Dog Days of Summer

By: Peter Haralambakis / July 10, 2017

As we settle into our summer routines of BBQ’s and pool parties, we find trading volumes and energy headlines light and sparse.  One headline that appears to have goosed the market off its lows this morning underscores the idea for oil producers to look for ways to cap rising production.  Ministers from OPEC and non-OPEC nations will meet in the port city of St. Petersburg, Russia later this month to discuss the current situation in the oil market.  Within the next two weeks there will be conversations with Libyan and Nigerian officials to potentially invite them to the technical summit as well.  OPEC delegates have stated bringing Nigeria or Libya into the production pact would focus on capping their output as opposed to asking them to cut their supply.  As of 11:15 am EST, WTI is up $0.42 at $44.67 having bounced off its intraday low of $43.65.  For now, WTI is stuck in-between a lower channel of $41.79 and an upper channel of $50.68. 

CL Continuation.png

RBOB is up $0.0114 at $1.5098 and Heating Oil is up $0.0136 at $1.4677.  Only time will tell if today’s friendly headline prevails or will shale producers, having benefited from a combination of cost reductions and improvements in drilling efficiency and well productivity, continue to keep a lid on any rally.  For now, we shall embrace the “dog days of summer” with lighter trading volumes and the headline “tug of war” between bullish global production cuts and bearish U.S. production increase.

nymex settles0707.jpg


Categories: Daily Market Update


Peter Haralambakis

Written by

Peter Haralambakis

Peter Haralambakis is a Supply and Trading Business Development Manager at Guttman Energy with over 13 years of experience in commodities trading, analysis, and risk management in products ranging from Corn and Soybeans to Crude Oil Futures and Options to Financial and Physical Biofuels to Natural Gas and Natural Gas Liquids.


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.


Comments

Subscribe to our blog

Price Feed

Stay up-to-date on current fuel prices and market trends with our NYMEX price feed (15 minute delay to the live market).

© 2018 Market data provided and hosted by Barchart Market Data Solutions. Fundamental company data provided by Morningstar and Zacks Investment Research. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer.

Categories

Contact Us