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Market Close: May 19 Up, Diesel Up 12.39 Cents

Fueling Strategy: Please partial fill only tonight, Friday prices will drop 13 cents but will jump back UP 12 cents Saturday  ~ Be Safe
NMEX Crude     $112.21 UP $2.6200
NYMEX ULSD    $3.7920 UP $0.1239
NYMEX Gas      $3.8317 UP $0.1111
NEWS

Oil rose in a choppy trading session as equity markets pared losses, shrugging off concerns of an economic recession.

West Texas Intermediate settled near $112 a barrel after trading in a $7 range on Thursday. Earlier, investors shied away from equities after Federal Reserve officials reaffirmed much tighter monetary policy lies ahead to cool an overheating economy and tame inflation.

Oil prices are up more than 40% this year amid strength in product markets, lower global inventories, and record gasoline prices. US crude data revealed continued market tightness with gasoline inventories falling to the lowest since December and a pickup in demand. “Oil markets remain a volatile trade as crude demand destruction concerns intensify,” said Ed Moya, senior market analyst at Oanda. Despite the recession concerns, the oil market remains tight and fears of large dent in “short-term crude demand outlook is overdone.”

Crude’s outlook has also been clouded as China struggles to contain a wave of Covid-19 infections. While the financial center of Shanghai has begun to emerge from a punishing lockdown, there have been fresh outbreaks in other cities and disruption in Beijing. The country is the world’s largest oil importer.

Oil markets remain in backwardation, a bullish pattern marked by near-term prices trading above longer-dated ones. Brent’s prompt spread — the difference between its two nearest contracts — was $2.24 a barrel in backwardation, compared with $1.46 a week ago.

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Loren R Bailey, President
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As always, thank you so much for being a part of the Fuel Manager Services, Inc. family, and we look forward to making this the best year yet!

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Categories: Fuel News
loren: Fuel Manager Services Inc. "Serving the trucking industry since 1992" I've been in and around the trucking industry for 45-years beginning in owner operator operations at Willis Shaw Express. I bought a small trucking company that I ran for 6-years then sold and went to work for J.B. Hunt Transport in 1982. After 10-years with Hunt, I started Fuel Manager Services, Inc., we are in our 29th year of serving the American trucking companies. Our simple goal was and is to bridge the gap between the trucking companies and the fuel suppliers.