Where Do We Go From Here?

By: Greg Gill / July 18, 2017

The U.S Dollar Index was down this morning and to no surprise oil prices were seeing a slight uptick. This morning refined products (Gas, diesel) were up around a couple cents, but are starting to relax back towards last night’s settlement prices. What’s driving the market today you ask?

Here are some helpful tips to help determine why oil prices may or may not be moving a certain way

  1. Understand when industry reports and/or data gets released to the public
    1. American Petroleum Institute – forecasts supply & inventory data (Tuesday Evening at 4:30 PM)
    2. Department of Energy- releases supply & inventory data (Wednesday Mornings at 10:30 AM)
  2. Be in the know with current events
    1. Ecuador- unable to hold up its end of deal to reduce oil supply (due to financial hardships)
    2. Affordable Care Act- was not repealed today (not enough votes)
    3. Saudi Arabia- reports they may reduce crude exports even more than promised
  • Be in the know with other markets and indexes
    1. U.S. Dollar Index down- after failure to replace current U.S. healthcare system
      1. .Inverse relationship between Dollar Index & Oil Prices (hence one of the reasons oil prices are up right now)

To sum it up, the oil markets (WTI/Brent Crude & the NYMEX) are not expected to move too much today.

One might say that inventory reports tonight & tomorrow will be more telling for which way this market is headed next. On the flipside, there are those who are placing greater attention on the news surrounding U.S. healthcare and the U.S. dollar index to help confirm their beliefs.

To put it simply, there are a lot of different ways that you can take a view into the market, just remember that it never hurts to pay attention to everything out there in order to have a better understand why the market could be doing one thing or another.

Greg Gill

Written by

Greg Gill

I’m passionate about fully understanding my customers’ fuel operations and the fuel markets in which they operate. I want them to view me as their fuel expert. To develop strong, trusting partnerships with customers, I have to provide them with meaningful and timely information to ease the challenges of making smart fuel decisions, allowing them to focus on their core business.

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