Feed on
Posts
Comments
Fueling Strategy: Please fuel as needed today/tonight ~ Be Safe Today
NMEX Crude     $102.60 UP $5.0100
NYMEX ULSD    $3.6555 DN $0.0435
NYMEX Gas      $3.2643 UP $0.0511
 
NEWS
Oil rallied above $100 after the Saudis declined to make any promises regarding future output increases, while a weaker dollar also helped put wider commodity markets on firmer footing. West Texas Intermediate rose 5.1% to settle above $102 a barrel on Monday. Saudi ministers insisted at the conclusion of President Joe Biden’s visit last week that oil policy decisions would be dictated by market logic and with coalition agreement. Iraq’s oil minister told Bloomberg he sees oil trading above $100 for the rest of the year.

This week’s opening rebound is largely driven by a weaker US Dollar and higher equity markets, said Dennis Kissler, senior vice president of trading at BOK Financial. “Saudi Arabia gave no signs of immediate production increases coming, which sums up to last week’s selloff probably being over exaggerated.”

Crude has slumped since mid-June as concerns about a potential recession ripped through commodity markets, eroding gains that followed Russia’s invasion of Ukraine. Nonetheless, Biden remains eager to get the Organization of Petroleum Exporting Countries to add supplies to bring prices down further and help quell inflation.

OPEC and its allies next meet on Aug. 3 after members agreed to revive the crude supplies that were halted during the coronavirus pandemic. Analysts at RBC see Saudi Arabia and a handful of other producers likely to making another modest supply hike.

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