10/08/2015 Market Update

By: Lindsay Farrell / October 8, 2015

The EIA’s Weekly Petroleum Statistics Report was released yesterday. U.S. crude inventories increased from last week by 3.1 million barrels to 461 million barrels, remaining near levels not seen for this time of year over the past 80 years. For refined products, gasoline inventories had a build of 1.9 million barrels and distillate inventories had a 2.5 million barrel draw. Demand for gas is up 2.8% from last year whereas distillate demand remained flat. Refinery utilization fell 2.3% to 87.5%, reflecting fall turnarounds.

2015.10.08_graph

PADD 2 is the strongest cash market with gasoline $0.3467 over Nov RB, NY at $0.0105 and the Gulf Coast at $0.0042.  Similarly, diesel is $0.3486 over NYMEX Nov HO in Chicago, -$0.0505 in NY and -$0.0960 in the GC.  

2015.10.08_table



World news may also be impacting the market this morning on top of the bullish EIA report. On Wednesday, Russia launched 26 missiles from naval vessels at ISIS targets in Syria. Earlier this morning, Syrian officials announced that a ‘wide-scale offensive’ has been launched, but provided no details regarding which offensive is being launched or its size and scope. The coordinated attacks between Russia and the Syrian regime seem to mark new and closer military cooperation.


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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