Up Up and Away

By: Daniel Guttman / April 12, 2016

You would think the Keystone pipeline restarting yesterday at reduced pressure would weaken the market, but unfortunately for consumers it was not enough to hold off the rally we are seeing today. Reports and rumors are stating that crude oil stocks at Cushing, OK, may be significantly lower in this week’s supply data. Keep in mind that Cushing is the largest crude oil storage facility and NYMEX WTI delivery point in the U.S. So how vital is the Keystone to the crude levels at Cushing? Moving from Canada to Oklahoma, the Keystone pipeline is capable of delivering more than 550,000 barrels per day of crude. Another factor that is supporting this rally is the drop to a near eight month low of the dollar this morning.

Taking a look at the market numbers yesterday: Brent reached a high of $43.06/bbl and WTI $40.75/bbl. The closing numbers were slightly lower at $42.83/bbl on Brent and $40.36 /bbl on WTI. RBOB gained 4.4cts/gal and diesel 1.43cts/gal.

Interfax reported that Saudi Arabia and Russia reached an agreement on an oil-production freeze. Please tell us something we don't know. Yet, the market took another jump up around the time the announcement was made today. Something as simple as that strengthened today’s market. As of 1:00 P.M EST, diesel is up .0520 and gas is up .0200. Crude surged up 3%, reaching a year-to-date high of $41.94/bbl. The actual meeting will take place on Sunday in Doha, and maybe they will come to an ACTUAL outcome.

Here are some retail statistics to ease the constant news of crude freezing and bullish and bearish sentiment:

The DOE national average retail prices:

Gasoline        $2.0690          vs. last week -.0140             vs. last year -.3390.

Diesel             $2.1280          vs. last week +.0130            vs. last year -.6260.04112016.png

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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