Market Close: March 01 UP, Diesel UP $.0543, Gas UP $.0334
Mar 1st, 2024 by loren
Fueling Strategy: Please “KEEP YOU TANKS TOPPED TODAY/TONIGHT” prices are down 9 cents but will go UP 3 cents Saturday ~ Be Safe
NMEX Crude $ 79.97 UP $1.7100
NYMEX ULSD $2.7042 UP $0.0543
NYMEX Gas $2.6144 UP $0.0334
NEWS
April WTI crude oil on Friday up +1.71 (+2.19%), and Apr RBOB gasoline closed up +3.34 (+1.29%). Crude oil and gasoline prices on Friday closed moderately higher, with crude posting a 3-3/4 month high and gasoline posting a 5-1/2 month high. A weaker dollar on Friday was supportive of energy prices. Crude also has support on expectations that OPEC+ next week would extend its roughly 2 million bpd of crude production cuts beyond March. In addition, the ongoing attacks by Houthi rebels on commercial shipping in the Red Sea have disrupted Middle Eastern crude supplies and strengthened the U.S. physical oil markets as foreign buyers turn to U.S. crude supplies to avoid shipping issues. Crude prices fell back from their best levels Friday after weekly data from Baker Hughes showed active U.S. oil rigs rose to a 5-month high.
Crude prices are supported by concern that the Israel-Hamas war will widen to Lebanon. Hezbollah and Israel have traded fire almost daily since the Israel-Hamas war erupted on Oct 7. Also, the U.S. and UK have engaged in airstrikes against Houthi rebels in Yemen in retaliation for Houthi attacks on commercial shipping in the Red Sea. Attacks on commercial shipping in the Red Sea by Iran-backed Houthi rebels have forced shippers to divert shipments around the southern tip of Africa instead of going through the Red Sea, disrupting global crude oil supplies.
Friday’s U.S. economic news was weaker-than-expected and bearish for energy demand and crude prices. The Feb ISM manufacturing index unexpectedly fell -1.3 to 47.8, weaker than expectations of an increase to 49.5. Also, Jan construction spending unexpectedly fell -0.2% m/m, weaker than expectations of +0.2% m/m and the biggest decline in 15 months. In addition, the University of Michigan U.S. Feb consumer sentiment index was revised downward by -2.7 to 76.9, weaker than expectations of no change at 79.6.
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Loren R Bailey, President
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