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Market Close: Jan 30 Up

Fueling Strategy: Please fill as needed tonight, Saturday AM we’ll see a small drop of one penny but please double fill Saturday, Sunday AM wholesale prices will go up 7 cents – Be Safe Today!
NYMEX Crude        $  48.24 UP $3.7100
NY Harbor ULSD    $1.6863 UP $0.0679
NYMEX Gasoline   $1.4152 UP $0.0615
Reminder: For the BEST fuel additive (more parts per million of active ingredient) go www.FuelManagerServices.com then click on additive link –
NEWS

Oil prices soared Friday, achieving their biggest daily percentage gain in two and a half years, yet still wrapped up January with a big loss. Analysts said factors behind oil’s jump on Friday included news of a huge drop in U.S. rig counts as producers respond to oversupply, as well as short covering on the last day of the month.

Light, sweet crude for March delivery on the New York Mercantile Exchange, also known as West Texas Intermediate, settled up by $3.71, or 8.3%, at $48.24 a barrel. It was the largest one-day percentage advance since June 2012, coming just one day after the contract traded below the $44-a-barrel level for the first time in nearly six years. For the week, the U.S. oil benchmark gained 5.8%, leaving it down 9.4% for the month after it earlier showed a double-digit percentage decline for January. WTI has dropped for seven months in a row, and it remains off 55% from its June peak.

The number of U.S. oil-drilling rigs dropped by 94 in the past week, representing the largest one-week decrease since at least 1987, according to data out Friday from oilfield-services firm Baker Hughes. The rig-count news, short covering and technical factors helped drive oil higher Friday, said Phil Flynn, senior market analyst at the Price Futures Group. He said his firm had been keep an eye on the $44-a-barrel level for WTI, and that area — “a big support line” ended up holding this week. “That was probably a final sign to shorts that they better take their money,” Flynn told Market Watch.

In other energy markets, ICE Brent crude, the global oil benchmark, also surged Friday, with the March contract settling up by $3.86, or 7.9%, at $52.99 a barrel. Brent gained 8.6% for the week, but dropped 7.6% for the month.

 

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.