Market Rallies After Bullish Stats

By: Angela Agostinone / September 13, 2017

Yesterday, WTI crude closed up $0.16/bbl to $48.23, RBOB closed up $0.0218/gal to $1.6563, and HO finished down $0.0021/gal to $1.7406.  This morning, oil prices are trading slightly up after the API statistics last night, OPEC and demand rhetoric, and the weakened U.S. dollar.  The API statistics were exactly what were expected after Hurricane Harvey- a build in crude inventories and draws in refined products.  Crude built by 6.2 million barrels, 1.3 million barrels from Cushing, OK.  Gasoline drew by a surprising 7.9 million barrels, and distillates drew 1.8 million barrels.  News surrounding the recent Hurricanes have been the main focus as of recent, but yesterday the OPEC rhetoric started again.  OPEC reduced output in August by 79,000 barrels per day to 32.76 million barrels per day. Another bullish piece of news from yesterday was the IEA released increased demand forecast for the rest of 2017 and into 2018. 

The DOE statistics released today at 10:30 a.m. ET were even more bullish than the API statistics.  The DOEs showed crude inventories built 5.9 million barrels, with a build in Cushing of 1.0 million barrels. It is no surprise that in PADD III (Gulf Coast) crude inventories built 9.9 million barrels.  Gasoline drew 8.4 million barrels, and distillates drew 3.2 million barrels.  After these bullish numbers, the market rallied across the board.  As of 11:20 a.m. ET, WTI is up $0.75/bbl, RBOB is up $0.0080/gal, and HO is up $0.0260/gal. 

Things to ponder for next week:

Demand destruction from storm

Shift in supply due to GC outages/exports to Central and South America

Pipeline schedules/vessels back to normal

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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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