Winter is Back!

By: Angela Agostinone / August 17, 2016

Yesterday, the market continued upwards as WTI finished up $0.84 to $46.58/bbl, RBOB finished up $0.0219 to $1.4226/gal, and HO closed up $0.0114 to $1.4613/gal.  The strength in prices is still a result of talks surrounding the production freeze, along with a weaker dollar.   

The API statistics released last night showed:

Crude inventories: -1 million barrels; Cushing: -680,000 barrels

Gasoline inventories: +2.2 million barrels

Distillate inventories: +2.4 million barrels

 

The DOE statistics released this morning showed:

Crude inventories: -2.5 million barrels; Cushing: -700,000 barrels

Gasoline inventories: -2.7 million barrels

Distillate inventories: +1.9 million barrels

 

AS of 11:40 a.m. ET, WTI is down $0.40/bbl, HO is up $0.0020/gal and RBOB is up $0.0125/gal.  The market is reacting to the DOE statistics.  Even though there was a draw in crude inventories, most of that took place in PADD 5 (West Coast).

Another piece of notable news is that the 2017 Farmers’ Almanac is now available and is forewarning of a very cold winter over the Northern Plains, Great Lakes, Midwest, Ohio Valley, Middle Atlantic, Northeast and New England this year.  Last year, heating oil demand was down due to the abnormally mild winter, but hopefully not this year because the frigid winter is back! Farmers’ Almanac Editor Peter Geiger stated, “Cold Man Winter did seem to be on vacation last year thanks to a very strong El Nino, but this year he’s back…”

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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.


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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