Market Close: May 01 Down, Diesel DN $.0681, Gas DN $.1138
May 1st, 2024 by loren
Fueling Strategy: Please “PARTIAL FILL ONLY” today/tonight, Thursday prices will drop 1.5 cent ~ Please Be Safe
NMEX Crude $ 79.00 DN $2.9300
NYMEX ULSD $2.4595 DN $0.0681
NYMEX Gas $2.5774 DN $0.1138
NEWS
June WTI crude oil on Wednesday closed down -2.93, and June RBOB gasoline closed down -11.38. Crude and gasoline prices Wednesday tumbled to 1-1/2 month lows and closed sharply lower. Crude prices are under pressure due to the potential for a cease-fire between Israel and Hama, which eases concerns about the escalation of the conflict and possible disruptions to Middle East crude supplies. Losses in crude accelerated Wednesday after weekly EIA crude inventories unexpectedly rose to a 10-month high.
Wednesday’s US economic news was mixed for energy demand and crude prices. On the negative side, Mar JOLTS job openings fell -325,000 to a 3-year low of 8.488 million, showing a weaker labor market than expectations of 8.680 million. Also, the Apr ISM manufacturing index fell -1.1 to 49.2, weaker than expectations of 50.0. In addition, Mar construction spending unexpectedly fell -0.2% m/m, weaker than expectations of a +0.3 % m/m increase. On the positive side, the Apr ADP employment change rose +192,000, stronger than expectations of +183,000.
A decrease in crude in floating storage is bullish for prices. Monday’s weekly data from Vortexa showed that the amount of crude oil held worldwide on tankers that have been stationary for at least a week fell -17% w/w to 62.83 million bbl as of April 26.
Reduced crude demand in India, the world’s third-largest crude consumer, is negative for oil prices after India’s March oil demand fell -0.6% y/y to 21.09 MMT.
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Loren R Bailey, President
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