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Market Close: Oct 20 Mixed, Diesel Down 14.75 cents

Fueling Strategy: Please fuel as needed today BUT plan on Friday’s 9 cent drop in prices then Saturday prices will drop almost 15 cents! Be Safe

NMEX Crude     $ 85.98 UP $.4300

NYMEX ULSD    $3.7568 DN $.1475

NYMEX Gas      $2.6478 DN $.0044

NEWS

Oil settled little changed, paring earlier gains, after a drop in broader equity markets countered optimism that China may ease quarantine restrictions.

West Texas Intermediate’s more active December futures contract settled near $85 a barrel after a choppy session. Prices have been oscillating within a narrow band since late-September, taking cues from fluctuating risk sentiment in broader markets. Earlier in the session, prices rallied as Chinese bureaucrats debated whether to reduce mandatory-quarantine periods for visitors. The market is “still searching for a direction,” said Rob Haworth, senior investment strategist at U.S. Bank Wealth Management. “The market may be reaching a point where it’s finding a bit more of a range until we really understand that there’s a trend to global economic activity.”

Crude has seen choppy trading this month, with the market caught between worries about a global economic slowdown and supply curbs from the Organization of Petroleum Exporting Countries and its allies. The US has released oil from emergency reserves to cool prices, while also saying it will refill that supply if prices are at or below $67 to $72. “The Biden administration basically put in hard floor for WTI crude,” said Ed Moya, senior market analyst at Oanda Corp. “Which means oil should remain supported if China doesn’t suffer a major Covid setback.”

China’s Covid Zero strategy, which relies on mass testing and lockdowns to stamp out infections, has added to bearish factors weighing on global crude demand this year. The shift in policy would need to be approved by senior leaders, so could still be altered or not deployed at all, said one person.

There are still questions about China’s demand outlook, with the nation’s oil buying muted in the latest trading cycle, even after refiners were allocated new quotas to export oil products. Infections have also swelled in Beijing to the highest in four months, stoking concerns about potential curbs as the flareup worsens in the middle of the twice-a-decade party congress.

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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.