March is Full of Madness

By: Daniel Guttman / March 16, 2017

As many people are busy filling out their NCAA Basketball Tournament brackets, energy analysts are diligently trying to understand and predict what the futures market will do next. The DOE’s were released yesterday and finally put a halt to the nine week streak of crude builds.  Crude inventories drew 237,000 bbl, surprising analysts who expected a 3.7 million bbl build.  Everyone loves a good upset right?  With draws across the board, the market traded higher yesterday and continues to strengthen early this morning.  WTI Crude closed at $48.86/bbl, up $1.14.  Oil price increases can be attributed to the decline in the U.S. dollar.  On the refined products side, yesterday the market closed at to $1.5124/gal, up $0.0205 and April RBOB closed down to $1.5834/gal, down only one point.

There are two other important sections of news worth noting. First, the increase in interest rates yesterday from .75% to 1%, which is the second time in only three months.  This is a sign that the economy is improving.  Second, Saudi Arabia, one of the ringleaders of OPEC still has not come to a decision about reducing supply, but Kuwait, a smaller member of OPEC is in favor of an extension in production cut.

Currently as of 10:20 a.m. ET the market has lost some of its momentum on the distillate side and front month HO is trading at $1.5048/ga,l down $0.0076, while front month RBOB is trading at $1.5887/gal, up $0.0053.

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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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