The Waiting Game: All Eyes on Release of EIA Report

By: Daniel Guttman / October 28, 2015

The API’s Weekly Petroleum Statistics Report was released yesterday. There was a build of 4.06 million barrels on crude inventories. The API stated that for refined products, gasoline drew by 656,000 barrels and distillate drew by 2.6 million barrels. The draw in refined products is unsurprising as we are nearing the end of refinery turnaround season.  Although the current market uptick is an expected reaction to this news, the real market mover today will be the EIA statistics that are set to be released at 10:30 AM today.

In the cash markets, Midwest products are still the market to watch. Even though prices have fallen in the past few days, they are still very strong. Prices for Chicago gasoline are 12.75-17cts higher than New York and the Gulf Coast respectively. This wide disparity in pricing has seen arbitrage opportunities open up hauling gasoline and diesel from Pennsylvania into Ohio.  There was also a 13 cents per gallon increase in Chicago ULSD from yesterday. In the chart below, PADD 2 refinery utilization at 81.3% is up week over week but still lagging from historical levels

.blog_photo2_10-28-15                                    *Eagle Commodities Brokers



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.

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