Oversupply and Demand

Author: Pam Corn   Date:

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.

In other news, a Reuters survey showed OPEC crude output is down 120,000 bpd in October at 31.64 mbpd from 31.76 mbpd in September. This decrease is due to declined production by top producers Saudi Arabia and Iraq which has outweighed greater supply from African members. However, with one day left in the month, the final figures may still be revised. 

The ExxonMobil Joliet refinery in Channahon, IL is rumored to be having issues with its fluid catalyst cracker (FCC) and coker, which may further strengthen prices of refined products in PADD 2.  The Chicago market has been the strongest in the country over the past couple of months. 

 

Post Views: 474
Written by:

As Director of Marketing for Guttman Holdings, I lead our advertising, digital marketing, branding, and public relations strategies, and share my expertise to communicate key messaging to all our stakeholders. With my diversified leadership background, I also drive innovation and cutting-edge business practice and results, to generate interest in Guttman Energy, Guttman Renewables, and Source One service offerings.

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.