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Market Close: Sep 20 Mixed, Diesel Up 6.14 Cents

Fueling Strategy: Please have tanks full of fuel tonight before 23:00 CST due to Wednesday prices will jump UP 14 cents~Be Safe
NMEX Crude     $ 84.45 DN $1.2800
NYMEX ULSD    $3.3722 UP $0.0614
NYMEX Gas      $2.4478 DN $0.0163
NEWS

Oil fell ahead of several global interest-rate decisions that are expected to bring further monetary tightening.

The Fed and other central banks from Europe to Asia are expected to deliver interest-rate hikes this week as they seek to tame rampant inflation that’s hit demand. Liquity leading to volatile price swings, while a stronger dollar has added to headwinds. Brent crude futures settled near $91, taking cues from declining equity markets that minimally trimmed losses later in the day.

“Macro-economic pressures from the Federal Reserve set to raise interest rates this week has added pressure back on the US stock market which seems to be capping crude prices,” said Dennis Kissler, senior vice president at Bok Financial Securities. “Near term, prices are vulnerable to the Fed’s rate rises and more Strategic Petroleum Reserve releases scheduled through November.”

Crude has lost about a third of its value since early June, erasing all the gains made in the wake of Russia’s invasion of Ukraine, amid concerns that a global slowdown will hit demand. The potential for increased supply has also weighed on the outlook. The US said Monday it would offer an additional 10 million barrels of oil from its strategic reserves in November, ahead of plans by the European Union to ban Russian crude in December.

Still, Saudi Aramco warned that when the global economy recovers the world’s spare oil production capacity could be eliminated. The company’s chief executive officer said that by the time the world realizes the issue it may be too late to change course.

Investors also are considering the prospect of higher Iranian crude flows should protracted talks on reviving a nuclear deal reach a conclusion. Discussions on efforts to resurrect an accord on the sidelines of the United Nations General Assembly in New York are “ a possibility,” Foreign Ministry spokesman Nasser Kanaani said at a press conference.

Elsewhere, Russia’s seaborne crude exports fell sharply in the first half of September. Crude shipped from its ports dropped by almost 900,000 barrels a day in two weeks, to 2.54 million barrels a day in the week to Sept. 16, from 3.42 million in the seven days to Sept. 2.

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Loren R Bailey, President
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As always, thank you so much for being a part of the Fuel Manager Services, Inc. family, and we look forward to making this the best year yet!

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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.