9/18/2015 Market Update

By: Daniel Guttman / September 18, 2015

Today’s market is reacting to yesterday’s Fed news. At approximately 2:00PM yesterday the Federal Reserve decided to leave interest rates unchanged, primarily due to global economic and financial issues, which is bearish for the U.S. dollar, but it is also bearish to commodities in general so the market is looking for direction.


During a 5 minute span before and after the announcement was made, the oil market movement was extremely volatile with many trades taking place and a lot of volume moving around. A rally, fall, rally, and then fall transpired over the next hour. Early morning gains in the market were wiped away towards the market settle. Heat closed down 1.17 cts/gal, RBOB down .6 cts/gal and WTI crude settled down to $46.9/bbl even after trading close to the $48 mark before the announcement was made.

Today we have seen early morning losses, which could just be pullback from mid-week gains when WTI settled at a September high. Currently WTI is trading at $45.33, -1.60, Heat is -.0179 and RBOB is trading -.0184.

In the cash markets we saw a drop in ULSD across the board; Chicago, NY Harbor and Gulf Coast, while refinery maintenance in the Gulf Coast have propped up CBOB values. Weak spot and rack prices are continuing to pull street prices lower and the U.S. retail average is currently dipping below $2.30/gallon. Three southern states actually have prices below $2/gal and a handful more may follow. 


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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