Not a Creature Was Stirring, Not Even a Mouse

By: Dave Robinson / December 23, 2016

Trading is light on the last trading day before Christmas weekend. Keep in mind the market settlement will be at 1:30 p.m. EST versus the normal 2:30 EST and will reopen Monday at 6:00 p.m. ET. So, effectively markets will be closed on Monday in observance of Christmas. 

With light trading comes increased volatility, which we’re seeing in the day’s price swings. Crude has swung back and forth between positive and negative ground and the refined products, which were down 2-3 cents this morning are now up half a penny to a penny-and-a-half. Downward pressure on crude seems driven by a stronger U.S. dollar.

As we draw closer to year end crude is trading around its highest level since mid-2015, which might lead to Saudi Arabia achieving one of its main New Year’s goals of 2017...more revenue. The world’s largest oil exporter anticipates it will earn $128 billion from oil sales in 2017 compared to almost 90 billion this year, which is a 46% increase. The Saudi economy depends heavily on oil revenue, which has softened considerably since prices began falling since 2014.    

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Everyone have a safe and happy holiday weekend.

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Categories: Daily Market Update


Dave Robinson

Written by

Dave Robinson

As Director of Marketing, Dave's responsibilities include ensuring customers have access to key information required to ensure smooth fuel operations.


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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