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MSP FUEL NEWS
of the Rockies
 

World Fuel Services - Land Fuel Market Report 10/30/2018

10/30/2018

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WTI closed higher today in spite of another large week of builds as market focused on the draw down in refined product stocks with refineries increasing output and imports falling for products. Oil complex was not in tandem with stocks today when it has been for some time, so that is an interesting move we will watch to see if pattern persists. Geopolitical fairly unchanged, economic news was mostly bullish, and weather seems to be leaning towards a colder than normal winter for much of the nation.

Refinery utilizations were up 0.4% at 89.2% this week. Imports were up for crude, but down for gasoline and distillates. Apparent demand for gasoline fell this week, while distillate demand rose.

Key Price Drivers
GEOPOLITICAL – Saudi Crown Prince has vowed to bring justice to Khashoggi’s killers after a phone call with Turkish President Erdogan. EU leaders say they are willing to extend the transition period for Brexit to allow for a smoother exit of the UK from the bloc. Communal clashes in Nigeria have forced officials to impose a 24-hour curfew hoping to gain control of the situation. Afghanistan parliamentary elections were extended one day (Sunday) to allow voters sufficient time to cast votes due to security threats and logistical issues. Other regions of the country will be voting later, but signs are promising that vast majority are willing to stand up for democracy.
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ECONOMIC – Fed remains committed to pulling back on stimulus and increasing interest rates slowly to prevent an overheated economy. Jobless rate remains around 3.7 percent which is considerably below what is considered full employment. Market still anticipates another rate increase in December with three more in 2019 and possibly two in 2020. Consumer sentiment supports a growing economy and major retail CEO’s are seeing that reflected in their business. New home sales have fallen in September blamed on higher interest rates and possible lower inventory particularly in Southeast due to hurricane impact.
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For more information, contact - Gates L. Scott - gascott@wfscorp.com - 303.358.2977

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    Gates L. Scott

    Gates L. Scott is a Senior Land Executive with Mansfield Service Partners developing new markets and delivery fuel management solutions through the Front Range of Colorado and beyond. A former Certified Flight Instructor and commercial helicopter pilot and aviation enthusiast, he loves anything that flies!

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