Market Close: Feb 23 Down, Diesel DN $.0623, Gas DN $.0580
Feb 23rd, 2024 by loren
Fueling Strategy: Please “KEEP YOU TANKS TOPPED TODAY/TONIGHT” prices are down 3 cents but prices will go UP 5 cents Saturday then drop 6 cents Sunday ~ Be Safe
NMEX Crude $ 76.49 DN $2.1200
NYMEX ULSD $2.6897 DN $0.0623
NYMEX Gas $2.2767 DN $0.0580
NEWS
April WTI crude oil on Friday closed down -2.12 (-2.70%), and Apr RBOB gasoline closed down -5.82 (-2.27%). Crude oil and gasoline prices on Friday retreated on concern about Chinese energy demand. Crude was also under pressure from signs that Israel will join peace talks in Paris on the Hamas war, which could reduce some geopolitical risk. A weaker dollar and a rally in the S&P 500 to a record high on Friday were positive factors for crude prices.
Crude prices fell back Friday after Reuters reported Thursday night that Israel will send negotiators to truce talks in Paris today to talk about a ceasefire in the war with Hamas and a return of Israeli hostages. RBC Capital Markets said domestic oil demand in China has been soft, and limited stimulus measures from the government have been disappointing. Also, the growth in diesel inventories since the middle of 2023 is “a worry.”
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