Stats Release Changes Market Direction

By: Daniel Guttman / November 5, 2015

The EIA’s Weekly Petroleum Status Report was released yesterday. There was a build of 2.8 million barrels on crude inventories. However, crude inventories at Cushing, Okla., drew by 200,000 barrels.The EIA stated that for refined products, gasoline drew by 3.3 million barrels and distillate drew by 1.3 million barrels. PADD2 (Midwest) distillate inventories drew by 716,000 barrels last week, hitting a new 2015 low of 26.551 million barrels.

The EIA report estimated that domestic crude oil production hit 9.16 million barrels per day last week. This number continues to climb even though crude oil output has declined by around 500,000 barrels from its peak earlier this year. The Gulf Coast continues to establish records for crude oil in storage. Last week’s levels were reported at 251.7 million barrels while total inventories are within around 10 million barrels of the record that was set earlier in 2015. This is primarily due to heavy fall turnarounds in PADD3, thus cutting crude demand.

Today the market is relatively flat across the board. We are continuing to watch developments in Syria and global economics for direction in the market. Right now, a strong U.S. dollar and high crude inventories are keeping prices down overall.

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Categories: Daily Market Update


Daniel Guttman

Written by

Daniel Guttman

With a background in wholesale and commercial sales as well as pipeline scheduling, Daniel is currently the Manager, Business Development in the Card Access Fuels department. He is tasked to find new and innovative solutions to increase sales opportunities for the sales team while managing and evaluating internal department processes. He assists with day to day personnel management, customer data analysis, as well as the daily Pacific Pride inventory and pricing direction.


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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