Harvey Heads to Houston

By: Angela Agostinone / August 23, 2017

Yesterday, the market got back some of its Monday losses. WTI finished up $0.27/bbl to $47.64, RBOB finished up $0.0067/gal to $1.5908, and Heating Oil closed up $0.02/gal to $1.5912. Supporting oil prices yesterday were the expectations of a decline in crude inventories for the eight-consecutive week.  The API statistics that were released last night showed a draw of 3.6 million barrels in crude inventories.  Refined products were a bit more bearish with builds in inventories.  Distillates showed a 2 million barrel build, and gasoline a 1.4 million barrel build. 

The DOE statistics released this morning did confirm eight straight weeks of declines in crude inventories with a 3.3 million barrel draw.  Cushing, OK also drew 503,000 barrels. Refined products differed from the APIs with gasoline drawing 1.2 million barrels and distillates building only 28,000 barrels. Since the release of the DOEs, the market is trading up across the board. As of 11:15 a.m. EST, WTI is up $0.20/bbl, RBOB is up $0.0120/gal and Heating Oil is up $.0215/gal.

The Department of Commerce (DOC) announced yesterday its preliminary determinations in the countervailing duty case on imports of biodiesel into the U.S. from Argentina and Indonesia. The preliminary rates:

department of commerce.png

The Commerce is scheduled to make a final decisions around November 7th of this year. See link for more information: http://enforcement.trade.gov/download/factsheets/factsheet-multiple-biodiesel-cvd-prelim-082217.pdf

 Tropical Depression Harvey, currently hovering in the gulf coast, moving at a snails’ pace of 9mph, has the potential to disrupt the Gulf Coast refineries towards the end of the week with heavy rainfall and flooding.  See images below- the first shows refineries in the Gulf Coast, and the second shows the predicted rainfall during Tropical Depression Harvey.

refinery GC.png


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.

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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