9/10/2015 Market Update

By: Daniel Guttman / September 10, 2015

The API’s Weekly Petroleum Status Report was released yesterday. They reported a build of 2.1 million bbls on crude inventories. The API stated that for refined products, gasoline built by 700,000 bbls and distillate built by 80,000 bbls. The API also stated that Cushing, OK crude inventories drew by 1.15 million bbls.  The API figures also reported U.S. refinery utilization rates declined by more than 2 percent since last week. The EIA Weekly Petroleum Status Report will be released later today at 11am due to the Labor Day holiday weekend.

October NYMEX ultra-low sulfur diesel futures contract settled yesterday at $1.5386/gal, a decline of $0.0552. October NYMEX RBOB futures closed yesterday at $1.3597/gal, a decline of $0.0424. As of 0730 today the October NYMEX ultra-low-sulfur diesel futures contract has rebounded a penny per gallon and the October NYMEX RBOB has increased by over a penny-and-a-half per gallon.

As the summer driving season ends, U.S. gasoline prices have fallen to the lowest level for this time of year since 2004. Since last year at this time gas prices at the pump have dropped by about $1.02/gal and diesel prices have dropped $1.28/gal. According to Reuters, if this trend of falling prices continues we could see average pump prices around $2/gal.  According to the EIA, gasoline consumption averaged 9.5 million bpd in August, the highest level since 2007 and up 5% compared to 2014. 

 

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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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