X

Market Close: Feb 28 Up, Diesel up $.0011 cents, Gasoline up $.0660 cents

Fueling Strategy: Please keep your tanks topped today/tonight, Wednesday prices will go up 2.5 cents~Be Safe

Fueling Strategy: For Gasoline Users  – Please fuel have tanks topped tonight, Wednesday prices will go up 6 to 7 cents – Be Safe

NMEX Crude     $ 77.05 UP $1.3700

NYMEX ULSD    $2.8209 UP $0.0011

NYMEX Gas      $2.4343 UP $0.0660

NEWS

Oil fell for the eighth month out of the last nine as US economic slowdown fears continue to dampen market sentiment.

Despite the $2 monthly decline, crude supplies are showing signs of tightening as sanctions against Russia complicate purchases for the few buyers of the crude still left. Poland announced it is winding down purchases of Russian oil in February and March, while Indian refiners face more onerous demands from financiers wary of breaching sanctions.

Crude has struggled to find direction in February, trading within the smallest monthly range since July 2021. Amid the pessimism from rate hikes, the back half of 2023 is projected to look much better for oil bulls, on signs of an energy recovery in China, the world’s largest crude importer, and reduced output from Moscow as western sanctions tighten.

The prompt spread for WTI, the difference between the two nearest contracts, narrowed by more than 15 cents this month to 13 cents, indicating tighter supplies in the weeks ahead. West Texas Intermediate climbed more than 2% Tuesday, recouping the previous session’s losses.

PRICES:
  • * WTI for April delivery rose $1.37 to settle at $77.05 a barrel in New York.
  • * Brent for April settlement, which expires on Tuesday, rose $1.44 to settle at       $83.89 a barrel.
    • The more actively-traded May contract increased $1.41 to $83.45 a barrel.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

 

Tell Us How We’re Doing On Google Business

https://g.page/r/CUyL9wDolv04EAI/review

As always, thank you so much for being a part of the Fuel Manager Services, Inc. family, and we look forward to making this the best year yet!

 

“Celebrating 30-years of Service Excellence”

www.FuelManagerServices.com

 “To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.” ~ Douglas Adams

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.