Seesaw Continues as Market Rallies Today

By: Lindsay Farrell / April 8, 2016

This morning the market is rallying, with crude up $2.30 to $39.56, gasoline up $0.0748 to $1.4560 and ULSD up $0.0722 to $1.1979.  Some believe this is due to Janet Yellen’s comments yesterday confirming the strength of the US economy and refuting any notion that we are in a “bubble ready to burst.” 

Others think the rally stems from news that the Kuwait OPEC governor and Russia’s energy minister are both optimistic that an output deal or potentially even other proposals will be made at the April 7 Doha meeting.  Some sources have speculated that Russia’s output may decrease slightly this month to 10.84-10.86 million bpd from March’s 10.91 million bpd. 

A fire was reported at the ExxonMobil Baytown refinery yesterday.  The furnace fire was associated with a light ends unit.  ExxonMobil reported that there will be no impact to production. 

The markets closed down yesterday with crude down $0.49 to $37.26, gasoline at $0.0135 to $1.3812 and ULSD down $0.0146 to $1.1257. 

 

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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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