The IEA reported that output in October reached 97.8 million barrels, which is an increase of 800,000 barrels per day. Where is the increase coming from? It’s coming from countries such as Brazil, Kazakhstan and Russia, who are increasing their production.
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On a historic day for our country, the markets don’t know how to digest the outcome. Dow Jones Industrial Average futures last night were down 800 points at one point; we are now up triple digits. Dec WTI futures were as low as $43.07/bbl in the early morning, but are now trading up at $45.68. […]
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Happy Election Day to all. The most up-to-date polls are predicting that Hillary Clinton will finish on top of rival Donald Trump in today’s election. According to Reuters, Clinton is being viewed by investors as the safer/more stable choice for the U.S. economy. Some might say that Trump poses greater risk, but Trump supporters feel […]
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Although not so substantial, the market has indeed been in rally mode for the majority of the morning with WTI crude up $0.29 to $44.36. As for refined products; RBOB is trading down $0.0191 and ULSD is up $0.0032. Numerous events and topics world-wide could be influencing the market to behave as such.
Read MoreEarlier today a report said Saudi Arabia threatened to raise its production from 11MMbpd to 12MMbpd and to even skip the OPEC meeting November 30th in an effort to strong-arm other OPEC members into a comprehensive production cut. This comes after a Reuters survey estimates that OPEC’s October production rose to 33.8MMbpd, a record high. […]
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Business doesn’t stop simply because the temperatures decrease during winter months. At Guttman, we want to make sure you can operate your business as usual, year round.
Read MoreThe SIGMA trade association has provided the following important information regarding the Colonial Pipeline incident: In response to an explosion and fire on the Colonial Pipeline Monday, the Governors of Alabama, Georgia, and North Carolina have declared a state of emergency in their respective states. For Alabama and Georgia, these disaster declarations have only suspended […]
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Last night the Chicago Cubs finally ended their 100+ year championship drought, and now we can all focus our attention on trying to get a better idea of what this market is going to do heading into 2017. The market was supported early this morning by a weaker U.S. dollar, but the prolonged rumors being […]
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Late yesterday afternoon, Colonial Pipeline’s gasoline pipeline (Line 1) in Shelby County, Alabama, experienced an explosion and fire when a track hoe hit the line, resulting in the closure of the largest fuel pipeline in the U.S. Reports indicated that five individuals were transported to Birmingham-area hospitals for treatment, and there was one fatality recorded […]
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Crude has been right up against the perpetual $50 a barrel mark the entire morning. Yesterday, it breached that mark, but ended up settling down to $49.18. As we head into November, let’s take a look at what crude has done the last two months. On September 5th, crude closed at $46.91, and a week […]
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