SOTU, Stats and the Fed

By: Peter Haralambakis / January 30, 2018

After opening the week yesterday with all three indices finishing down, the trend is continuing this morning as the board is lit red again for crude, RBOB and HO.  Yesterday, crude finished down $0.0058 to close at $65.56 while RBOB and HO settled down by $0.0028 and $0.0312 to close at $1.9349 and $2.1048 respectively.  Multiple factors contributed to yesterday’s decline including the strength of the U.S. dollar and most importantly, supply.  Reports of rising U.S. production, increased rig counts and inventory expectations are all weighing heavily on the oil market.  Later this afternoon, the American Petroleum Institute will publish their weekly stats followed by the Energy Information Administration’s all important report tomorrow morning.      

With not much in the news currently, the markets await President Trump’s first State of the Union address in which he will discuss the economy, the country’s infrastructure and immigration.  In addition to tonight’s address, the FOMC begins a two day meeting which is expected to conclude tomorrow without an interest rate hike.  This meeting, which will be Chairman Janet Yellen’s last as Fed Chair, will lay the groundwork for three potential future interest rate hikes which the Fed has forecast for this year.


As of now crude is currently trading at $64.29 / barrel while RBOB and HO are both down approximately $0.0350.

Categories: Daily Market Update

Peter Haralambakis

Written by

Peter Haralambakis

Peter Haralambakis is a Supply and Trading Business Development Manager at Guttman Energy with over 13 years of experience in commodities trading, analysis, and risk management in products ranging from Corn and Soybeans to Crude Oil Futures and Options to Financial and Physical Biofuels to Natural Gas and Natural Gas Liquids.

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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