DOE Statistics Driving the Market Higher

By: Angela Agostinone / August 3, 2016

Yesterday, WTI crude closed down $0.55 to $39.51/bbl, RBOB closed up $0.0080 to $ 1.3116/gal, and HO closed up $0.0011 to $1.2590/gal. These are small changes from Monday’s settle, however yesterday included rather large intra-day price movements. Tuesday’s trading session began with a rally in futures prices due to the U.S dollar dropping to a six-week low, but ran out of steam by afternoon. It is also important to mention that this was the first time WTI crude closed below $40/bbl since April 2016. 

The API statistics reported a draw of 1.3 million barrels in crude, a draw in gasoline of 450,000 barrels, and a build in distillates of 539,000 barrels.  However, the DOE statistics that came out today at 10:30 a.m. ET did not match.  The DOEs reported a build in crude inventories of 1.4 million barrels. The crude statistic that seems to have the greatest impact on our region is bullish with a draw in Cushing of 1.1 million barrels.  The report showed a draw of 3.3 million barrels in gasoline, and a build of 1.2 million barrels in distillates.  Overall, these stats are bullish and the market remains up.  As of 12:15 p.m. ET, WTI is up $1.24/bbl, HO is up $0.0320/gal, and RBOB is up $0.0350/gal. 


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.

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