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ON DECK: OPEC / NON-OPEC PRODUCERS MEETING

By: Matt Rosenberg / Posted on: December 8, 2016

The oil market closed down across the board yesterday as all three major indexes reflected a bearish report from the Energy Information Administration, as well as increasing doubt over the impact of the OPEC/Russian production cuts.  While crude inventories fell 2.4 million barrels, gasoline and distillate stocks increased by 3.4 million barrels and 2.5 million barrels respectively, which were greater builds than what was expected.  Crude finished the session at $49.77, down $1.16 with RBOB closing down $0.0277 and diesel off $0.0195.          

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OPEC Skepticism, Bearish Stats Weigh on Market

By: Angela Agostinone / Posted on: December 7, 2016

Yesterday, WTI crude closed down $0.86 to $50.93/bbl, HO closed down $0.0192 to $1.6379/gal, and RBOB finished down $0.0216 to $1.5359/gal.  The market was correcting itself from last week after the reports that OPEC’s November production was at a record high.  Last week the market rallied because of all the rhetoric around OPEC’s production cuts, but it now seems very unlikely that OPEC will follow through on those cuts.  Another piece to rebalancing the market has to come from non-OPEC countries.  There is a meeting in Vienna this Saturday to discuss if non-OPEC countries will agree to cut 600,000 barrels per day.

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Strong OPEC Production Douses Rally

By: Jon Kalchthaler / Posted on: December 6, 2016

The OPEC meeting has come and gone and the market has been up for a week straight, until today. With November now over, OPEC reported that production increased to 34.19 million barrels per day last month, which is close to 2 million barrels over the agreed-upon level set to begin in January.  Don’t forget that OPEC posted big numbers for production in October as well, at 33.82 million barrels per day.  OPEC was not the only group that increased production in November; Russia did as well.  Russia is busy setting records and hit a new 30-year high at 11.21 million barrels per day.  Russia’s output of 11.21 million bpd combined with OPEC’s 34.19 million bpd were enough to cover nearly half of the global oil demand of 95 million bpd.

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Jubilation Continues Through the Weekend

By: Dave Wagner / Posted on: December 5, 2016

Last week’s OPEC-driven gains are continuing this morning as we see WTI crude up an additional 1%. However, a new hot topic could be the culprit to this morning’s rally. The Organization of the Petroleum Exporting Countries have invited non-members to attend a meeting on December 10th, also in Vienna, to discuss their supply cuts. These non-members, 14 in total whose production accounts for roughly a fifth of the world’s total, include nations such as Egypt, Mexico, Russia, and Oman.

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OPEC Rallies the Market

By: Mike Dombroski / Posted on: December 2, 2016

What an incredible, roller-coaster of a week we’ve been on due to OPEC’s historic decision to cut production on Wednesday. Many market participants were skeptical of a deal being done, as evidenced by the rally we’ve been on for the past three days.

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Guttman Energy Daily Market Update Disclaimer – The information contained in this market update is derived from sources believed to be reliable; however this update could include technical inaccuracies or typographical errors and Guttman Energy does not guarantee the accuracy, completeness or reliability of this update. FURTHERMORE, THIS UPDATE IS PROVIDED "AS IS," WHERE IS, WITH ALL FAULTS AND WITHOUT ANY WARRANTY OR CONDITION OF ANY KIND, EXPRESS, IMPLIED OR STATUTORY. GUTTMAN ENERGY ALSO SPECIFICALLY DISCLAIMS ALL EXPRESS AND IMPLIED WARRANTIES. YOU USE THIS UPDATE AT YOUR SOLE RISK. This update and any view or comment expressed herein are provided for informational purposes only and should not be interpreted in any way as recommendation or inducement to buy or sell products, commodity futures or options contracts.

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