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Market Close: Oct 06 Up

Fueling Strategy: Please keep tanks topped tonight, Wednesday prices will jump UP 5 cents then Thursday look for another jump UP of 6 Cents – Be Safe Today
NYMEX Crude    $ 40.67 UP $1.4500
NYMEX ULSD     $1.1886 UP $0.0553
NYMEX Gas       $1.2351 UP $0.0410
NEWS
Oil prices rose more than $1 a barrel on Tuesday, supported by U.S. supply disruptions caused by an approaching hurricane in the Gulf of Mexico and an oil worker strike in Norway. Energy companies shut offshore oil platforms as Hurricane Delta strengthened to a Category 2 and was on track to reach the Gulf of Mexico on Thursday. It would be the 10th named storm to hit the United States this year, which would break a record dating back more a century.

Brent Crude Futures were up $1.40, or 3.41%, at $42.69 a barrel. WTI Crude Futures settled $1.45, or 3.7%, higher at $40.67. “The tropical storms are driving us up a bit with the shut-downs in production,” said Phil Flynn, senior analyst at Price Futures Group in Chicago.

Royal Dutch Shell Plc said it was evacuating nonessential workers from all nine of its offshore Gulf of Mexico operations and preparing to shut production. Equinor ASA and BHP Group Ltd also shut in production and evacuated workers from platforms, the companies said. Norway’s petroleum output has declined by 8% due to an oil worker strike. A major labor union in the country is trying to resolve the dispute with oil companies, which have shut six offshore oil and gas fields.About 60% of the total cuts were in natural gas, with crude oil and natural gas liquids making up the rest, Reuters calculations show.

Risk assets also fed off U.S. President Donald Trump’s return to the White House following three days in the hospital for treatment for COVID-19. House Speaker Nancy Pelosi and Treasury Secretary Steven Mnuchin spoke are prepared to talk on Tuesday in an effort to reach a compromise over a U.S. economic relief package. UPDATE: TRUMP CANCELED ALL U.S. ECONOMIC RELIEF MEETINGS UNTIL AFTER THE ELECTION

“The oil market desperately needs that to get oil propped up and demand stoked,” said John Kilduff, partner at Again Capital LLC in New York.

Have a Great Day,

Loren R Bailey, President
Fuel Manager Services Inc.
“Serving the trucking industry since 1992”
Office: 479-846-2761
Cell: 479-790-5581
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.”
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.