X

Market Close: Sep 03 Down

Fueling Strategy: Please have all tanks completely full of fuel before 23:00 CST, Saturday prices will jump UP 4 cents then Sunday look for prices to drop over a penny  ~ Be Safe
NYMEX Crude    $ 69.24 DN $.7500
NYMEX ULSD     $2.1557 DN $.0120
NYMEX Gas       $2.1487 DN $.0480
NEW

Oil in New York posted its second weekly gain as the impact of Hurricane Ida continues to snarl U.S. oil production, though prices edged lower Friday following a weak U.S. jobs report. West Texas Intermediate futures capped a gain 0.8% for the week despite shedding 1% Friday. The deceleration in hiring reflects growing fears of the delta variant of Covid-19 and complicates a potential decision by the Federal Reserve to begin scaling back stimulus. Traders exiting positions ahead of the long weekend in the U.S. and Canada also exerted some downward pressure on prices Friday afternoon.  “At this point, Ida storm has been quite supportive for oil due to the production disruptions. But as the region recovers and shuttered capacity slowly returns, Ida will be less and less of a supporting factor,” said Bart Melek, head of commodity strategy at TD Securities. Longer term, it will be all about OPEC+, and the delta-variant coronavirus impact on demand, he added.

Oil climbed this week as the market appears set to remain in deficit even as the Organization of Petroleum Exporting Countries and its allies push ahead with reviving supply. OPEC+ has said crude stockpiles in developed countries are falling and an economic recovery is accelerating. There have been signs of revival in Asia, where Covid-19 infections had surged. China’s independent refiners are buying more crude and gasoline consumption in India is improving. The return of Iranian supply, meanwhile, looks even further away.  “Oil prices continue to trade at relatively elevated levels despite OPEC+ reaffirming plans to normalize output and Covid-19 demand woes still present,” said Jens Pedersen, senior analyst at Danske Bank.

Exxon Mobil Corp. is tapping the U.S. Strategic Petroleum Reserve with more than 90% of the Gulf of Mexico’s oil production still shut as of Friday afternoon, while Louisiana’s refineries are still reeling from the impact of the storm.

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
www.FuelManagerServices.com
www.owneroperatoradvisoryservice.com
“To give real service you must add something which cannot be bought or measured with money, and that is sincerity and integrity.”
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.