Fueling Strategy: Please partial fill only today/tonight even though prices are down 12 cents, Friday prices will fall another 6.5 cents ~ Be Safe
Fueling Strategy: For Gasoline Users – Please have tanks full of fuel tonight, Friday gasoline prices will go up 2 cents ~ Be Safe
NMEX Crude $ 81.01 UP $.8600
NYMEX ULSD $3.3965 UP $.0352
NYMEX Gas $2.6121 UP $.0187
NEWS
Oil gained as energy traders grew more confident about the commodity’s immediate outlook.
Global benchmark Brent flipped from contango into a backwardated structure with the March contract surpassing April’s. The flip to oil being more expensive in the near-term signals that traders see demand outpacing supply. The spread was in contango for most of January.
US benchmark West Texas Intermediate fluctuated in a range of just over $2 in tandem with broader market swings as investors sifted through a batch of freshly released US economy figures. The US economy expanded by more than forecast in the fourth quarter but at a slower clip than the previous three months, suggesting the Federal Reserve’s attempts to restrain growth without choking it off was working.
Oil has recovered from a steep drop at the start of the year, led by demand from China — the world’s largest crude importer. Traders are starting to see a pick up in energy demand, with Chinese tourism likely having a major impact on consumption.
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