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Market Close: Sep 26 Mixed, Diesel Down 10.8 cents

Fueling Strategy: Please fuel as needed today/tonight ~ Be Safe

NMEX Crude     $ 76.71 DN $2.0300

NYMEX ULSD    $3.1291 DN $0.1080

NYMEX Gas      $2.3842 UP $0.0012

NEWS

Oil declined, taking direction from broader markets as the potential impact of rising interest rates worldwide subdued investor sentiment. Crude gave up a short-lived rally with both benchmarks falling to near nine-month lows as the dollar traded at an all-time high, which makes commodities priced in the currency less attractive. Brent settled below $85 a barrel and West Texas Intermediate remains under $80. “Crude prices are still riding the FX-volatility roller coaster,” said Ed Moya, senior market analyst at Oanda. “Historic moves with currencies is troubling for the global growth outlook and that will ultimately weigh on the crude demand outlook.”

Meanwhile, the EU continues to struggle with reaching an agreement on Russian oil price caps and will likely push back the deal until a broader sanctions package has been agreed on. Oil is on track for a substantial quarterly slump as leading central banks including the US Federal Reserve raise interest rates aggressively to fight inflation, hurting the outlook for energy demand and sapping investors’ appetite for risk. The Fed’s tightening helped drive up the US dollar.

The slump in prices may induce the Organization of Petroleum Exporting Countries and its allies to consider intervening to stem the slide, either verbally or by announcing a reduction in output. Earlier this month, OPEC+ announced a token supply cut and said members would monitor the market.

The market is also keeping an eye on a hurricane in the Gulf of Mexico that is headed for the west coast of Florida. Chevron and BP have both shut platforms southeast of New Orleans and evacuated personnel. The current track, headed for Tampa, leaves most of the Gulf’s energy complex unscathed.

Have a Great Day,

Loren R Bailey, President

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Cell: 479-790-5581

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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.