9/30/2015 Market Update

By: Angela Agostinone / September 30, 2015

Yesterday’s trading session ended with crude closing up $0.80/bbl to $45.23, RBOB up $0.0144/gal to $1.3632 and HO up $0.0204/gal to $1.4976. Last week, WTI was $0.60/bbl more expensive at $45.83, RBOB was $0.0532/gal more expensive at $1.4164, and HO was $0.0344/gal more expensive at $1.5320. Currently, WTI and both refined product futures are trading higher than yesterday’s settlement prices.

Reuter’s poll reduced 2016 Brent and WTI price forecasts from last month. The forecast reduced Brent $3.70/bbl to $58.60/bbl and WTI $2.90/bbl to $54.10/bbl.

The Chicago cash market continues to go up, as refinery turnarounds are expected to last until late October into early November. In addition, the BP Whiting refinery issues seem to be worse than expected. Yesterday, Chicago ULSD increased $0.0097 to $1.6167, while Chicago CBOB/RBOB increased $0.0633 to $1.7267 and $1.8567, respectively. When looking at the Chicago cash market compared to Gulf Coast, CBOB is $0.3775 higher and RBOB is $0.49 higher. With the cash market being up so much, there has also been a spike in the rack prices for the upper Midwest.

An update on Tropical Storm Joaquin: it is forecasted to turn into a hurricane, but is expected to head north and miss the Gulf Coast.

API data released last night show that U.S. crude inventories had a 4.6 million barrel build, however, there was a 1.15 million barrel draw in crude inventories for Cushing, OK. There was a build in gasoline of 3.3 million barrels and a build in distillates of 176,000 barrels. All API data 4except the distillate build was supported by the DOE numbers that were released this morning. The DOE statistics show crude inventories had a 4.0 million barrel build, with a draw of 1.1 million barrels in Cushing, OK. Gasoline inventories had a build of 3.3 million barrels and distillate inventories had a 267,000 barrel draw. Refinery utilization is down 1.1% from last week.

9_29_settles


Categories: Daily Market Update


Angela Agostinone

Written by

Angela Agostinone

Angela manages daily price changes from suppliers to ensure Guttman Energy customers are getting the most current and competitive rack prices. She is also responsible for relaying supplier product allocations to Guttman Energy's sales and logistics team, as well as analyzing specific benchmarks such as OPIS, Platts, and Argus to ensure each customer is getting the greatest value from their contracted fuel purchases.


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.


Comments

Subscribe to our blog

Price Feed

Stay up-to-date on current fuel prices and market trends with our NYMEX price feed (15 minute delay to the live market).

© 2018 Market data provided and hosted by Barchart Market Data Solutions. Fundamental company data provided by Morningstar and Zacks Investment Research. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer.

Categories

Contact Us