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.”





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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