Welcome to the Land Down Under

By: Daniel Guttman / August 5, 2016

Playing off yesterday’s “Carry on You Wayward Market” we might say the market’s making a move to “The Land Down Under” today with crude, diesel down as of 11:00 AM EST. Crude is down $.75, diesel is down $.0200, and gas is slightly down $.0010. Another key driver of the falling market today could be the U.S. Dollar on the rise, up +.548 after multiple jobs reports showing productive gains. This is long overdue, since the dollar has weakened by 2 percent since the latter half of July.

Let’s recap the week of 8/1-8/5. On Monday, diesel finished down almost $.05 cents and gas about $.0150. Moving on to Tuesday’s settle, we experience little volatility, as the market took a break and diesel settled near flat, and gas up $.01. Since then, we have had heavy volatility on both products. Diesel has jumped 7 cents since Wednesday morning while gas increased 5 cents. There continues to be high volatility as we push through to the 4th quarter, and many wonder which direction we are headed. On Tuesday we discussed refinery problems in the Chicago market and that seemed to be the main driver of the Chicago cash market over the last couple days especially in Midwest markets. The API statistics were released Tuesday showing a draw in crude and gas, but a build in distillates. DOE day on Wednesday did not match up. Crude built overall by 1.4 million bbls, and Cushing built by 1.1 million. Gasoline drew 3.3 million bbls and built 1.2 million bbls in diesel. Yesterday continued the trend of a strong market, with the cash markets increasing and the racks in the northeast being heavily affected.

Interesting news:

  • Venezuelan oil minister pushes for global oil producer meeting to boost oil price.
  • Russia has not received an official OPEC request for their producer meeting.
  • India was set to replace China as the main driver of non OECD and global demand growth. Their strategic oil fills have disappointed thus far.080416set.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.


Subscribe to our blog

Price Feed

Stay up-to-date on current fuel prices and market trends with our NYMEX price feed (15 minute delay to the live market).

© 2018 Market data provided and hosted by Barchart Market Data Solutions. Fundamental company data provided by Morningstar and Zacks Investment Research. Information is provided 'as-is' and solely for informational purposes, not for trading purposes or advice, and is delayed. To see all exchange delays and terms of use please see disclaimer.


Contact Us