Fueling Strategy: Please fill as needed today/tonight, Friday AM wholesale prices will fall less than 1/2 cents – Be Safe Today/Tonight!
NYMEX Crude $ 47.70 DN $.3400
NY Harbor ULSD $1.4901 DN $.0067
NYMEX Gasoline $1.5896 DN $.0123
NEWS
Oil prices extended their streak of losses on Thursday, as traders focused on the persistent oversupply of crude in the global market that has weighed on prices in recent years.
The record in U.S. stockpiles of crude oil reported Wednesday fed concerns over a global glut of supplies, despite expectations that U.S. demand for gasoline is set to grow in the run up to the summer driving season.
Oil prices saw a late-session surge on Wednesday, but still closed lower. Data early Wednesday from the U.S. Energy Information Administration showed that U.S. crude supplies rose by 5 million barrels to a record high of 533.1 million barrels.
“Fundamentals once again tipped in favor of the bears [Wednesday], with the latest numbers from the EIA reminding the market that global crude remains oversupplied,” said Robbie Fraser, commodity analyst at Schneider Electric, in a note.