23:00 CST, Friday prices will go up another 5 cents the Christmas day 2.5 cents will be added to the price of fuel~ Be Safe
NMEX Crude      $ 73.80 UP $1.0300
NYMEX ULSD     $2.3314 UP $0.0236
NYMEX Gas       $2.2061 UP $0.0381
NEWS

Oil futures rose for a third straight session Thursday, with the U.S. benchmark ending a holiday-shortened week at a one-month high as worries over the effect of the omicron variant’s effect on demand faded.

West Texas Intermediate crude for February delivery rose $1.03, or 1.4%, to close at $73.79 a barrel on the New York Mercantile Exchange, the highest finish since Nov. 24. WTI rose 4.3% for the week, with U.S. markets closed Friday for Christmas. February Brent crude, the global benchmark, rose $1.56, or 2.1%, to finish at $76.85 a barrel on ICE Futures Europe, the highest close since Nov. 25.

Encouraging data regarding the effectiveness of COVID-19 vaccine boosters against the omicron variant of the coronavirus were helping to underpin oil, analysts said, as well as studies indicating the strain was relatively less severe than the delta variant, though more infectious. Crude found support the previous session after a larger-than-expected drawdown in U.S. crude inventories. Crude prices stabilized after a raft “of mostly positive COVID vaccine/treatment headlines in the fight against omicron,” said Edward Moya, senior analyst at Oanda, in a note. “It seems all the major catalysts that await oil in the New Year lean towards higher prices,” he said. “This week, supply disruptions from Libya and Nigeria and a bullish EIA report have WTI crude trading comfortably above the $70 level. The U.S. is a net exporter again, diesel demand roared back, and stockpiles are dropping.”

Crude maintained gains after oilfield services firm Baker Hughes said the number of U.S. oil rigs rose by 5 to 480 this week. Gasoline futures rose after a fire at ExxonMobil Corp’s Baytown, Texas, refinery — the nation’s fourth largest. The company said the blaze was extinguished. The fire left four individuals injured, the company said. January gasoline futures RBF22 rose 1.8% to close at $2.2061 a gallon, after trading as high as $2.21, its highest intraday level since Nov. 26. January heating oil settled at $2.3314, up 1%.

In news that suggested the impact of the omicron variant may not affect energy demand as much as feared, a University of Oxford study found a third dose of AstraZeneca’s vaccine was effective against omicron. Also, Novavax said early data showed its COVID-19 vaccine produces an immune response. On Wednesday, the Food and Drug Administration authorized Pfizer Inc.’s COVID-19 antiviral pill, adding to the arsenal that can be used to fight the disease, and on Thursday the agency authorized Merck & Co. Inc.’s antiviral pill for adults who have tested positive for the virus and are at high risk of disease progression.

Have a Great Day,

Loren R Bailey, President
Office: 479-846-2761
Cell: 479-790-5581
Marketing & Sales: Brian 817-480-2102
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.