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Market Close: Jan 30 Down, Diesel Down 15.47 cents, Gasoline Down 8.97 Cents

Fueling Strategy: Please fuel as needed today/tonight ~ Be Safe Today

Fueling Strategy: For Gasoline Users  – Please don’t fuel tonight, Tuesday gasoline prices will drop 9 cents ~ Be Safe

NMEX Crude     $ 77.90 DN $1.7800

NYMEX ULSD    $3.1108 DN $0.1547

NYMEX Gas      $2.4989 DN $0.0897

NEWS

Oil fell to its lowest in almost three weeks, with technical indicators driving the market’s direction amid a lack of clarity on crude demand.

While China’s reopening spurred a rally in crude in recent weeks, the market has struggled to hold those levels as prices test their 50-day and 100-day moving averages. That’s prompting commodity trading advisors to sell, dealers said. At the same time, oil traders bullish on Chinese demand are still waiting for the rebound in consumption to ripple from industrial metals to crude.

Oil has been bumpy in recent months — with prices supported by demand from China, the White House’s goal of refilling the Strategic Petroleum Reserve and the European Union’s impending ban on seaborne imports of Russian oil products. Still, the potential for contractions in western economies has kept prices from advancing too far. 

Price momentum across energy markets declined through last week, and the short-term trading signal on Brent traded on the Intercontinental Exchange switched to a sell, JPMorgan Chase & Co. analysts including Tracey Allen said in a note.

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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.