X

Market Close: Oct 06 Up

Fueling Strategy: Please fill as needed tonight, Be Safe!
NYMEX Crude        $  90.34 UP $.6000
NY Harbor ULSD    $2.6213 UP $.0050
NYMEX Gasoline    $2.4132 UP $.0347
NEWS
Oil futures edged higher Monday, taking advantage of a pause in the dollar rally to rebound from heavy losses that last week sent the global benchmark to its lowest finish in more than two years.

ICE November Brent futures rose 48 cents, or 0.5%, to $92.79 a barrel, rebounding from Friday’s drop to the lowest close for a nearby futures contract since June 2012. Nymex WTI crude futures for November delivery the U.S. benchmark, rose 60 cents, or 0.7%, to $90.34 a barrel, rebounding from a six-month low set in the biggest down week since early August. Traders blamed the surging U.S. dollar for weakness across commodity markets last week. A stronger currency can weigh on commodities priced in dollars by making them more expensive to users of other currencies.

The ICE dollar index a measure of the U.S. currency against a basket of six major rivals, rose 1.2% last week. The index retreated Monday. The dollar extended gains on Friday after a stronger-than-expected U.S. jobs report. Some strategists, however, argue that the dollar’s strength and broad weakness in commodities may be cause for concern about the global economic outlook as investors weigh weak data in China, the eurozone and elsewhere outside the U.S. To dismiss the fall in oil and other commodities “as just [a function of] the dollar fails to grasp what the dollar is trying to say about the global economy and where we are going from here,” said Phil Flynn, senior market analyst at Price Futures Group in Chicago, in a note. “It represents a total about face from where we were at the beginning of the financial crisis and it signals that around the globe many economies still face struggles that will take its toll on demand, he said.

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.