Take Your Mark

Author: Pam Corn   Date:

Oil prices are on the rise after the declines over the past few weeks with a lot of help from the very bullish DOE statistics.  Crude oil prices are up 1.6% to a 6 week high.  They are continuing to rise this morning and breaking through the next resistance levels.  Crude prices are expected to stay within the range of $40 to $60 for the next few years.  U.S. shale production has a lot to do with the stabilization because shale production is profitable with oil at $50 per barrel. 

Yesterday the market closed up across the board, Front month HO up $0.0410 to $1.5514/gal, Front month RBOB up $0.0380/gal to $1.6169/gal, and WTI Crude up $0.72 to $47.12/bbl. 

DOE statistics came somewhat as a surprise.  Draws were expected but not as large as they were in crude, distillate and gasoline.  U.S. crude inventories have fallen 14 out of the past 15 weeks, down 8.4% since March of 2017.  Although crude inventories are drawing, the United States is still producing record outputs.

Currently the market is trending up. As of 10:30 a.m. ET, crude is up $0.30 to $47.42, HO is up $0.230 to $1.5744 and RBOB is up $0.01 to $1.6269.

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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.

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