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

Five Week Win-Streak Snapped

Monday, Jan 13 2020
Market Talk

A five week win-streak for petroleum prices was snapped in the aftermath of Iran’s missile debacle, leaving the futures complex on the cusp of breaking the bullish trendlines in place since September.

Money managers were looking confident in higher prices as of Tuesday, January 7, when the latest Commitments of Traders data was compiled, with the large speculative category adding to long positions in WTI, Brent and RBOB. The whipsaw action Tuesday night into Wednesday no doubt sent a shock wave through those bettors, although we won’t get to see the change in positions until this Friday’s report.

RBOB looks the most precarious with managed funds holding more than 100,000 contracts of net length, the only time they have ever had this large of a bet on higher prices in January. Whether or not those funds start rushing for the exits may well be a driving factor in the price action for the balance of the month.

Baker Hughes reported 11 more oil rigs were taken offline last week, bringing the total U.S. count to 659 active rigs, the lowest level since March 2017.

While drilling activity slowed dramatically in 2019, the EIA published a new study this morning showing that proven reserves of U.S. oil and natural gas surged to new record highs and with plenty of new pipeline capacity available now to bring that to market, those reserves look like the world’s supply safety valve for years to come.

Click here to download a PDF of today's TACenergy Market Talk.

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.