We Wait For Tomorrow

By: Angela Agostinone / November 29, 2017

Yesterday, Jan WTI closed down $0.12/bbl to $57.99, Dec RBOB closed down $0.0173/gal to $1.7720, and Dec HO finished up $0.0029/gal to $1.9507. After close, the API statistics were released and initially the stats were interpreted as very bearish and the market dropped off across the board.  The API statistics showed a build in crude inventories of 1.8 million barrels, however Cushing showed a draw of 3.2 million barrels.  Gasoline inventories dropped 1.5 million barrels, and distillates built 2.7 million barrels.  The build in crude had the market off, but since this morning it has come back some because the large build was in PADD V.  The 3.2 million barrel draw in Cushing was a result of the leak and shutdown of the Keystone Pipeline. 

The DOE statistics reported a draw in crude inventories of 3.4 million barrels, differing from the APIs by 5.2 million barrels.  Cushing still had a large draw of 2.9 million barrels.  Both refined products reported a significant build for the week, gasoline 3.6 million barrels, and distillates 2.7 million barrels.

The next main focus for today and tomorrow is the OPEC/non-OPEC meeting in Vienna that is scheduled for tomorrow. The key topics around the meeting include:  1. Extension on existing product cuts for another nine months. 2. Iraq is in support of the extension. 3. Possible production caps for the two exempt countries- Libya and Nigeria.  Note, a topic that will not be discussed during this meeting is increasing the cuts.

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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.

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