Turkey’s on the Table

Yesterday’s events in the Middle East between Russia and Turkey provided some strength in the market. Crude closed up $1.12/bbl to $42.87, HO closed up $0.0254/gal to $1.3997, and RBOB finished up $0.0768/gal to $1.3902.  Prices of crude and both refined products are down this morning.

These are three factors driving prices lower this morning after yesterday’s gain:

 1. API data released last night showed a build for all inventories.

         A)   Crude: +2.6 million barrels; Cushing: +1.9 million barrels

         B)   Distillates: +690,000 barrels

         C)   Gasoline: +1.4 million barrels


2. There has not been any escalation yet between Russia and Turkey after Turkey shot down a Russian jet fighter yesterday. Putin has ordered an air defense missile system to be deployed to a Russian airbase 50 miles south of the Turkey/Syria border.


3. The dollar is strengthening as the euro is weakening due to a report that the European Central Bank is considering a penalty charge on banks that may hoard cash.


The DOE statistics were released today at 10:30 AM. The report showed crude had a build of 961,000 barrels, with a build of 1.7 million barrels in Cushing, OK. There was a build of 1.0 million barrels of distillates, and a build of 2.5 million barrels of gasoline. 


Happy Thanksgiving!


Please Note:

-Our offices are closed tomorrow Thursday, November 26th but open on Friday, November 27th.

-Futures market is open tomorrow, but closes early at 1PM EST and has an earlier Friday closing as well at 1:45PM EST.



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.

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