8/21/2015 Market Update

By: Lindsay Farrell / August 21, 2015

We continue to see a downward trend as oil prices in the U.S. have declined for their eighth consecutive week. This is the longest streak since 1986 and may be due to concerns over the decrease in manufacturing in China, the largest energy consumer in the world.

So far this week, RBOB is down more than 10cts and over the course of the last six days the average loss was nearly 4cts. This decline is expected to last through the end of the week. The October contract is also under pressure with the contract off about 2cts at $1.373/gal. Further weakening RBOB, BP Whiting is projected to restart this weekend with a temporary fix until they receive parts. This is much sooner than expected.

Heating oil is also extremely weak and has dropped subsequently. It is oversold and could be due for a bounce back in the near future.

OPEC basket prices, which are calculated on a daily basis, illustrate how far the market has slid over the past years. Basket prices are a weighted average of the various crude grades produced by OPEC. Key prices can be found in the table below. 

Updated_Table

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table_2015.08.21_-_2

 


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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