Oversupply and Demand

By: Lindsay Farrell / October 30, 2015

Despite the global oversupply of oil of approximately 1.5-2.5 mbpd, many traders are still buying.  They are doing so even though going long in recent years has resulted in losses over a billion dollars.   This buying has pushed the markets enough to provide technical buy signals.

In other news, a Reuters survey showed OPEC crude output is down 120,000 bpd in October at 31.64 mbpd from 31.76 mbpd in September. This decrease is due to declined production by top producers Saudi Arabia and Iraq which has outweighed greater supply from African members. However, with one day left in the month, the final figures may still be revised. 

The ExxonMobil Joliet refinery in Channahon, IL is rumored to be having issues with its fluid catalyst cracker (FCC) and coker, which may further strengthen prices of refined products in PADD 2.  The Chicago market has been the strongest in the country over the past couple of months. 


Categories: Daily Market Update

Lindsay Farrell

Written by

Lindsay Farrell

As Manager of Quality Assurance and Regulatory Compliance, Lindsay Farrell is responsible for fuel operability across the company’s terminals and customer sites, as well as keeping up-to-date with the latest regulations and best practices within the industry.

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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