Friday August 26, 2016
October WTI was relatively muted yesterday, trading in a dollar range virtually the entire day. A late mini-rally bought prices to their highest point of the day, and the contract settled at $47.33 (56-cents). The real price action of late has been on the products and, more specifically, the cash markets.
With summer grade gas availability winding down, some headline refinery problems in play, and an anticipated spike in demand next week before the long holiday weekend, the potential for a storm in the Gulf Coast has put the South on notice. Rack prices for all products are certainly following that bullish view.
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