X

Market Close: Nov 22 Mixed

Fueling Strategy: Please partial fill ONLY today/tonight, Wednesday prices will drop 2 cents then Turkey Day prices will fall another 2.5 cents ~ Be Safe

NMEX Crude     $ 80.95 UP $.9100

NYMEX ULSD    $3.4713 DN $.0260

NYMEX Gas      $2.5405 UP $.1034

NEWS

Oil edged higher as investors juggled an uncertain supply outlook alongside a European Union proposal to soften Russian crude sanctions.

Prices firmed Tuesday after a bumpy ride in the prior session that saw crude briefly plunge on speculation  OPEC+ was considering an output hike. Group leader Saudi Arabia and fellow Gulf producer Kuwait both rejected the suggestion, prompting a recovery. West Texas Intermediate futures rose to settle near $81 a barrel.

Meanwhile, the EU watered down its latest sanctions proposal for a price cap on Russia’s oil exports. The block proposed adding a 45-day transition to the introduction of the cap, softening key shipping provisions.

Covid concerns have led oil prices lower this month. Looming European sanctions on Russian flows — and a Group of Seven price-cap plan — have boosted uncertainty, with Chinese buyers pausing some Russian purchases. The cloudy outlook across the market has affected liquidity, with open interest for WTI the lowest since 2014.

“Crude is still in the process of reversing the OPEC rumor of production increases from yesterday,” said Dennis Kissler, senior vice president at Bok Financial Securities in an interview. “While China’s Covid issues are a concern, the price break the past two trading sessions was definitely overstated.”

Crude-consumption trends in China remain in the spotlight as repeated Covid-19 outbreaks prompt officials to press on with lockdowns and curbs on movement , hurting the outlook for demand. This comes just weeks after investors had speculated Beijing may be moving away from its zero-tolerance stance. 

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

 

Tell Us How We’re Doing On Google Business

https://g.page/r/CUyL9wDolv04EAI/review

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!

“Celebrating 30-years of Service Excellence”

www.FuelManagerServices.com

www.owneroperatoradvisoryservice.com 

 

“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.” ~ Douglas Adams

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.