Yesterday saw further declines in the refined products in the front months. January RBOB futures settled down 6.52 cents and the January HO contracts settled down 67 points. Yesterday was also the last trading day for Jan WTI contracts. Trading was therefore very light in the Jan contract, but the Feb contract settled at $35.81 […]
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The geopolitical news has gotten louder with France declaring war on ISIS, after their airstrikes in Syria yesterday/Sunday. The market reaction from the aftermath of the attacks in Paris suggests that the global oversupply of crude stands strong, as it has been for quite some time now. How long will the global glut of product […]
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WTI petroleum futures were up significantly early this morning, but more recently slid off once Genscape data came out showing a 1.8mm bbl build on crude at Cushing. Heat and RBOB are currently trading up slightly. Last week ended with a three-day drop in the market; will today end that streak? Downward price pressure was […]
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Despite the global oversupply of oil of approximately 1.5-2.5 mbpd, many traders are still buying. They are doing so even though going long in recent years has resulted in losses over a billion dollars. This buying has pushed the markets enough to provide technical buy signals.
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Winter is right around the corner and Guttman Energy understands the importance of your equipment running smoothly even during periods of extreme cold. To ensure that our customers have the best possible fuel operability in winter months, we have developed a fuel quality program to ensure operation during the area’s coldest temperatures.
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Following Friday’s reports, there are many mixed opinions on how the market is going to respond next, and technicals are stuck in the middle between support and resistance levels. A Goldman Sachs research report stated that oil could sink as low as $20/bbl, along with reports that Saudia Arabia does not support an OPEC meeting […]
Read MoreThe EIA’s Weekly Petroleum Status Report was released yesterday. There was a build of 2.6 million bbls on crude inventories, mostly located in PADD 5. The Midwest crude builds are due to the BP Whiting refinery issues. The EIA stated that for refined products, gasoline drew 2.7 million bbls and distillate rose by 0.59 million […]
Read MoreThe downtrend continues, as WTI has a lower technical objective of $39.44 if trades stay below $42.03. US Crude futures hit an intra-day low of $41.42 yesterday, which has not been seen since early 2009. A Reuters poll has predicted U.S. commercial crude oil and gasoline inventories will fall by 600,000 bbls and 1.5 million […]
Read MoreWhat the market is going to do next is still unclear. While the trend has been down as of late, all contracts are trading close to flat. Heat has been able to trade up to $1.5741 today, well above the next support level of $1.5212, and WTI is currently trading at $42.44, above the support […]
Read MoreBuying yesterday lead to a sharp increase in all markets, and created a surge in the market. This was mostly driven by the market being oversold, and the dollar showing some weakness. Most of that jump has eroded this morning, as the market drops off to make up for yesterday’s rally.
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