Are You Seeing a Pattern Here?

By: Daniel Guttman / May 2, 2017

Over the past few months we’ve seen the market at its highest points as well as its lowest points. It has become apparent the market will only dip so low and only climb so high.  Right now it’s at the low end and early this morning it looked as if it was going to start its way back up, but that may not be the case on the distillate side.  The front month heating oil contract was up over two cents this morning, but over a few hours has come all the way back to flat.  Yesterday, front month heating oil closed down $0.0194 to $1.4878/gal, front month RBOB closed down $0.0209 to $1.5272/gal, and WTI Crude also closed down $0.49 to $48.84/bbl.  The chart below shows the trend over the past few months and portrays that the market is due for a bounce.

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Other items worth noting are that the APIs are due later this afternoon and will hopefully give us a better foreshadowing of where the market it headed. The early thought for the stats is a draw on crude of over 2 million bbls.  DOEs are also due out tomorrow morning at 10:30 a.m. ET.  Now that May is here, concerns and anticipations are growing about the OPEC meeting later in the month. 

Currently the market is recovering some from its losses on the gasoline side and on the distillate side it is still falling. As of 10:45 a.m. ET June HO is down $0.0031 to $1.4847/gal and June RBOB is up $0.0081 to $1.5353/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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