Yet another day went by and oil prices fell. We can hope that the day is soon when diesel fuel prices and gas prices at the pump will follow. Without fuel savings, my fleet fuel card has been burning a hole in the company’s pocket.
Oil prices fell yesterday as the U.S. Department of Energy announced a build in crude inventories of 8.5 million barrels (MB), reaching a level of 367.6 MB for the week ending September 14th. Additionally, gasoline and distillate stocks dropped, while refineries increased production rates.
Also, the housing sector posted favorable reports, as housing starts increased moderately, while existing home sales jumped 7.8%. As a result, crude futures fell $3.31 and settled at $91.85, while heating oil fell .0831 to 3.0440 and RBOB fell .0704 to 2.8286.
As we turn toward the end of the week, it will be interesting to see how the market reacts. With so much talk about some many different items that can throw diesel fuel prices higher, as well as gas prices, it should be interesting for each fleet manager and fuel manager out there. Let’s all hope some of the sizzle comes off our fuel cards, with lower fleet fueling prices and good fuel management.
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