8/4/2015 Market Update

By: Daniel Guttman / August 4, 2015

After yet another bearish day Monday, the market bounced back up a couple cents on distillates and gasoline to begin the day. Despite this, the recent trend remains bearish. There are speculations that crude can reach its intraday low on the year of $42.03 a barrel.

To make the bearish news even more extreme, it was reported that OPEC produced 32 million barrels a day in July; the highest in 10 years. This is being achieved with Iran and Libya cut back from their potential. Speaking of Iran, their oil minister says that they can boost production within one week of sanctions being lifted.

Also, Russia's distillate exports are down, which in turn helps open the arb for the U.S to export to Europe.

 

Chart__CLc1

 

So as you can see above, there are speculations of the market reaching toward its yearly intraday low.

 


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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