Market Close: Feb 28 DOWN, Diesel DN $.0877, Gas DN $.0734
Feb 28th, 2024 by loren
Fueling Strategy: Please “PARTIAL FILL ONLY TODAY/TONIGHT” prices are up 7.5 cents but will go DOWN 2 cents Thursday ~ Be Safe
NMEX Crude $ 78.54 DN $.3300
NYMEX ULSD $2.6583 DN $.0877
NYMEX Gas $2.2710 DN $.0734
NEWS
April WTI crude oil closed down -0.33, and Apr RBOB gasoline closed down -7.34, and ULSD closed down – 8.77 Crude oil and gasoline prices this morning gave up an early advance and are moderately lower, with crude falling from a 3-1/2 month high on a bearish weekly EIA inventory report. Also, today’s rally in the dollar index to a 1-week high is weighing energy prices. Crude prices today initially moved higher due to ongoing tensions in the Middle East and expectations that OPEC+ next week will decide to extend roughly 2 million bpd of crude production cuts beyond March.
Today’s global economic news was weaker-than-expected and bearish for energy demand and crude prices. U.S. Q4 GDP was revised downward by -0.1 to 3.2% (q/q annualized) from the previously reported 3.3%. Also, the Eurozone Feb economic confidence index unexpectedly fell -0.7 to 95.4, weaker than expectations of an increase to 96.6.
Crude prices are supported by concern that the Israel-Hamas war will widen to 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.
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