Technical Tuesday

By: Daniel Guttman / November 3, 2015

Diesel and gasoline sky rocketed upwards this morning, with both up $.05 cents as of 12:15 pm ET, and crude jumping $1.18 as well. The market is up on the following:

  • Flooding in Houston caused the Cedar Bayou facility to close. No pipeline originations can be made from here for two cycles until water recedes. This will impact Florida and Georgia mostly.
  • Oil industry strike in Brazil; Petrobras has slowed crude output by about 25%.
  • Force majeure on Libyan crude loadings.
  • Rally has pushed technicals through the 34 and 55 day moving average resistance levels, further exaggerating rally.

Other interesting news:

  • Iraq suspends exports of Kurdish crude oil arriving at the Turkish port of Ceyhan.
  • Russia to draw on sovereign wealth fund by 2017 if budget deficit is not trimmed.

As we head into the latter half of the day the market continues to surge on crude and products. Meanwhile, early Bloomberg estimates of the weekly update on U.S. oil inventories sees crude stocks building by 2.1 million barrels with a 500,000 barrel fall at the Cushing delivery hub, and a respective 1.3 million and 2 million barrel draw in gasoline and distillate stockpiles.

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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