More Storms Coming?

By: Angela Agostinone / September 20, 2017

Yesterday, WTI crude closed lower on the day by $0.43/bbl to $49.48, HO closed down $0.0070/gal to $1.7726, and RBOB finished down $0.0136/gal to $1.6550.  The market is finding some support this morning from the API statistics released last night.  The APIs reported a smaller than expected build in crude inventories of 1.4 million barrels.  Refined products both showed large draws.  Gasoline drew 5.1 million barrels and distillates drew 6.1 million barrels.  This was the expectation following Hurricane Harvey.  Also supporting oil prices this morning are comments from Iraq’s Oil minister hinting at OPEC production cuts being extended until the end of 2018, and the weaker U.S. dollar.

The DOE released its Weekly Petroleum Status Repot today and, as expected, crude inventories increased over the last week.  It showed a build of 4.6 million barrels,  with Cushing building 703,000 barrels.  Gasoline showed a smaller than expected draw in inventories at 2.1 million barrels, and distillates showed a larger than expected draw of  5.7 million barrels.  Refinery utilization was up 5.5%, with PADD III increasing by 12.3%. 

It is important to keep an eye on Tropcial Storm Jose.  It is expected to remain offshore, but could make a slight turn westward and cause flooding along the Northeastern Coast.  The first image below shows where Tropcial Storm Jose could hit.  The second image shows refineries along the East Coast that may be impacted by the heavy winds and flooding.

 

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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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