Uncertainty at its Finest

By: Daniel Guttman / October 19, 2017

 The market was relatively quiet yesterday closing down $0.0070 to $1.8028/gal on November HO and closing up $0.0128/gal on November RBOB to $1.6429/gal. Much to everyone’s surprise, crude inventories fell for the 4th consecutive week yesterday by 5.7 million barrels. Analysts feel that the inventory draw and decrease in production were skewed by the effects of Hurricane Nate. Hurricane Nate certainly didn’t get the same headlines as Harvey or Irma, but it has crippled U.S. oil production in the Gulf of Mexico nonetheless.

Another piece of important news to note is that the “Fragile Five” which are Iran, Iraq, Libya, Nigeria, and Venezuela are still facing potential supply issues due to the tensions rising between the Kurdistan Regional Government, Baghdad, and Turkey.

OPEC’s next meeting is scheduled for November 30th to determine what their next move will be in regard to production cuts for the 2018 calendar year. As of right now their 1.8 million barrel a day cuts are scheduled through March of 2018, but they are expected to extend the cuts at least through 2018. According to OPEC, “A balanced market is in sight”.

Currently as of 10:23 a.m. EST the market is trading down $0.0225 on front month heating oil to $1.7803/gal and up $0.0009 on front month RBOB to $1.6438/gal. The national average at the gas pump is down 15 cents from this time last month according to AAA.

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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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