7/29/2015 Market Update

By: Daniel Guttman / July 29, 2015

Last night the American Petroleum Institute released its weekly statistical inventory recap. The API reported a draw in domestic crude of 1.9 million bbls and builds of 1.3 million bbls for gasoline, 4.3 million bbl for distillates. Although noted as a precursor and less reliable source to the EIA Statistics released at 10:30 AM today, the API news has pushed the futures market down further this morning. Refined products have seen a price decrease of over a dime in the past week and without a change in market conditions it does not seem likely that the trend will shift directions.

ULSD prices have been pushed to multi-year lows due to oversupply in the marketplace. Production increases from OPEC, Iran’s export ability, and high domestic refinery utilization have all contributed. With refiners incentivized by higher margins in refined products it would seem that this bearish trend on products will continue in the short term. As the world’s largest importer of refined products, China’s recent economic troubles have also added to the global oversupply of ULSD.


*Chart Courtesy of Nasdaq

Technically, price levels are testing key supports but are also oversold, so the next move is a bit in question.

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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