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Market Close: Oct 28 Up

Fueling Strategy: Please fill as needed today and tonight, Wednesday AM look for a small downward correction of a little over 1/2 cent per gallon, Thursday AM wholesale prices will jump UP 2 cents – Be Safe Tonight
DON’T FORGET TO BUY YOUR ADDITIVE:
www.fuelmanagerservices.com then click on buy-additive
NYMEX Crude         $  81.42 UP $.4200
NY Harbor ULSD    $2.4931 UP $.0178
NYMEX Gasoline    $2.1961 UP $.0259
NEWS

Crude-oil futures rose on Tuesday, ending a two-day losing streak as prices under $80 seemed to attract bargain hunters. On the New York Mercantile Exchange, light, sweet crude futures for delivery in December rose 42 cents, or 0.5%, to settle at $81.42 a barrel. December Brent crude on London’s ICE Futures exchange added 20 cents, or 0.2%, to $86.03 a barrel.

Oil markets regained ground after Goldman Sachs on Monday slashed price forecasts for next year, denting prices. New York-traded oil was under $80 a barrel for most of Monday, although futures settled up one cent. Inventory forecasts due this week are expected to show a larger-than-average increase in U.S. supplies, which will likely put futures prices under pressure again, later in the week. The closely watched inventory data from the U.S. Energy Information Administration is due Wednesday. Analysts polled by Platts expect oil inventories to rise 2.8 million barrels on the week ended Oct. 24. In the past five years, increases for the week have averaged 1.9 million barrels.

More “storm clouds” have gathered for oil prices in addition to the expected supply increase, said Matt Smith, an analyst with Schneider Electric. “The expectation that [the Organization of the Petroleum Exporting Countries] will not do enough to limit its production continues to provide gale-force headwinds to the crude market in the face of rising global supplies,” Smith wrote in a note Tuesday. “Broader markets look a little more chirpy today, dragging crude along with them.”

 

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.