9/24/2015 Market Update

By: Daniel Guttman / September 24, 2015

The EIA’s Weekly Petroleum Status Report was released yesterday. There was a draw of 1.9 million bbls on crude inventories. The EIA stated that for refined products, gasoline built by 1.3 million bbls and distillate drew by 2.1 million bbls.

According to OPIS, domestic distillate supplies put the brakes on a 17-week-long string of inventory builds last week, trimming 2.1 million bbl to 151.9 million bbl. But, inventory of distillate in PADD 1 (NE) is 43% higher than last year at this time. Due to so much carry in the market, traders and refiners are holding barrels awaiting higher prices in the winter. In one of the biggest declines of the year thus far, EIA statistics showed PADD 2 refinery utilization rates fell by more than 6 percentage points, down to 92.1 percent last week. This is due to all the recent refinery issues in the Midwest.

** In reference to yesterday’s news of the Colonial Pipeline shut down of lines three and four. Colonial's Line 3, with a capacity of 850,000 barrels per day, runs from Greensboro, North Carolina to Colonial Pipeline's hub in Linden, New Jersey, carrying both gasoline and distillates was restarted late yesterday. The re-start of Line 4 is scheduled for sometime early today.



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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