A Constant Tug of War

By: Daniel Guttman / August 10, 2017

After 6 consecutive weeks of draws in crude inventories, with only one being less than a multimillion draw, the market was in the green early this morning. However, it now has fallen into the red and is steadily losing ground.  U.S. crude inventories fell by 6.5 million barrels last week due to increased demand and a decrease on imports by almost 500,000 b/d.  Inventories are currently at their lowest levels they have been since October 21st, 2016.  Down 11.3% from their highest point.  Yesterday the market closed up $0.0241 to $1.6533/gal on September Heating Oil, down $0.0008 to $1.62/gal on September RBOB, and up $0.39 to $49.56/bbl on September WTI crude. 

According to OPEC, July production rose by 173,000 bpd to a 2017-high of 32.87 million bpd. Which suggests that the market will remain in a surplus even with their attempts to cut supply.  Crude prices have backed off from the $50 psychological resistance level, falling just below to $49.28/bbl as we approach noon.  

Currently as of 11:44 a.m. EST, front month Heating Oil is down $0.0023 to $1.6510/gal and front month RBOB is down $0.0067 to $1.6133/gal.

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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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