9/9/2015 Market Update

By: Angela Agostinone / September 9, 2015

Tuesday ended with crude closing down $0.11/bbl to $45.94, RBOB down $0.0161/bbl to $1.4021 and HO down $0.0022/bbl to $1.5938. Currently, RBOB and HO futures are trading between a penny and two cents cheaper than yesterday’s settlement prices. The API data will be released later today and the DOE stats will be released tomorrow due to the Labor Day holiday weekend. These statistical data releases will be strong influencers on the way prices will move as the week continues.

Reuters has produced its own statistical estimates in lieu of the normal data releases. Reuters predicts a build in crude of 200,000 barrels, distillate build of 1.3 million barrels and gasoline remaining flat in relation to the DOE numbers from last week. Larger builds in crude stocks are expected due to strong domestic production and the $0.66 spread between the first and second month contracts.

Refinery issues have been a big story over the past few days. The largest refinery in the nation, ExxonMobil’s Baton Rouge refinery that produces 523,200 barrels per day, had to shut a crude distillation unit over the holiday weekend. Valero had to shut down its 150,000 barrels per day crude unit due to an issue with its diesel/kerosene hydrotreater Sunday at its 350,000-bpd Port Arthur, Texas refinery. Marathon has announced that it has initiated a restart of its 110,000-bpd Catlettsburg, KY refinery after it had to be shut down over the holiday weekend; however it has been reported that this unit will also be offline in early October for 35 to 45 days due to planned maintenance and turnaround.

 

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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.


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