First Hurricane Of The Season Made Landfall
The first named hurricane of the season made landfall late Saturday and was quickly downgraded to a tropical storm, causing minimal impact to energy infrastructure as of this morning.
Energy futures sold off yesterday, erasing premiums added last week in anticipation of supply outages due to the storm. Prompt month RBOB prices fell over 4.5 cents, HO futures fell almost 3 cents.
The complex is up slightly this morning, taking a step back from yesterday’s sharp downturn, with refined products leading the charge up 50 points to a penny.
The IEA is expecting a sizeable crude oil surplus in 2020 as published in their latest Oil Market Report Friday. Whether or not this will translate to lower prices at the pump will be a function of refinery run health and the moving target that is diesel demand resulting from the 2020 IMO spec change.
The API is scheduled to release their weekly inventory estimates this afternoon and WTI futures saw some buying pressure earlier in anticipation of a 2 million barrel draw in Cushing stocks. As usual, tomorrow’s DOE data publication will likely set the tone for fundamental sentiment for the remainder of the week.
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