Recap: Oil markets rallied yesterday as NYMEX RBOB (Gasoline) moved up 4.5 cents to 2.9118, NYMEX ULSD (HO) moved up 3.96 cents to 2.9062, ICE Brent led the crudes up $1.36 to 106.15, and NYMEX (WTI) Crude moved up 67 cents to break $100 to 100.29. ICE Brent moved up as the on-again off-again reports that Libyan export terminals would reopen for sure (move over 600,000 barrels per day) fizzled. Traders are waiting for proof that these terminals are open for business, and that proof did not transpire, so Brent ICE crude broke its 3 day losing streak, and helped lift the oil complex up. In the U.S., markets are looking to the release of March jobs data today. A Reuters poll indicates economists are expecting an addition of 200,000 jobs for March, which will be an improvement over February's 175,000 added positions. Despite these expectations of a stronger U.S. economy, initial claims for unemployment benefits released yesterday showed an increase of 16,000 claims to 326,000 for the week ended March 29th (expectations were for 319,000). Additionally, the U.S. Commerce Department released data yesterday showing that the U.S. trade deficit climbed to $42.3 Billion, or 7.7% higher than in January, the highest level in 5 months. Currently, oil markets are up with NYMEX Crude up 76 cents to 101.05, ICE Brent up 106.47 to 32 cents, ULSD up 82 points to 2.9148, and RBOB up 67 points to 2.9185.
Weekend Weather and HDD Planning: Fax-Alert Weather Service has forecasted their Ten Day Temperature Guidance report for the period April 4-April 13th. (HDD percentages above 100% indicate percentage increase of HDDs colder than normal temperatures):
New York: NYC 98%, Binghamton 96%, Albany 103%, Newburgh 133%
New Jersey: Newark 107%, Trenton 106%
Pennsylvania: Philly 106%
Massachusetts: Boston 101%, Worcester 96%, Chicopee 114%, Hyannis 107%
Connecticut: Hartford 104%, Bridgeport 104%, New Haven 108%
NH: Manchester 98%, Portsmouth 108%, Lebanon 107%, Concord, 106%
Maine: Portland 110%, Augusta 108%, Bangor 105%
Vermont: Burlington 107%, Rutland 109%
Rhode Island: Providence 102%
Low Sulfur Heating Oil Changes effective July 1: Sprague has been busy getting ready for the imminent state regulations mandating low sulfur, 500 ppm maximum sulfur content heating oil in Massachusetts, Vermont, New Jersey, and Connecticut. Although Rhode Island legislators have not passed a 500 ppm requirement as of this writing, industry officials believe this legislation will pass in 2014. Heating oil marketers crossing state borders will need to talk with their suppliers about which products will be available. Sprague will be ready for the changes! See both the Heating Oil Sulfur Maximum Chart below and the EIA's progression of sulfur mandates 2010-2020. Click here to view today's Refined Products MarketWatch. View the Sulfur Map
Have a great weekend and MarketWatch will return on Monday, April 14th.
showing the Low Sulfur Heating Oil Changes Effective July 1.