Where Were You 11 Years Ago?

By: Daniel Guttman / December 21, 2015

Keeping an eye on WTI Crude has been quite amusing these past few weeks. Just this morning, with a tick of $33.89, crude hit a low not seen since 2004. What else happened 11 years ago?

  • On March 30th, 2004 the average price of a gallon of gas hit a record high of $1.753. However, that mark was shattered when an average of $4.11/gallon was set in August of 2008. (Today’s national average is $1.9970)
  • George Bush defeated the Democratic Party candidate, Senator John Kerry, to be reelected for his 2nd term as President.
  • The ‘Curse of the Bambino” ended with the Boston Red Sox winning the World Series, putting an end to an 86-year superstition.
  • The social network platform “Facebook” launched, which today is worth upwards of $300 Billion.

In petroleum news, heating oil and RBOB futures also headed lower this morning. Heating oil is trading down $0.0106 and RBOB is down $0.0512 at the start of this short holiday week. Today is the last day for January contracts, however, so WTI, along with heating oil and RBOB will get a boost from the market being in contango, being that February contracts are trading higher. December may have been an interesting time to monitor the price of crude, but 2016 could be even more volatile. With a 40-year ban on U.S. oil exports ending, coupled with the largest crude oil and natural gas storage glut ever seen domestically, the New Year could bring in new challenges.




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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