Fueling Strategy: Please “KEEP YOU TANKS TOPPED TODAY/TONIGHT” Wednesday prices will jump UP over 7 cents ~ Be Safe

NMEX Crude      $ 78.87 UP $1.2900

NYMEX ULSD     $2.7460 DN $0.0167

NYMEX Gas       $2.3444 UP $0.0388

NEWS

April WTI crude oil on Tuesday closed up +1.29 (+1.66%), and Apr RBOB gasoline closed up +3.72 (+1.45%). On Tuesday, crude oil and gasoline prices climbed to 2-week highs and closed moderately higher.  Geopolitical risks are underpinning crude prices with the ongoing Israeli-Hamas war and continued attacks by Houthi rebels on commercial shipping in the Red Sea.  Gains in crude oil were limited after Libya said it restarted crude production in its Wafa oil field, which was shut down for two days because of protesters.  

Crude prices are supported by concern that the Israel-Hamas war will widen to Lebanon after the leader of Hezbollah said it would retaliate against Israel and hit “not just army sites” in Israel after Israel attacked positions and killed civilians in Lebanon.  Hezbollah and Israel have traded fire almost daily since the Israel-Hamas war erupted on Oct 7.  Also, the U.S. and UK have engaged in airstrikes against Houthi rebels in Yemen in retaliation for Houthi attacks on commercial shipping in the Red Sea.  Attacks on commercial shipping in the Red Sea by Iran-backed Houthi rebels have forced shippers to divert shipments around the southern tip of Africa instead of going through the Red Sea, disrupting global crude oil supplies.

Crude prices also have support from Ukrainian drone attacks on Russian refineries and oil storage facilities that have curtailed Russian fuel exports.  On Feb 3, a drone attack by Ukraine damaged Russia’s Lukoil PJSC facility in Volgograd, which processed 289,000 bpd of crude oil in January, or more than 5% of Russia’s total crude processing volume.  On Jan 25, a drone attack damaged Russia’s Rosneft PJSC’s major Tuapse refinery on Russia’s Black Sea coast.  Russia said on Jan 26 that the Tuapse refinery, which processed 180,000 bpd of crude in the first half of January, will be shut down through at least February.  In recent weeks, several Russian oil processing and storage facilities have been targeted and damaged by Ukrainian drone attacks, increasing the risks of reducing Russian crude exports.

Have a Great Day!

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

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