Market Close: Oct 30 Down
Oct 30th, 2020 by loren
Fueling Strategy: Please fuel as needed tonight due to prices are down 4.5 cents BUT Saturday prices will drop another 2.5 cents then 1 cent Sunday – Be Safe
NYMEX Crude $ 35.79 DN $.3800
NYMEX ULSD $1.0813 DN $.0071
NYMEX Gas $1.0495 DN $.0020
NEWS
Oil prices have hit a 5-month low as COVID cases climb, new lockdowns are put in place and reports emerge that OPEC may not maintain its production cut in 2021.
Oil prices plunged this week after spending months trapped in a narrow range around $40 per barrel. Renewed national lockdowns in France and Germany rattled financial markets, while the U.S. case count for covid-19 remained at record levels and may continue to rise. “As lockdowns begin to bite on demand concerns across Europe, the near-term outlook for crude starts to deteriorate,” said Stephen Innes, chief global market strategist at Axi. Friday, WTI fell to $35.79 per barrel and Brent was at $37.
OPEC members reluctant to extend cuts. Three of the biggest OPEC producers behind Saudi Arabia may not be on board with extending the current cuts into next year. Iraq, the United Arab Emirates (UAE), and Kuwait are reportedly not particularly inclined to support a rollover of the cuts of 7.7 million barrels per day (bpd), because such cuts are too deep for their economies and budget incomes to sustain.
Have a Great Day,
Loren R Bailey, President
Fuel Manager Services Inc.
“Serving the trucking industry since 1992”
Office: 479-846-2761
Cell: 479-790-5581
“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.”