Weekly Fuel Market Update (WFMU) | March 10th, 2015
The number of oil rigs operating in the US continues to decline as the industry is reducing spending and utilizing the surplus of stored oil. The industry as a whole is shutting down drilling rigs and not completing the wells that have just been drilled in order to save money. Prices will eventually rise as inventories are reduced, but for now we’re still characterizing our current supply situation as a glut (excessively abundant supply).
Supply in New Mexico remains strong as we move into spring. Refineries are finishing up with annual maintenance and are looking to be back to business as usual.
Supply in El Paso, Lubbock, Odessa, and Amarillo all remain solid with same day loads available in most areas.
No significant change in this region.
Questions? I’m here to answer any market questions you may have. As always, you can reach me 24/7/365 at (888) 750-FUEL (3835)