09/11/2015 Market Update

By: Lindsay Farrell / September 11, 2015

The U.S. Energy Information Administration (EIA) released its report yesterday. According to the report, refineries operated at 90.9% of their operable capacity last week and averaged inputs of over 16.1 million bpd, which is 279,000 bpd less than the previous week. U.S. crude inventories increased by 2.6 million barrels, gasoline inventories increase by 0.4 million barrels and distillate inventories increased by 1.0 million barrels.
The International Energy Agency (IEA) also released one of its more bullish monthly reports yesterday in which it said that OPEC crude supply fell 220,000 bpd to 31.57 million bpd and forecasted that non-OPEC production will drop by almost 500,000 bpd in 2016, the largest drop in more than 20 years.

Alternatively, Goldman Sachs released a bearish report stating that the global surplus is greater than they had originally expected and predicted that prices may drop to as low as $20.00 per barrel. Goldman also lowered its forecast for WTI in 2016 to $45.00 from its May projection of $57.00.




Categories: Daily Market Update

Lindsay Farrell

Written by

Lindsay Farrell

As Manager of Quality Assurance and Regulatory Compliance, Lindsay Farrell is responsible for fuel operability across the company’s terminals and customer sites, as well as keeping up-to-date with the latest regulations and best practices within the industry.

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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