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Refined Products

Recap:  October WTI rose to just below $47 a barrel on reports that output in the Gulf of Mexico was being shut in due to threats of a tropical storm headed for that region. Early gains were erased, as prices were weighed down by a strong dollar, expectations of an increase in U.S. crude oil stocks, and the ever present supply glut.

The October WTI contract settled at $46.35, down 63 cents, or 1.34%, while October Brent fell 89 cents, or 1.81%, settling at $48.37.Once again, October WTI flirted with the 50-day moving average, failing to settle below it for the fourth time. Breaks below this average could lead to a slide toward the 200-day moving average, currently set at $44.23. With expectations calling for a build in U.S. inventories, we could easily get this expected slide over the next couple of days.

September RBOB fell 1.9 cents, or 1.2%, to $1.4483 a gallon and September heating oil fell 1.5 cents, or 1%, to $1.4711 a gallon.

Fundamental News   Evacuations of employees from drilling and production rigs in the eastern Gulf of Mexico continued today. As a result the Bureau of Safety and Environmental Enforcement reported that as of midday Tuesday some 352,946 b/d of oil production had been shut in and some 346 million cubic feet of gas production per day had been closed as well. These closures account for 22% of normal crude oil production from the area and 10% of natural gas production.

Iran's Deputy Oil Minister said on Tuesday that Iran is currently producing 3.8 million b/d, and is targeting production to reach 4 million b/d by the end of 2016.

A militant group, the Niger Delta Greenland Justice Mandate said it had attacked the Ogor-Oteri pipeline in Delta state early Tuesday morning. This comes after the larger militant group Niger Delta Avengers, said yesterday that it had halted its hostilities in the region.

Phillips 66 reportedly has reduced production by roughly 5% at its 238,000 b/d Linden, New Jersey refinery. The reduction in operations was reportedly the result of poor refining margins. This comes following last month's announcement that Monroe Energy was making economic run cuts at its Trainer, Pennsylvania facility.

The commander of Libya's Petroleum Facilities Guard's southern brigade said some of the country's southern oilfields have stopped pumping because the Libyan government has not paid the funds needed to maintain security operations.

Early Market Call - as of 9:22 AM EDT

WTI - Oct $ 45.89 down 46 cents

RBOB - Sep $1.4290 down 1.93 cents

HO - Sep $1.4458 down 2.53 cents  

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Natural Gas

On Tuesday, August 30th, the October NYMEX Natural Gas Natural Gas Futures Contracts began trading as the prompt month.  Opening at $2.922, nearly seven cents above September’s settlement price of $2.853, the contract rose to the intraday high of $2.930 by 9:10AM.  The tropical weather system heading for the Gulf of Mexico may not impact production as heavily as previously anticipated, and as a result prices soon tumbled lower.  Sinking to the intraday low of $2.815 at noon, October seesawed along the $2.83 mark for the balance of the day, closing lower on Tuesday at $2.827.

This morning in Globex, WTI Crude was down 49 cents; Natural Gas was up one cent; Heating Oil was down two cents; and, Gasoline was down three cents.  Additionally, cash prices were lower in New York and higher in New England.


Natural Gas Glossary

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