Market Close: Oct 21 Up
Oct 21st, 2022 by loren
Fueling Strategy: Please partial fill only tonight due to Saturday prices will drop almost 15 cents so keep your tanks topped due to Sunday prices will go back up 7.5 cents! Be Safe
NMEX Crude $ 85.10 UP $.5400
NYMEX ULSD $3.8323 UP $.0755
NYMEX Gas $2.6620 UP $.0142
NEWS
Oil edged higher after a volatile week of trading as concerns over a global economic slowdown continued to dun the market. West Texas Intermediate futures rose 0.6% to settle above $85, marking a weekly gain. Prices have been oscillating within a narrow band since late-September as investors juggle slowdown fears against signs of oil-market tightness, while fluctuating risk sentiment in broader markets whipsaws crude prices.
Oil has a lost a third of its value since early June due to slowdown concerns and aggressive measures by central banks to tame inflation, However, the market is facing a period of supply uncertainty in coming months as OPEC+ cuts output and the European Union implements sanctions on Russian flows. “The bullish side of tighter supplies, especially diesel, against rising interest rates and a possible coming recession is keeping a nervous choppy trade in crude space,” said Dennis Kissler, senior vice president at Bok Financial Securities.
Brent remains steeply backwardated, a bullish structure where near-dated contracts are more expensive than later-dated ones. The prompt time spread was $2.17 a barrel in backwardation, compared with $1.48 a week earlier.
The impact of the looming sanctions on Russia, which will include petroleum products from early next year, is already filtering through the broader market. Croatia is working to wean its refinery off of Russian feedstock, while some Indian refiners have halted new spot purchases.
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