8 for 9 and Still Going Strong

By: Daniel Guttman / April 6, 2017

Over the past week and a half we have been seeing how strong the market is as it continued to trade higher 8 of the 9 prior trading days. Yesterday, May HO closed up $0.0112 to $1.6035/gal, May RBOB closed down $0.0064 to $1.7153/gal, and WTI Crude closed up $0.12 to $51.15 per barrel.

The weekly DOEs showed a build in crude of 1.5 million bbls. Cushing, OK had a build of 1.4 million bbls, and on the refined products side both gasoline and distillates drew by slightly under 1 million bbls each. Crude inventories are still continuing to break record highs at 535 million bbls which causes some concern.   As you can see from the chart below, crude inventory is significantly higher than last year’s level and is trending just above the 5 year historical range.  

Crude pic 2017.png

Also driving the market up over the past few days is the unexpected outage in the 180,000 bpd North Sea Buzzard Field which was temporarily halting production since Tuesday for repairs. Current reports indicate that it is back up and running as of early this morning

It’s still questionable about which way the U.S. dollar is headed in the next few months. The Fed is still planning to raise interest rates, which is expected to strengthen the dollar against other currencies.  As for an update on OPEC, it is still showing higher compliance than expected, with its intended production cuts still keeping the market in check.  Currently as of 10 a.m. ET the market is trading up across the board, front month HO is up $0.0089 at $1.6124/gal and front month RBOB is up $0.0032 at $1.7185/gal. 

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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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