Holiday Highlights

By: Daryl Milliner / December 15, 2017

  • Oil prices show mixed trading throughout the week as we hover just below two year highs.
  • Hairline fracture discovered in Forties North Sea Pipeline, disrupting UK supply up to two weeks. (Carries 450,000 bpd)
  • OPEC production declined for fourth straight month as U.S. supply could help exceed demand growth.
  • Natural Gas prices declined after EIA reported stocks depleted by 69 billion cubic feet, surpassing forecasts of 63 billion cubic feet.
  • IEA released a report showing that the global oil market could show a surplus at the beginning of 2018 of 200,000 barrels/day, while at the end of 2018 could result in a deficit of 200,000 bpd.

forties-pipeline-e1513014457865.jpg

We’ve seen that the oil markets reacted very volatile as this week comes to a close, with bustling U.S. production challenging OPEC cuts, while the Forties pipeline shutdown in the North Sea pushed up Brent prices initially before leveling off at 0.22% to $63.20/barrel on Friday. With a myriad of mixed news and trading this week, prices will struggle to find a direction as we eagerly approach the New Year. January WTI rose 0.32% to $57.19/barrel. Refined products are tailing off as well with January RBOB falling 0.10% to $1.66/gallon while January Heating Oil tumbled 0.26% to $1.90/gallon.


Categories: Daily Market Update


Daryl Milliner

Written by

Daryl Milliner

Exemplary customer support and relationship building are my focus. I strive to use all my knowledge and resources to ensure customers’ fuel operations are run seamlessly and efficiently. Keeping customers informed and satisfied is my highest priority.


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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