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Market Close: Oct 13 Down

Fueling Strategy: Please fill as needed tonight, Be Safe!
NYMEX Crude        $  85.74 DN $.0800
NY Harbor ULSD    $2.5568 DN $.0034
NYMEX Gasoline    $2.2553 DN $.0022
DON’T FORGET TO BUY YOUR ADDITIVE:
www.fuelmanagerservices.com then click on buy-additive
NEWS

Crude-oil futures were sharply lower in Asian trade Monday, extending their slide from last week as positive Chinese trade data and an increase in September crude imports failed to bolster global oil prices.

On the New York Mercantile Exchange, light, sweet crude futures for delivery in November traded at $84.46 a barrel, down $1.36 in the Globex electronic session. November Brent crude on London’s ICE Futures exchange fell $1.43 to $88.78 a barrel. Nymex WTI crude lost 4.37% last week and has fallen for two consecutive weeks, while Brent crude has fallen for three consecutive weeks and lost 2.27% last week. Official customs data showed that China’s overall exports and imports in September rose from a year earlier, and topped market expectations, indicating an improvement in the country’s economy. China, the world’s second-largest consumer of oil, also posted a 7.4% increase in September crude imports from a year earlier and a rise of around 9.5% from August, according to The Wall Street Journal’s calculations. However, market participants were unconvinced that the numbers indicate a sustained improvement in oil demand, and remained concerned about more price cuts by Middle Eastern oil producers.

Most recently, Iran cut its oil official selling prices to Asia to its lowest level since December 2008, soon after a similar cut by Saudi Arabia and the United Arab Emirates to multi-year lows. “We expect producers to continue their strategy of maintaining or building market share in the region as the supply overhang persists,” Barclays analyst Miswin Mahesh said in a weekly report. Speculators continued to liquidate their holdings in oil markets as prices fall below key support levels. Money managers such as hedge funds added bearish bets for Nymex WTI contracts and reduced net-long positions by 4.8% in the week October 7, latest CFTC data showed.

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.