Today's Market Influences

By: Angela Agostinone / December 2, 2015

Yesterday, crude closed up $0.20/bbl to $41.85, HO closed up $0.0148/gal to $1.3690, and RBOB finished up $0.0561/gal to $1.3630. However, the market is currently trading down for crude and both refined products.

The following factors are currently supporting the volatility in the market: 

1. Monday the U.S. Environmental Protection Agency increased its Renewable Fuel Standard thus increasing the price of Renewable Identification Numbers (RINs). As a result it is now more expensive to blend gasoline. This pushed RBOB up yesterday.

2. There is an OPEC meeting in Vienna this Friday. There are reports that during the meeting Venezuela’s President, Nicolas Maduro, is going to propose a 5% cut in oil production in an effort to boost prices.

3. Janet Yellen, the Federal Reserve Chair, is speaking today in regards to the possible increase in interest rates. If interest rates increase later this month, it would be the first time since 2008.

4. API data released last night showed a build for all inventories. With the market currently down, the expectations are that the DOE stats released today will mirror the API report.

  • Crude: +1.6 million barrles; Cushing: +430,000 barrels
  • Distillates: +2.7 million barrels
  • Gasoline: +860,000 barrels
  • Refinery Runs: +1.7%

5. The U.S. dollar strengthened overnight, putting more downward pressure on prices today. 


 

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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.

  

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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