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Market Close: Sep 05 Up

Fueling Strategy:Please keep tanks full of fuel, tonight before 23:00 CST make sure your  tanks are completely full of fuel, Friday prices will jump UP 8 cents – Be Safe
NYMEX Crude    $  56.30 UP $.0400
NYMEX ULSD     $1.8885 UP $.0083
NYMEX Gas       $1.5460 UP $.0131
NEWS
Oil prices ticked higher on Thursday amid a sharp decrease in U.S. crude inventories and investor hopes of progress in resolving the U.S.-China trade feud. Global benchmark Brent crude gained 16 cents, or 0.2%, to $60.86 a barrel. U.S. West Texas Intermediate (WTI) crude added 4 cents, or 0.1%, to $56.30 a barrel. U.S. crude, along with gasoline and distillate inventories, fell last week. Crude stocks dropped 4.8 million barrels, which was more than the 2.5 million barrel draw analysts had expected, the Energy Information Administration said. Net U.S. crude imports, however, rose last week by 934,000 barrels per day. “It’s definitely a bullish report all around,” said Bob Yawger, director of energy futures at Mizuho in New York. “A big import number would usually be bearish, but it didn’t seem to dent the bullish end to the equation.”

The volume of U.S. crude oil in storage should decrease in coming weeks before reversing course with the end of peak driving season and the start of significant refinery maintenance work, said Andrew Lipow, president at Lipow Oil Associates in Houston. Crude prices had gained more than 4% on Wednesday as positive Chinese economic data sparked a wider market rally.

On Thursday, China said Beijing and Washington had agreed to hold high-level trade talks in early October, which helped boost prices as investors hoped for an easing of the trade war between the world’s two top economies that has taken a toll on global growth. However, the market remained cautious than any deal would come together soon, limiting the oil rally. “I think the market across the board has built in as much hopefulness as they can about the U.S.-China trade war,” said John Kilduff, a partner at Again Capital in New York.

The prolonged U.S.-China trade dispute has been a dampener on oil prices, but Brent is still up about 12% this year, helped by production cuts led by the Organization of the Petroleum Exporting Countries (OPEC) and its allies, including Russia. Nonetheless, both OPEC and Russia boosted production in August, according to a Reuters survey and Russian energy ministry figures, weighing on prices. Also putting downward pressure on prices has been mounting evidence of slowing economic growth worldwide, which has prompted analysts to lower forecasts for oil demand growth.

Have a Great Day,
Loren R Bailey, President
Fuel Manager Services Inc.
Office: 479-846-2761
Cell: 479-790-5581
“Serving the trucking industry since 1992”
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.