Reports State What We Already Know

By: Angela Agostinone / November 18, 2015

Yesterday, crude closed down $1.07/bbl to $40.67, RBOB closed down $0.0006/gal to $1.2380, and HO finished down $0.0170/gal to $1.3681.  Currently, refined products are trading up between $0.01 and $0.03/gal. 

API data released last night showed a draw in crude of 480,000 barrels, however, Cushing had a 1.3 million barrel build.  There was a draw in distillates of 1.5 million barrels, and a small build in gasoline of 240,000 barrels.  Refinery utilization is at 89.3% capacity nationally. 

The reports of falling stockpiles of crude, as well as the geopolitical news regarding France provides support for the gains in the market this morning.  This is most likely short term and the market in the longer view will be considered bearish as long as there is global oversupply.  The EIA stated there is a record 3 billion barrels of crude and oil products stored in tanks worldwide.  This amount of oil in storage is comparable to a month's worth of global oil consumption. 

The DOE statistics were released today at 10:30 AM.  The report showed crude had a small build of 252,000 barrels, with a build of 1.5 million barrels in Cushing.  There was a draw of 791,000 million barrels of distillates, and a build of 1 million barrels of gasoline.  Total refinery utilization is up 0.8% to 90.3%; PADD 1 is at 92.3% and PADD II is at 88%. The increases in refinery utilization are due to refinery turnarounds finally coming to an end.  The release of the DOE stats has reversed the morning gains and spreads forward are weakening on the high inventory levels reported. 


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.


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