8/26/2015 Market Update

By: Angela Agostinone / August 26, 2015

WTI Crude is at its lowest price level since the 2008 recession, but still remains $5/bbl higher than the lows at the end of 2008. This morning WTI crude hit $39.03/bbl but it will be interesting to see what continues to happen as we head toward the DOE statistics release. The market has been pretty much unchanged since the API reported a surprising 7.3 million bbl draw in crude oil stocks and a build on both gasoline and distillates inventories of 710,000 barrels and 1.4 million barrels respectively. The DOE stats reported a draw of 5.5 million barrels of crude oil inventory, a build of 1.6 million barrels of gasoline inventory and—matching the API’s report—a build of 1.4 million barrels of distillate inventory. Since the release of these statistics, we have seen a significant drop in prices of refined products and crude. Below is a historical graph of WTI prices displayed over a 10 year period.

wtilow

In refinery news, BP’s Whiting, IN refinery has been reportedly restarted. This has happened much faster than previously expected and will add back the 240,000 bpd of crude consumption to an already oversupplied market.

Tropical storm Erika needs to be kept in mind over the next few days as it is projected to become a weak hurricane. Below are the wind speed probabilities of Erika from NOAA, indicating the southeastern US should be on alert into this weekend.

ERIKA-1


8_25settles

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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