Supply Disruptions Stoke Market

By: Angela Agostinone / November 4, 2015

Yesterday, crude closed up $1.76/bbl to $47.90, RBOB closed up $0.0702/gal to $1.4455 and HO finished up $0.0591/gal to $1.5660. The futures market remains relatively flat while waiting for the release of the DOE statistics report.

Prices reacted yesterday to multiple pieces of news.  The Colonial Pipeline suspended a portion of operations due to flooding in Texas.  There are supply disruptions in both Brazil and Libya.  There is a strike at Brazil’s state oil producer Petrobras, which is the world’s ninth largest oil producer. Production is estimated to be cut by 13%. In Libya, there is a closure of the oil export terminal at the eastern port of Zueitina and they have declared force majeure.

API data released last night showed a 500,000 barrel draw in crude inventories in Cushing, OK, however U.S. crude inventories built by 2.8 million barrels. There was a draw in gasoline of 3 million barrels, and a draw in distillates of 230,000 barrels.  Refinery utilization is up 0.9% from last week to 88.7% capacity. The DOE statistics will be released at 10:30 AM today.

Technically, the market pushed through some key moving averages yesterday. Bullish stats today could push the futures market higher in the short term. 


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.

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