4th Quarter Already?

By: Daniel Guttman / October 3, 2017

The market continued its downward trend yesterday, front month HO closed $0.0435 to $1.7665/gal, front month RBOB closed down $0.0357 to $1.5553/gal and WTI crude $1.09 to $50.58/bbl. Just one week ago heating oil was trading almost 10 cents higher and RBOB was trading nearly 17 cents higher.

Crude prices are not expected to perform well in the last quarter of 2017, and are currently on pace to follow the trend that has held strong in multiple past fourth quarters in the U.S. This typically happens due to refinery maintenance and demand for refined products decrease because the summer driving season comes to an end.

It was reported that OPEC’s production in September was up 120,000 barrels per day from August at 32.83 million barrels a day. This week, OPEC and non-OPEC members are meeting at an energy forum in Moscow. The plan is to discuss global markets and how to monitor oil exports for the group. Alexander Novak, Russian Energy Minister said this meeting will not cover the topic of extending the deal. Stay tuned for rhetoric around this meeting, as well as the weekly inventory statistics out later today and tomorrow.

As of 10:30 a.m. ET, WTI is down $0.10/bbl, RBOB is up $0.0050/gal and HO is down $0.01/gal.

Aside from energy market news, the deadliest mass shooting in modern U.S. history took place in Las Vegas, Nevada on Sunday night. The shooting took place from the 32nd floor window of the Mandalay Bay hotel. The shooting has killed at least 59 people and more than 500 have been injured.   Prayers are with everyone involved.

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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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