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Market Close: Mar 03 Up

Fueling Strategy: Please partial fill tonight, wholesale prices will fall 8 cents Wednesday AM – Be Safe
NYMEX Crude      $  50.52 UP $.9300
NYMEX ULSD        $1.9395 UP $.0522
NYMEX Gasoline $1.9499 UP $.0526
Reminder: For the BEST fuel additive (more parts per million of active ingredient) go www.FuelManagerServices.com then click on additive link –
NEWS

Crude-oil futures rebounded on Tuesday, with prices for Brent leading the charge higher as violence in Libya and concerns surrounding Iran’s nuclear program raised risks to global oil supplies.

Crude-oil futures for delivery in April settled at $50.52 a barrel, up 93 cents, or 1.9%, on the New York Mercantile Exchange. Brent crude for April delivery on London’s ICE Futures exchange rose $1.48, or 2.5%, to end at $61.02 a barrel.

Netanyahu speech; strikes in Libya

Israeli Prime Minister Benjamin Netanyahu’s comments are “supposedly rallying prices due to the anti-Iranian rhetoric, although today’s rally is just part of the current whipsawing we have become accustomed to in the crude market, with focus swinging back to Libya” to rally prices, said Matt Smith, commodity analyst at Schneider Electric told Market Watch. Netanyahu, in a highly-anticipated speech to Congress, said an emerging diplomatic agreement with Iran would assure that Tehran eventually acquires a nuclear weapon. 

Meanwhile, rival forces in Libya, which is a member of the Organization of the Petroleum Exporting Countries, carried out strikes on oil terminals and an airport,Reuters reported on Tuesday.

Looking ahead: EIA weekly inventory report

The focus on Wednesday will shift to rising production and rising inventories in the U.S. with the weekly inventory report from the Energy Information Administration. A separate supply report from trade group the American Petroleum Institute will be released late Tuesday. Analysts polled by Platts expect to see a climb of 3.7 million barrels in crude inventories for the week ended Feb. 27. They’re also looking for a decline of 1.7 million barrels in gasoline stockpiles and a fall of 2.2 million barrels for distillate supplies, which include heating oil.

 

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.