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Market Close: Nov 05 Mixed

Fueling Strategy: Please partial fill only tonight, Thursday AM wholesale prices will drop another 5 cents then Friday AM wholesale prices will drop less than 1/2 cent- Be Safe
NYMEX Crude         $  78.68 UP  $1.4900
NY Harbor ULSD    $2.4387 DN $0.0040
NYMEX Gasoline    $2.0867 UP  $0.0087
DON’T FORGET TO BUY YOUR ADDITIVE:
www.fuelmanagerservices.com then click on buy-additive
NEWS

U.S. crude-oil futures settled higher Wednesday after a U.S. supply report showed a smaller-than-expected increase in crude inventories. On the New York Mercantile Exchange, light, sweet crude futures for delivery in December rose $1.49, or 1.9%, to settle at $78.68 a barrel. That snapped a four-session losing streak that took prices to their lowest in three years. It was also oil’s largest one-day gain in nearly two weeks. December Brent crude on London’s ICE Futures exchange gained 13 cents, or 0.2%, to finish at $82.95 a barrel. That put an end to four straight sessions of losses that had sent Brent to a four-year low on Tuesday.

The Energy Information Administration, on Wednesday, said U.S. supplies rose 500,000 barrels on the week ended Oct. 31. Analysts polled by Platts had expected an increase by 1.2 million barrels for the week. The EIA also reported gasoline supplies declined by 1.4 million barrels, and supplies of distillates decreased by 700,000 barrels. The analysts surveyed by Platts had expected gasoline inventories to decline 200,000 barrels and stockpiles of distillates, which include heating oil, to fall by 1.1 million barrels. The supply figures lifted, at least temporarily, concerns about a supply glut in oil, and was enough to spur buying.

Major oil contracts were hit hard Tuesday by news that Saudi Arabia adjusted prices for its oil sold in the U.S. Weak economic data from Europe also weighed on the market, analysts said. A psychological limit of $80 a barrel may help set an artificial floor for Brent-crude prices, said Tim Evans, an analyst with Citi.

 

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.