Market Close: March 27 DOWN, Diesel DN $.0232, Gas DN $.0159
Mar 27th, 2024 by loren
Fueling Strategy: Please “PARTIAL FILL ONLY” today/tonight, Thursday prices will drop 6 cents THEN Friday look for another 2.5 cent drop ~ Please Be Safe
NMEX Crude $ 81.35 DN $.2700
NYMEX ULSD $2.5986 DN $.0232
NYMEX Gas $2.6847 DN $.0159
NEWS
May WTI crude oil on Wednesday closed down -0.27, and May RBOB gasoline closed down -1.59. Crude and gasoline prices on Wednesday posted mild losses, with gasoline falling to a 1-1/2 week low. A stronger dollar on Wednesday was bearish for energy prices. Also, Wednesday’s weekly EIA report was mainly bearish after crude and gasoline inventories unexpectedly rose.
Weakness in the crude crack spread was bearish for crude as the crack spread Wednesday dropped to a 2-1/2 week low. The weaker crack spread discourages refiners from purchasing crude and refining it into gasoline and distillates.
Crude has support from the recent Ukrainian drone attacks on Russian refineries that damaged several Russian oil processing facilities, limiting Russia’s fuel exporting capacity. Bloomberg calculations show Russian refiners processed 5.03 million bpd of crude during March 14-20, down -400,000 bpd from the average for the first 13 days of March and the lowest in 10 months. JPMorgan Chase said it sees 900,000 bpd of Russian refinery capacity that could be offline “for several weeks if not months” from the attacks, adding $4 a barrel of risk premium to oil prices.
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Loren R Bailey, President
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