Winter Over? Summer Around the Corner?

By: Daniel Guttman / March 2, 2017

As we enter the home stretch of the week, the April HO Contract closed down $0.0158 at $1.6241/gal and April RBOB Contract at $1.6780/gal, closing down $0.0514 from yesterday. As of 11:30 a.m. ET the market is continuing its slide in the refined products.  April HO is trading at $1.5912/gallon and front month RBOB at $1.6429/gallon. 

According to the U.S. Petroleum Report, the bearish crude and bullish gasoline and distillate stats are right on track for refinery maintenance season. Crude production and inventory levels are continuing to rise and are still setting new records.  Crude storage levels have hit a new high at 520.2 million bbl as of last week.  Nationally, inventory crude levels rose by 1.5 million bbl for the week through February 24th.  This came as a surprise because analysts were expecting crude to double this amount at 3.1 million bbl.  We see a high turnaround for refineries during this time of year for transition season into the lower RVP gas.  Turnaround for transition to lower RVP gas has begun as Midwest refineries go offline.

The weather seems to be playing a major factor in the Midwest and Northeast over the past few weeks. With 70 degree weather one day and 30 degree temperatures the next, the Heating Oil season has been unpredictable and looks like March will not be much different than February. This has probably been a factor in the recent refinery issues in the Midwest.  Locally, the weather is predicted to range from the low 30’s to the mid 50’s this weekend.


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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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