Sell-off Takes Crude to One Month Low

By: Pam Corn / April 28, 2017

A sell-off Thursday dropped WTI crude to its lowest level in a month, closing the day at $48.97. After spending the first three weeks of the month above $50, WTI finished below that mark every day this week. Refined products also took a hit yesterday, with HO finishing down almost three cents at $1.5072 and RBOB down four cents at $1.55.  This morning, WTI was up slightly as traders took advantage of buying opportunities. Also providing support were analyst expectations that the OPEC/non-OPEC production cuts will be extended to the end of 2017, along with comments from Russia that April numbers will show it is meeting its target production cut of 300k bbl/day. As of this writing, however, WTI and the refined products are down, with WTI at $48.91 as of 12:30 p.m. ET.

April crude chart.jpg

Image courtesy of

In other news:

  • In a partial recovery from the collapse in oil prices, major oil companies are reporting strong Q1 profits:
    • Exxon: $4 billion (more than double Q1 2015)
    • Chevron: $2.7 billion
    • French producer Total SA: 77% increase
  • The U.S. economy showed weakness in Q1, growing at just 0.7%, the slowest rate of growth in three years
    • CNBC reports that economists are writing this weakness off as temporary and that inflation and wages picked up in Q1, indicating that the Fed will likely continue with expected interest rate increases.

4_27 settle.jpg

Categories: Daily Market Update

Written by

Pam Corn

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