8/27/2015 Market Update

By: Daniel Guttman / August 27, 2015

The EIA’s Weekly Petroleum Status Report was released yesterday. There was a draw of 5.5 million bbls on crude inventories. The EIA stated that for refined products, gasoline built by 1.6 million bbls and distillate rose by 1.4 million bbls. Crude imports fell by 839 kb/d and refinery run rates have decreased from their frantic pace. PADD 2 refinery runs have fallen this week—most notably due to refinery issues at Whiting—but with the fix in place, runs are expected to return to previous levels.

The market spike in prices for WTI and products this morning has been directly correlated to the rebound of stock markets across the globe and automated buys from computers in a lightly traded market.  Yesterday, US stock markets closed up almost 4%, a break from the previous six declines. In Asia, the Shanghai Composite Index and the Nikkei 225 Index were also on the rise as the United States woke up this morning. China also released a statement stating that it will be relaxing its investment rules for foreigners in hopes that the influx of foreign cash will stabilize its declining economy.

On the technical trading front, it is being debated whether the gains this morning are a correction from yesterday or a further rally from the bottom. According to PVM, a close over the 8 day M/A of $40.33 on WTI will be a technical indication of a further rally and an indicator of gains again tomorrow. The RBOB technical level is set at the 5 day M/A of $1.4485 and the HO level is $1.4229. As the day draws on it will be interesting to see which direction the market takes.

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Weather forecast update: Tropical Storm Erika has been moving westerly at about 16mph with winds around 50mph. Erika’s route is yet to be determined, below is a graph showing its potential speed and path.

blog_photo2_8-27-15*Picture Compliments of NOAA

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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