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Market Close: Oct 18 Down

Fueling Strategy: Please top your keep tonight before 23:00 tonight, Wednesday prices will jump UP 11 cents ~ Be Safe

NMEX Crude     $ 82.82 DN $2.6400

NYMEX ULSD    $3.9935 DN $0.0917

NYMEX Gas      $2.5506 DN $0.0425

NEWS

President Joe Biden will announce an additional release of crude oil from the Strategic Petroleum Reserve on Wednesday in the range of 10 million to 15 million barrels, sources familiar with the plan told CNBC. The move aims to extend the current SPR delivery program, which began this spring, through December, the sources said.

The EU embargo on Russian oil is scheduled to go into effect on Dec. 5, and the White House release is intended to offset some of the expected volatility in the oil market stemming from the implementation of the EU embargo. So far this year, the White House has released about 165 million barrels of crude from the SPR, out of a total that it said would be around 180 million. The announcement of an additional 10 million to 15 million barrels on Wednesday would represent the culmination of the current release.

The White House and Energy Department did not respond to requests to comment.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

 

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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.