09/14/2015 Market Update

By: Lindsay Farrell / September 14, 2015

Following Friday’s reports, there are many mixed opinions on how the market is going to respond next, and technicals are stuck in the middle between support and resistance levels.

A Goldman Sachs research report stated that oil could sink as low as $20/bbl, along with reports that Saudia Arabia does not support an OPEC meeting to discuss production cuts, outweighed the bullish IEA report for most of the day Friday. Brent crude also fell on Monday due to the release of Chinese data showing it is only growing at 4%, which is weaker than expected. This adds to some concerns that lessening global demand may only worsen the surplus of crude.
In contrasting news, the U.S. oil rig count is at 652, down 10 from last week. This makes for the second consecutive weekly drop and is positive for WTI.

Traders are waiting to see if the U.S. central bank will raise interest rates, potentially the first increase in over a decade. This will likely set direction in the short term.

 

2015.09.14_table

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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