Take Your Mark

By: Daniel Guttman / July 20, 2017

Oil prices are on the rise after the declines over the past few weeks with a lot of help from the very bullish DOE statistics.  Crude oil prices are up 1.6% to a 6 week high.  They are continuing to rise this morning and breaking through the next resistance levels.  Crude prices are expected to stay within the range of $40 to $60 for the next few years.  U.S. shale production has a lot to do with the stabilization because shale production is profitable with oil at $50 per barrel. 

Yesterday the market closed up across the board, Front month HO up $0.0410 to $1.5514/gal, Front month RBOB up $0.0380/gal to $1.6169/gal, and WTI Crude up $0.72 to $47.12/bbl. 

DOE statistics came somewhat as a surprise.  Draws were expected but not as large as they were in crude, distillate and gasoline.  U.S. crude inventories have fallen 14 out of the past 15 weeks, down 8.4% since March of 2017.  Although crude inventories are drawing, the United States is still producing record outputs.

Currently the market is trending up. As of 10:30 a.m. ET, crude is up $0.30 to $47.42, HO is up $0.230 to $1.5744 and RBOB is up $0.01 to $1.6269.

7-19-17 settle.jpg

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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