Mid-Week Shuffle

By: Daryl Milliner / June 13, 2018

As we approach the mid-week shuffle, reports are showing sharp drop offs in crude supplies down 4.1 million barrels at the end of last week comparative to analysts forecast of a decline of 2.7 million barrels. Gasoline stockpiles fell by 2.3 million in contrast to the expected 443,000 barrel increase which was what was expected. Bigger draws in gasoline should be expected around this time of the year as we are in the early-mid summer driving season. Distillate stocks fell 2.1 million barrels while a 200,000 barrel increase was initially foretasted according to the data released by the EIA (Energy Information Administration). Prices rose as a result of these statistics which has the market on more of a bullish outlook short term. West Texas Intermediate Crude Oil is up 0.32% at $66.57. RBOB gasoline in July is trading up 1.54% to $2.12 per gallon while Heating Oil is up 0.75% at $2.18 per gallon.

tanker pic

Crude production rose domestically to a weekly record of 10.9 million bpd (barrels per day), not far behind Russia, whom is producing a whopping 11.1 million bpd. Reports of the Permian Basin in Texas and New Mexico show the region is positioned to become the third biggest oil producing region in the world by 2023. Producing around 32 million bdp the Permian is pumping more than other shale producing nations such as Kuwait and Mexico. Foretasted by IHS Markit, if the U.S. could improve pipeline capacity and invest in more drilling in the Permian Basin, the region could surpass output from China, Canada and Iraq. This outlook could be lofty in the long term but something interesting to ponder as U.S. production continues to rise.

Sources:


Categories: Daily Market Update, Gas Prices, Oil Prices


Daryl Milliner

Written by

Daryl Milliner

Exemplary customer support and relationship building are my focus. I strive to use all my knowledge and resources to ensure customers’ fuel operations are run seamlessly and efficiently. Keeping customers informed and satisfied is my highest priority.


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.


Comments

Subscribe to our blog

Price Feed

Stay up-to-date on current fuel prices and market trends with our NYMEX price feed (15 minute delay to the live market).

© 2018 Market data provided and hosted by Barchart Market Data Solutions. Fundamental company data provided by Morningstar and Zacks Investment Research. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer.

Categories

Contact Us