10/7/2015 Market Update

By: Angela Agostinone / October 7, 2015

Yesterday’s rally ended with crude closing up $2.27/bbl to $48.53, RBOB up $0.0509/gal to $1.4362 and HO up $0.0632/gal to $1.6115. Last week, WTI was $3.30/bbl less expensive at $45.23, RBOB was $0.0730/gal less expensive at $1.3632, and HO was $0.1139/gal less expensive at $1.4976

API data released last night show that U.S. crude inventories had a 1.2 million barrel draw, with a 100,000 barrel draw in crude inventories for Cushing, OK. There was a build in gasoline of 4.7 million barrels and a large draw in distillates of 2.8 million barrels. Yesterday’s rally occurred after industry data showed the unexpected drop in U.S. crude inventories last week. In the chart below it shows as DOE crude inventories have been gradually decreasing, the cost of WTI has been very volatile but is moving up towards $50/bbl.

cruderecoveryvsdoe

The API data was not supported by the DOE statistics that were just released at 10:30 AM today. The DOE statistics show crude inventories had a 3.1 million barrel build, with a build of 98,000 barrels in Cushing, OK. Gasoline inventories had a build of 1.9 million barrels and distillate inventories had a 2.5 million barrel draw. Refinery utilization is down 2.3% from last week, due to heavy turnaround season. Refinery utilization is down 1.3% to 80.4% this year in PADD I and down 7.8% to 79.2% this year in PADD II.

Currently, WTI and HO are both trading higher than yesterday’s settle, while RBOB is trading lower because of the large build in gasoline.

10_6_settle


Categories: Daily Market Update


Angela Agostinone

Written by

Angela Agostinone

Angela manages daily price changes from suppliers to ensure Guttman Energy customers are getting the most current and competitive rack prices. She is also responsible for relaying supplier product allocations to Guttman Energy's sales and logistics team, as well as analyzing specific benchmarks such as OPIS, Platts, and Argus to ensure each customer is getting the greatest value from their contracted fuel purchases.


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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