RCC Energy Update 10/17/18

RCC Energy update Wednesday 10/17/2018

 

MARKET MOVES

 

NYMEX: @ the close.                                                              

 

  • November WTI Crude down $2.17 @ $69.70

 

  • November RBOB  down 5.86 cents.

 

  • November ULSD down 2.91 cents.

                                        

Group 3:

 

  • Gasoline down 3 cents.

 

  • Diesel down 1.5 cents.

 

Propane:

 

  • LP finished down 1 cent at the Conway, Kansas hub.

 

MARKET NEWS

 

DOE report out today:

 

Crude – build of 6.5 MB. RBOB – draw of 2 MB. ULSD – draw of .83 MB.

 

The big crude build on the NYMEX overshadowed all else. The RBOB draw was bigger than expected, but storage levels are still at record higfhs for this time of year. The ULSD draw was smaller than expected.

 

The US $ was up big on Tuesday and the Fed is anticipating stronger than expected GDP growth.

 

Local markets did not quite follow the NYMEX today as you can see. Supply is a little tight as local refineries are just coming out of turn around. Rumor has it that the turn around went well and production should be back soon.