PAST, PRESENT, FUTURE??

By: Matt Rosenberg / April 20, 2016

Oil prices are relatively flat this morning as the latest API data from last night showed a build in crude stockpiles of 3.1 million barrels, coupled with a draw in Cushing.  The DOE just reported this morning a build of over two million barrels, with draws in both gasoline and distillates. 

With most of the current news centered around last weekend’s OPEC meeting in Doha, described as a “flop” by one analyst, the resolved Kuwaiti oil workers’ strike and the continued market oversupply, I thought it would be interesting to compare where the settles are now versus where they were exactly one year ago.

 

April 19, 2015 vs. April 19, 2016:

WTI:       $56.38 vs. $41.08 (-27 %)

RBOB:   $1.9315 vs. $1.4799 (-23%)

HO:        $1.8771 vs. $1.2632 (-32%) 

 

Wall Street Journal Headline today:

“Crude Prices Tumble as Kuwait Oil Workers End Strike”

Wall Street Journal Headline on April 20, 2015:

“Oil Prices Rise as Oversupply Concerns Ease”

It’s anyone’s guess as to where the pricing will settle April 19, 2017.


Settle_4-19.png


Categories: Daily Market Update


Matt Rosenberg

Written by

Matt Rosenberg

As a key accounts manager, Matt helps large customers make mission-critical decisions by providing timely advice regarding market conditions.


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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