A fueling nozzle for closed circuit fuel systems comprising a body having a passage including inlet and outlet ends. A reciprocal plunger within the passage serves to open the fuel tank inlet and cooperates with a valve to close the nozzle when not in use. A reciprocal differential pressure actuated pressure regulating sleeve within the passage is positioned relative to a valve seat in accord with the nozzle fluid pressure and the nozzle passage is exposed only to regulated pressure. An indicator mounted on the body senses the position of the pressure regulator sleeve to give a visual indication of the position and condition of the regulator sleeve.