9/17/2015 Market Update

By: Daniel Guttman / September 17, 2015

The EIA’s Weekly Petroleum Status Report was released yesterday. There was a draw of 2.1 million bbls on crude inventories. The EIA stated that for refined products, gasoline built by 2.8 million bbls and distillate built by 3.1 million bbls. Crude stocks at Cushing drew by 1.9 Mb to 54.5 Mb, and total US crude stocks continued to stay far above 5 year highs.

The futures market for crude and the refined products have made a move lower this morning, as the market is now awaiting the Federal Reserve's decision on interest rates, due out later this afternoon. If the FED decides to raise interest rates it would be the first rate hike since the 2008 economic crisis. According to PVM, “A rate hike is viewed as bearish for futures because it increases the cost of borrowing and is often used as a monetary tool to slow down the pace of economic growth.” The IMF and World Bank both say they will be reducing their global growth forecasts for this year in their next reports. The OECD led the pack by doing it yesterday with a small cut from 3.1 to 3% for global growth with China at 6.7%, the US at 2.4% and Europe at only 1.6%.

In cash market news we continue to see increased prices in the Chicago market, due to a multitude of factors including ongoing refinery issues and the looming “turnaround season”. Gulf Coast CBOB and RBOB prices both closed Wednesday 25 cents weaker than cash values for CBOB nd RBOB in Chicago. 


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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