Geopolitical Pressure?

By: Daniel Guttman / November 16, 2015

Early morning prices edged up due to geopolitical news of French airstrikes in Syria, after Friday’s horrific attacks in Paris, but the global crude glut outweighed those concerns on the market. Oil is currently trading near its six-year low, and the main factor preventing prices from slipping off the edge is the strong and healthy global demand. However, the prices of oil and other commodities may come under pressure in the aftermath of the attacks.


The market is currently trading at $40.22 for WTI crude, (-$0.52), and both heating oil and RBOB are down $.0200 and $.0265 respectively. Large pullbacks and bearish sentiments were seen in most U.S. spot gasoline markets last Friday. Chicago CBOB weakened 9.84cts/gal and is 11cts under the MERC, while RBOB weakened more than 9cts/gal, and is trading almost 9 cents under the MERC. For our region, keep an eye out for weaker prices west, which will in turn cause product to flow from west to east. In other news, the 2-month trend of weekly decreases in oil rig counts here in the U.S. came to an end last week as Baker Hughes announced an addition of 2 rigs.


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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