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Market Close: Oct 25 Up, Diesel Up 4.71 cents, Gas Up 18.58 cents

Fueling Strategy: Please have your tanks full of fuel tonight before 23:00 CST, Wednesday prices will jump UP 9 cents then Thursday look for prices to continue UP 5 cents  ~ Be Safe

NMEX Crude     $ 85.32 UP $.7400

NYMEX ULSD    $3.9672 UP $.0471

NYMEX Gas      $2.9160 UP $.1858

NEWS

Diesel appears scarce heading into the northern hemisphere’s winter and will push fuel prices higher, bedeviling policymakers who are focusing on crude to tame energy inflation, warned Goldman Sachs Group in a note to clients.

Under investment in the nation’s fuel making capacity, exacerbated by refinery closures and disruptions, is leading to a shortage of refined products, especially diesel, whose stocks are at “unprecedentedly low levels,” said the bank. Goldman sees an “incredibly challenging” first quarter as the Group of 7 embargo on Russian products goes into effect.

As a result of what it’s describing as a structural shortage of product, Goldman raised its price forecast for gasoline and diesel next year to $4.32 and $5.07 a gallon, respectively, from $3.99 and $5.34. The bank sees gasoline prices higher even as it forecasts demand falling below 2021 levels.

The bank warned that many of the government’s efforts to fight higher energy prices focus on crude and have little impact on fuels, for which consumers actually pay.

“Refining constraints can create a sharp wedge between where crude and product markets clear, making policy management of crude supply less effective at controlling consumer prices,” analysts including Callum Bruce and Roman Langlois wrote in the note.

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Loren R Bailey, President

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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.