9/29/15 Market Update

By: Daniel Guttman / September 29, 2015

This week began with oil prices taking a nosedive yesterday, with WTI falling $1.27/bbl to just below $44.50/bbl and Brent falling $1.25/bbl to $47.35/bbl. Refined products also kicked off the week in decline, closing down $0.0453 on diesel and down $0.0471 on gasoline. Overnight, WTI was making its way back toward $45/bbl and Brent to $48/bbl. Today prices have found some support, recovering from the drop-off yesterday. As of 11:30 am this morning, diesel had gone up $0.0350 and gas was up $0.0175. The U.S. dollar index dropped below the $96 mark as expectations of crude inventory withdraws came about, which very well may have caused this rally.

 API data will be released later this evening, which is likely to confirm expectations of lower inventory levels. The EIA will release its own set of weekly data tomorrow, with the focus primarily on crude oil production. According to Reuters, the movements in the U.S. oil market appear to be the only supporting elements to oil prices during the last few months, with uncertainty over the Chinese economy wreaking havoc on a global scale.

In other news regarding weather, Tropical Storm Joaquin is spinning northeast of the Bahamas and heading west towards the Gulf Coast. In 5-10 days the Ohio Valley and East coast are projected to be hit with heavy amounts of rain, which may cause flooding. Local market pricing may be affected by this inclement weather.

9-29-2015_settles 


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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