Oil Up On Heels Of Dow Jones Industrial Average Hitting 20,000

By: Mike Dombroski / January 26, 2017

The oil complex is trading up today on the heels of the Dow Jones Industrial Average exceeding 20,000 yesterday-the first time this high water mark has ever been reached. WTI is currently trading up $1.18 to $53.93/bbl. Brent trades $1.29 higher to $56.37, as it continuously bounces off the $55 mark. This is happening despite a stronger dollar index today, last up $0.651 to $100.67. Many traders are weary of putting on short positions until we get firm OPEC January output numbers next week. The latest production number we have is from OPEC’s meeting this past Sunday when ministers said that they have cut 1.5 out of the 1.8 million barrels per day target already this month. Tune in next week…

Reuters reported earlier today that about 12 tankers holding more than 4 million barrels of crude oil are anchored off the Venezuelan coast unable to offload because their hulls are too dirty to navigate international waters according to maritime laws. Oil leaks at the Bajo Grande terminal in Venezuela have stained the tankers and PDVSA, the Venezuelan state-owned, oil and natural gas company, cannot pay for the repairs and/or cleanup, according to internal documents.

In other oil news, according to OPIS, gasoline demand is running about 7.7% behind year-to-date. Gasoline demand last week was 8.039 million barrels per day-this was the lowest weekly amount since February 2014.

Despite the lack of demand, refined oil products are following the rest of the oil complex higher today. NYMEX RBOB trades up $0.0239 at $1.5477/gallon and ULSD is up $0.0332 at $1.6646/gallon.


1-25 market.jpg

Mike Dombroski

Written by

Mike Dombroski

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.


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.


Contact Us