10/12/2015 Market Update

By: Daniel Guttman / October 12, 2015

WTI crude had seen little to no movement since Friday’s close, but failed at resistance this morning and is currently off $1/bbl. Oil futures continue to hover around the $49/bbl mark, while refined products RBOB and heating oil are -$.0163/gallon and -$.0227 respectively. Declining oil production (active U.S. oil rig counts were down 9 last week) had been supporting the price of WTI crude, which had north of a $4/bbl gain over the previous week and hit a multi-month high of $50.92/bbl. Short term bullish support also came from weakening USD values last Friday and Russian turmoil in Syria. 


We are quickly approaching the time of year where all credible sources make their predictions and speculations about winter weather. DOE, EIA, Farmer’s Almanac, Weather Channel, NOAA, etc…, all try their best to prepare us for “possibly” the worst. However, according to an EIA publication regarding our geographic region, we can “expect lower heating expenditures this winter (October-March) compared with the past two winters.” They also forecasted that natural gas consumption will be down 11.3%, heating oil consumption will decline by 11.2%, and electricity usage will be down 5.9% throughout the course of the winter. Additionally, gasoline prices in the Northeast are speculated to decline to $2.03/gal by December. 


Categories: Daily Market Update

Daniel Guttman

Written by

Daniel Guttman

With a background in wholesale and commercial sales as well as pipeline scheduling, Daniel is currently the Manager, Business Development in the Card Access Fuels department. He is tasked to find new and innovative solutions to increase sales opportunities for the sales team while managing and evaluating internal department processes. He assists with day to day personnel management, customer data analysis, as well as the daily Pacific Pride inventory and pricing direction.

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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