X

Market Close: July 12 Down, Diesel DN 10.55 cents, Gas DN 19.76 cents

Fueling Strategy: Please have your tanks completely full of fuel tonight before 23:00 CST, Wednesday prices will go UP 10 cents ~ Be Safe
NMEX Crude     $ 95.84 DN $8.2500
NYMEX ULSD    $3.6626 DN $0.1055
NYMEX Gas      $3.2646 DN $0.1976
NEWS
Oil tumbled as concerns about a global economic slowdown and growing Covid-19 cased in China reduced risk appetite among traders.

West Texas Intermediate lost as much as 8% to slip under $96 a barrel. Rising virus cases in China and looming US inflation data are stoking concerns about demand. Meanwhile, dwindling liquidity is also exacerbating price moves while money managers turned more bearish on the main oil benchmarks last week, cutting their net-long positions to the lowest since 2020. “The volatility in commodity markets increases the stakes for putting money to work,”said Rebecca Babin, senior energy trader at CIBC Private Wealth Management. “The decimation of other commodities has also reduced risk appetite for crude even in supply constrained market.”

Despite recession fears, several energy administrations agree that supply tightness is set to worsen. IEA’s Executive Director Fatih Birol said nations “might not have seen the worst” of a global energy crunch while OPEC’s first look at 2023 showed no relief from oil market tightness. Later on Tuesday, the EIA will release its Short-Term Energy Outlook.

Crude has fallen since early June on escalating fears the US may be heading for a recession as central banks hike rates aggressively to combat inflation. Yet physical markets continue to show signs of strength. Premiums for North Sea oil were bid at the highest since at least 2008. The oil futures curve also remains backwardated, where near-term contracts are more expensive than those for later delivery.

President Joe Biden is scheduled to visit Saudi Arabia this week during a tour to the Middle East as he seeks to tame high energy prices that have roiled the global economy. The US believes OPEC has room to raise production should Biden’s upcoming visit to the region yield any agreements. France’s President will meet with the leader of the UAE next week to discuss oil supplies.

Have a Great Day,
UPCOMING OUT OF OFFICE DATES:
Thursday, July 28, 2022 – August 01, 2022
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!

Marketing & Sales: Brian 817-480-2102
www.owneroperatoradvisoryservice.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.