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OPEC AGREES TO PRODUCTION CUT

Unconfirmed reports say OPEC has agreed to cut production by 1.2-million barrels per day to 32.5 million barrels per day.   Additionally, non-OPEC Russia has agreed to cut production to 0.2-millionm barrels per day.  The news has sent Crude Oil more than $3.00/bbl higher and Refined Products are up more than 8-cents per gallon.  The “official” statement from OPEC will be later today.

Last Updated on Wednesday, 30 November 2016 08:27

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Market Alert

Energy futures are soaring higher after an explosion and fire in Shelby, Alabama on the critical Colonial Pipeline.  The event killed one and sent five to the hospital.  The site is about a mile west of a massive leak last month that closed the Gasoline pipeline for 12-days.  The 5,500 mile Colonial is the largest Refined Product pipeline from the Gulf Coast to New York Harbor, the NYMEX delivery hub.   Physical traders are actively buying futures to protect supply since NYMEX must insure delivery to New York Harbor for Diesel and Gasoline.  The bounce in Refined Product futures turned Crude Oil from negative territory overnight to sharp gains in early morning trade.  RBOB futures have gone from negative territory overnight to positive of about 6-cents before the regular session is even open.  It looks like massive short covering and sharply higher prices today. 

Last Updated on Tuesday, 01 November 2016 07:20

Hits: 1153

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