• Our Companies
The Arnolds Companies

Refined Product And Crude Oil Futures Are Taking A Breather From Their 2-Month Long Rally This Morning

Tuesday, Feb 1 2022
Market Talk

Refined product and crude oil futures are taking a breather from their 2-month long rally this morning. The distillate contract is leading the way, showing losses of around 2 cents in the prompt month. The New York gasoline benchmark is trailing its counterpart dropping only a penny this morning while American and European crude oil contracts are down around 50 cents per barrel.

The ‘bomb cyclone’ came and went in the Northeast over the weekend, dumping record amounts of snow in the region. Weather-related disruptions to energy infrastructure were few and far between however Phillips 66 was forced to shut its fluid catalytic cracker at its Bayway refinery in Linden, NJ, citing cold weather as the cause. A restart of the unit is expected in the next 24 hours.

While many technical indicators are calling for a healthy pullback from the strong rally in energy futures we’ve seen since the new year, it will likely take more than squiggly lines and bar charts to pull this train off the track. Oil bulls have a slew of reasons back up their calls for higher prices: Houthi rebels threatening the UAERussia and Ukraine starting WWIII, and iffy OPEC+ supply estimates. The latter, however, is taking the majority of the credit for today’s selloff as bears are hopeful the cartel’s production increase estimates are legit.

TAC - The Arnold CompaniesTACenergyTAC Air

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

Archive

Latest Posts

Archive

The Arnold Companies
  • About
  • News & Views
  • Social Media
  • Contact Us
TACenergy
  • Supply
  • Customer Login
  • Apply For Credit
  • Market Talk Updates
  • Contacts
  • Blog
  • Social Media
Find Your Next Great Role With TAC.
Explore Careers
  • Privacy Policy
  • Terms of Use
  • Employee Login
  • Sitemap
TAC - The Arnold Companies © 2022. All Rights Reserved.