X

Market Close: Sep 20 Down

Fueling Strategy: Please fuel as needed tonight ~ Be Safe
NYMEX Crude    $ 70.29 DN $1.6800
NYMEX ULSD     $2.1590 DN $0.0501
NYMEX Gas       $2.1152 DN $0.0561
NEWS

Oil declined amid growing concerns over the health of China’s economy that have triggered massive losses in equities.

U.S. crude futures slid 2.3% to settle at the lowest level in more than a week as worries mounted over a possible implosion in the Chinese property sector that could impact the Asian giant’s appetite for crude. A stronger U.S. dollar is also making commodities priced in the currency less attractive. “China is the global swing demand center,” said John Kilduff, a partner at Again Capital LLC. “If we lose China, we will lose much of the recent oil price gains.”

Crude prices have fared well so far this month — U.S. oil futures are up about 4% in September — in part due to lingering supply disruptions from storms that have swept through the U.S. Gulf of Mexico. Royal Dutch Shell Plc said some critical U.S. Gulf of Mexico oil-production assets for Mars crude supply will be out of service for the rest of this year.  While oil fundamentals are pointing to higher prices, a planned U.S. Federal Reserve meeting this week could signal the central bank is moving toward scaling back asset purchases, possibly weakening global crude oil benchmarks.

Investors are also continuing to monitor the energy crunch in Europe amid talk of switching from gas to oil. There are expectations diesel demand will expand in Asia during winter, while the use of oil to generated power in the U.S. may jump.

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.