Market Close: March 08 DOWN, Diesel DN $.0538, Gas DN $.0276
Mar 8th, 2024 by loren
Fueling Strategy: Please “KEEP YOU TANKS TOPPED TODAY/TONIGHT” Prices will go UP 3 cents Saturday, Saturday “PARTIAL FILL ONLY” due to prices will drop 5 cents Sunday ~ Be Safe
NMEX Crude $ 78.01 DN $.9200
NYMEX ULSD $2.6409 DN $.0538
NYMEX Gas $2.5272 DN $.0276
NEWS
Crude oil and gasoline prices gave up an early advance and turned lower on Chinese energy demand concerns. Crude prices today initially moved higher after the dollar index dropped to a 7-week low. Also, today’s rally in the S&P 500 to a new record high boosts confidence in the economic outlook and is positive for energy demand and crude prices.
Crude prices came under pressure today after the president of China National Petroleum Corp’s Economics & Technology Research Institute said China’s oil demand has entered a low-growth phase as greater use of electric vehicles and liquified natural gas will replace about 20 MMT or 10-12% of China’s gasoline and diesel consumption this year.
Today’s global economic news was mixed for energy demand and crude prices. On the negative side, the U.S. Feb unemployment rate rose +0.2 to a 2-year high of 3.9%, showing a weaker labor market than expectations of no change at 3.7%. Also, Japan Jan household spending fell -6.3% y/y, weaker than expectations of -4.1% y/y and the biggest decline in nearly three years. On the positive side, German Jan industrial production rose +1.0% m/m, stronger than expectations of +0.6% m/m and the biggest increase in 11 months.
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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