9/08/2015 Market Update

By: Daniel Guttman / September 8, 2015

Today’s market started out with bearish movements this morning, with both diesel and gasoline down almost 4 cents as of 10:30am. As 11:30am passes by, diesel has jumped back to about even, with gas down about 1 cent respectively. Brent crude gained 53 cents from yesterday’s settle to $48.16/bbl while WTI was playing catch up following the long Labor Day weekend, falling $1.27/bbl to $44.78/bbl. Despite the afternoon rally, global oversupply of crude is still weighing heavily on the market.

Customs Data showed that China imported 13.4% less crude in August than it had in July, totaling 6.26 million bpd. Although they have imported less crude, China has been taking advantage of the drop in the market to fill its reserves. It is estimated that they have 109 million bbls, compared to 65 million bbls at the same time last year.

North Sea crude output is currently at new highs and Saudi Arabia has said production will be flat in Q4, which should continue to keep crude supplies plentiful. In addition, fall refinery maintenance in the U.S will keep crude demands lower. We have had further refinery issues over the weekend which likely caused the product bounces from the morning lows. These are short term and the trend remains bearish.

 

0908


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.


Comments

Subscribe to our blog

Price Feed

Stay up-to-date on current fuel prices and market trends with our NYMEX price feed (15 minute delay to the live market).

© 2018 Market data provided and hosted by Barchart Market Data Solutions. Fundamental company data provided by Morningstar and Zacks Investment Research. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer.

Categories

Contact Us