Market Flat on Mixed Stats

By: Angela Agostinone / June 21, 2017

Yesterday, WTI closed down $0.97 to $43.23/bbl, HO closed down $0.0162 to $1.3949/gal, and RBOB finished down $0.0266 to $1.4240/gal.  The market has been relatively flat since the release of the mixed API statistics last night.  Crude inventories drew 2.7 million barrels, 1.3 million coming from Cushing, OK.  Imports were down 978,000 bpd.  Refined products were bearish; gasoline had a small build of 346,000 barrels, and distillates built by 1.8 million barrels.

The DOE statistics were fairly similar to the API report.  Crude inventories drew 2.5 million barrels, 1.1 million coming from Cushing.  Gasoline differed: instead of a build, inventories actually drew 578,000 barrels. Lastly, distillates built 1.1 million barrels, still the most bearish statistic of the report. 

The OPEC/non-OPEC committee had a meeting yesterday to go over May compliance numbers. OPEC compliance was at 108% and non-OPEC was at 100%.These numbers are very bullish, and if it wasn’t for the continued increase in U.S. production, oil prices would most likely be higher. 

Another important thing to keep in mind is that it is hurricane season.  Tropical Storm Cindy is expected to hit the Gulf Coast over the next three days.  See image below:

trop cindy.png

The rain and wind could be an issue for the refinery complex in the Gulf. The following image shows all the refineries in the Gulf Coast, and Tropical Storm Cindy is headed straight there.  The Gulf Coast cash market could likely strengthen during this time.  

gc refineries.png

 

 

6_20 settle.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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