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Searching for a Direction

By: Gabreal Preisendorfer / Posted on: June 22, 2017

 The market took a dive yesterday afternoon, but rebounded early this morning and is still trying to regain some ground. Yesterday the market closed down, front month HO down $0.0301 to $1.3648/gal, front month RBOB down $0.0135 to $1.4105/gal, and WTI Crude down $0.70 to $42.53/bbl.

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Market Flat on Mixed Stats

By: Angela Agostinone / Posted on: June 21, 2017

Yesterday, WTI closed down $0.97 to $43.23/bbl, HO closed down $0.0162 to $1.3949/gal, and RBOB finished down $0.0266 to $1.4240/gal.  The market has been relatively flat since the release of the mixed API statistics last night.  Crude inventories drew 2.7 million barrels, 1.3 million coming from Cushing, OK.  Imports were down 978,000 bpd.  Refined products were bearish; gasoline had a small build of 346,000 barrels, and distillates built by 1.8 million barrels.

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Jumping Into The Bear Pit

By: Dan Murtha / Posted on: June 20, 2017

Those who believe that the bears are here to stay are buying into the sell-off this morning. As of 10:45 a.m., distillates and RBOB are trading down near 3 cents, while WTI crude sits right under $43 dollars per barrel. Those who like looking at graphs can see below that WTI crude just hit its lowest point since November of last year. What was so significant about the month of November you ask? Let me take you back in time.

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Twenty Two Weeks of Increases and Counting

By: Jon Kalchthaler / Posted on: June 19, 2017

Many people have many different ways to view the number 22 around the world. It is said that the number 22, according to The Numerology, is the “most powerful of all numbers, able to turn lofty dreams into realities. It is confident, pragmatic, ambitious and disciplined.”  Here in the U.S. the number 22 does represent ambition and confidence as we see yet another week of rig count increases despite the price per barrel trading near $45 a barrel.  Twenty two straight weeks of rig count growths marks the lengthiest stretch in nearly three decades.  The key question everyone is asking is how low does the price per barrel need to drop before we see a plateau in rig counts.  Or the flip side of the coin on that question is how much forward production was hedged by U.S. producers and how far out in the future?  At what point do new efficiencies in drilling lose the battle to the declining cost of oil?  The U.S. upped its rig count by seven last week, bringing the total to 747.  The natural gas rig count rose by one to a total of 186.  This brings our total rig count to 933, with U.S. production expanded to 9.33 million barrels per day.

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NYMEX Gets Knocked Down, But It Gets Up Again..?

By: Dan Murtha / Posted on: June 16, 2017

Oil prices are up slightly this morning after nearing 2017 lows, but have remained on course for a fourth straight week of losses. What’s driving these declines?

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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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