Market Close: March 07 Mixed, Diesel UP $.0314, Gas UP $.0009
Mar 7th, 2024 by loren
Fueling Strategy: Please “KEEP YOU TANKS TOPPED TODAY/TONIGHT” prices are down 4 cents but will go UP 6 cents Friday ~ Be Safe
NMEX Crude $ 79.93 DN $.2000
NYMEX ULSD $2.6947 UP $.0314
NYMEX Gas $2.5548 UP $.0009
NEWS
April WTI crude oil closed down -0.20 (-0.43%), and Apr RBOB gasoline closed UP -0.0009 (-0.08%). Crude oil and gasoline prices this morning are trading lower after weaker-than-expected global economic news sparked energy demand concerns. Losses in crude are limited after the dollar index tumbled to a 1-week low. Also, today’s rally in the S&P 500 to a record high boosts confidence in the economic outlook, which is positive for energy demand. Today’s global economic news was weaker than expected, a bearish factor for energy demand and crude prices. The U.S. Jan trade deficit increased to -$67.4 billion, wider than expectations of -$63.3 billion and the largest deficit in 9 months, a negative factor for Q1 GDP. Also, German Jan factory orders fell -11.3% m/m, weaker than expectations of -6.0% m/m and the biggest decline in 3-3/4 years.
Today’s action by the ECB to cut its Eurozone 2024 GDP forecast to 0.6% from a December forecast of 0.8% is bearish for energy demand and crude prices. A decline in Russian crude oil exports is supportive of crude oil prices. Tanker-tracking data from Vortexa, monitored by Bloomberg, shows Russian crude exports in the week to March 3 fell about -230,000 bpd from the prior week to 2.78 million bpd, the lowest in five weeks.
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Loren R Bailey, President
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