Closing Market News
Futures traders brought an influx of money in the last half hour of trading today, lifting crude contracts from midday lows. What started out to be a low volume session was vigorous at the settlement, with more than 350,000 October contracts changing hands.
Market Outlook
Hurricane Earl has weakened to a category 1 storm with winds of 80-85 mph. The Energy Information Administration reported that if the storm ends up posing a threat to Atlantic coast refineries, it could affect over 1 million barrels per day of refinery production.
The government said today that the U.S. added 67,000 jobs, but it’s not enough to lower the national rate which is currently 9.6% - up from 9.5% in July. Analysts polled this week expected a decline of 100,000 jobs in August, so the report is better than expected giving some investors hope about the recovery of the economy.
The ISM report (Institute for Supply Management) today was disappointing to analysts. The report showed the index of non-manufacturing business fell to 51.5 in August, down from 54.3 in July.
Next week, after the Labor Day holiday, is traditionally referred to by traders as the end of the “driving season”. Generally we see prices start to fall, however with the number of U.S. refineries who have scheduled seasonal maintenance in September and October, there could be a floor to the market.
Diesel fuel is diesel fuel, right?
WRONG! Diesel fuels can vary widely by supplier. But a true premium diesel fuel, like Cenex® Ruby Fieldmaster® can increase both the performance and life of diesel-powered equipment. In rigorous lab and field tests against standard diesel fuels, Ruby Fieldmaster has been proven to:
· Reduce Fuel Costs—Advanced detergents provide up to 5% better fuel efficiency.
· Protect Your Engine—10-15% better lubricity than standard #2 diesel reduces wear and maintenance.
· Maximize Power—Enjoy up to 4.5% more for pulling long hills.
· Promote quicker, more fuel efficient starts!
Plus, Ruby Fieldmaster is blended with soy biodiesel—a lubricity enhancer and clean-burning alternative fuel made from domestically-grown soybeans. It protects the moving parts in your engine better than any other fuel on the market.
