Come and Get It!

By: Daniel Guttman / January 18, 2016

As we honor Martin Luther King, Jr today, keep in mind that there will be no formal pricing, the market is only open to electronic trading, and there will be no settle price on crude or refined products. With that said, crude is still trading under $30/bbl, after losing $3.74/bbl (-11.3%) last week; heat is down around $0.9243 and RBOB is at $1.0312.

  • Iran is now ready to increase its crude oil exports by nearly 500,000 bbls/day now that the international sanctions have been lifted.
    • Global oversupply is somewhere around 2 million bbls/day even before Iranian oil.
  • Early morning electronic trading today showed a tick of $28.36 on WTI, the lowest intraday trade since October 2003.
  • Last week, U.S. oil rigs fell by 20 to 515, and the combined (oil and gas) rigs fell by 34 to 650.
  • Domestically, oil is now so abundant and cheap that some purchasers actually want to be paid to pick it up. According to Bloomberg last Friday, Flint Hills Resources LLC said it would pay $0.50/barrel for its North Dakota Sour.



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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