• Supply
  • Social Media
VisitTAC - The Arnold Companies
Customer LOGIN
TACenergy
Customer
LOGIN

Aggressive Wave Of Selling Takes Hold

Thursday, Dec 13 2018
Market Talk

The recovery rally in energy prices ran out of steam late in Wednesday’s session as an aggressive wave of selling took hold in the last 10 minutes before settlement, wiping out the gains from earlier in the day and that downward momentum has continued overnight. There did not appear to be a headline story to drive the selling, suggesting we’re still stuck in a sideways pattern as books are repositioned ahead of year end, and new bets are made on where we’ll go in 2019.

The IEA’s monthly oil market report released this morning is also getting some blame for the downward pressure as the agency showed an increase in global inventories for the month. The IEA held its estimates for 2019 steady from their last report, with total global supplies expected to outpace demand by a small margin. The report also contemplates whether or not OPEC just put a floor under prices with their latest extended output cut agreement.

Yesterday’s DOE weekly status report was a mixed bag, with oil inventories declining for a 2nd week, while US gasoline exports reached a new all-time high. A big question for US refiners as we approach the winter doldrums for gasoline demand is whether or not international buyers have enough capacity to continue soaking up the excess US production.

A new report from the EIA suggests that the US strategy of waiting until the last minute on issuing waivers on its sanctions against Iran may have had an intended effect of reducing purchases of Iranian oil, while still allowing global pricing benchmarks to fall.

CLICK HERE for a PDF of today's charts

News & ViewsMarket Talk

News & Views
Latest Posts

KTBS 3 Spotlight on TACenergy Leadership COO Fred Sloan - Sharing Thoughts on Changes in the Gas Market
Go Rentals Opens 10 New Locations with Partner, TAC Air
Tac Air's new facility features B17-G model airplane, Military Situation Room
TAC Air B-17G Model Brings Nostalgia and Tears

News & Views
Archive

Market Talk
Latest Posts

Market Talk
Archive

TACenergy logo
Sales:  800-375-FUELSupply & Logistics:  800-808-6500

Get in Touch

Sign up to receive market talk updates in your inbox each day.
Establish a credit account.
Apply For Credit
Need to make a fuel order today?

Follow us

TACenergy
  • Supply
  • News & Views
  • Market Talk Updates
  • Social Media
  • Contact a Representative
  • Customer Login
  • Apply For Credit
Find Your Next Great Role With TACenergy.
Explore Careers
  • Privacy Policy
  • Terms of Use
  • Employee Login
  • Sitemap
TACenergy, LLC © 2022. All Rights Reserved.