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Market Close: Oct 21 Up

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.

Have a Great Day,

Loren R Bailey, President

Office: 479-846-2761

Cell: 479-790-5581

 

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As always, thank you so much for being a part of the Fuel Manager Services, Inc. family, and we look forward to making this the best year yet!

 

“Celebrating 30-years of Service Excellence”

www.FuelManagerServices.com

www.owneroperatoradvisoryservice.com 

 

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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.