Denton Cinquegrana
@Cinco70Denton
Chief Oil Analyst at OPIS a Dow Jones Company...opinions are my own.
West Coast gasoline storage levels at 32.3 million bbl the high of 2025 to data. That is a bit odd, normally the highs take place at the end of year or beginning (high RVP). Weak demand very possible
Would call the EIA report mildly supportive for gasoline. solid EC draw reflecting lower imports and minor issues at P66 Bayway.
I can feel this in my veins. Pretty sure the water park was called Waterloo. Used to sneak in when it was closed so I didn’t have to pay
Seaside Heights in the Early 90s
Diesel crack spread vs WTI jumped to $34.20/bbl today, highest level so far in 2025.
But its Bobby Bonilla day...this doesn't happen anywhere else in MLB
Former 1B Chris Davis secures a $9.16M payment today stemming from two deferral agreements throughout his 7 year, $161M 2016 contract with the #Orioles. He's set to cash another $31.5M through 2037.
Good morning California. It's July 1 and your average retail gasoline price, according to AAA, DID NOT go up 65cts. actually down a little over a penny to $4.58/gal
Sad
We are deeply saddened by the passing of 2025 Hall of Fame electee Dave Parker. “The Cobra” was one of the fiercest hitters of his generation. The two-time batting champion and 1978 NL MVP won two World Series rings, one with the Pirates in 1979 and one with the A’s in 1989. A…
Diesel move very strong this morning...majority in July...July/Aug now ~6.5cts. this screams short squeeze with little volume and expiration on monday.
Could be why RB/HO are outperforming crude today, but hearing FCC at Bayway was taken down yesterday. Could very well be related to the intense heat in the area over the past 3-4 days.
selling continues post-settlement. Gulf Coast spot gasoline back to pricing below $2/gal.
oil market reacting that this is the retaliation and selling off. WTI down $1.50-1.60 shortly after this news
Iran Is Preparing To Fire Missiles At American Bases In The Coming Minutes - Axios On X
Retail gasoline prices +8cts w-o-w to $3.22 according to AAA. But it's diesel that took off up nearly 2x that at $3.679/gal.
After the first few panic buys in petroleum futures...markets are up but overall would describe the increase as "orderly"
There will definitely be some panic buying at the oil market open this evening…question is how successful is Iran at blocking? Can the gains hold?
🚨 BREAKING: The Iranian Parliament has just ordered the Strait of Hormuz Strait must be CLOSED. The Strait handles 20% of global daily oil shipments — its closure could send prices soaring. The step will come into effect, pending a final decision by Iran’s Supreme Council.
CFTC data on Friday shows a WTI managed money long to short skew at 5:1. Short covering outnumbered fresh long buying by two to one. This is only through 6/10, Friday data might show even more short covering
jet fuel production looking really strong. Over 2 mb/d for first time since week of 7/5/24. Refiners look like they are hitting their stride.
On the plant indeed
Oil is the LARGEST source of energy on the plant! The United States will utilize our abundant resources here at home and DRILL, BABY, DRILL.
Good news...LA CARBOB down to about $92/bbl...bad news ANS is about $70/bbl. And diesel is cheaper than gasoline.
Respect the hustle
She tried drinking 9 beers and eating 9 hotdogs in 9 innings of baseball. You have to respect her level of commitment 😂👏 (via teeteebenny/TT)