Keep On Keepin' On

By: Greg Gill / September 20, 2016

Oil prices were down this morning on the expectation that API statistics will show a build on U.S. crude stocks. Analysts polled by Reuters are projecting a 2.3 million barrel increase  in crude supply. If this is the case, it is likely that the market will react negatively tomorrow. Crude/ distalle prices have since rebounded after Colonial Pipeline Company's announcement that its downed gasoline line will restart operations on Wednesday.

* Global news today is bearish:Venezuela, Nigeria and Libya are expected to increase oil exports, despite talks of a production freeze agreement with Russia. Mobil Producing Nigeria Unlimited (MPN), a unit of ExxonMobil, will resume shipment of Qua Iboe crude (Nigeria’s largest grade of crude) in October, three months after the company declared force majeure on exports of the grade.

 *Data released late yesterday showed a rise in Saudi Arabian oil exports in July. Exports rose from 7.456 million bpd in June to 7.622 million bpd in July.

*According to Olivier Jakob, managing director of PetroMatrix (Switzerland), “An output freeze would only secure an even higher push of Saudi crude oil and would be a case where the proposed cure is worse than the disease.”

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Greg Gill

Written by

Greg Gill

I’m passionate about fully understanding my customers’ fuel operations and the fuel markets in which they operate. I want them to view me as their fuel expert. To develop strong, trusting partnerships with customers, I have to provide them with meaningful and timely information to ease the challenges of making smart fuel decisions, allowing them to focus on their core business.


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