Oil prices were lower today falling to a one week low after the Fed left interest rates unchanged. The Federal Reserve decided to leave rates unchanged but has projected one more quarter point increase by year end. Crude oil inventories had a draw of 2.1MM/bbls last week, pretty much in line with the forecasted drop of 2.2MM/bbls. Gasoline and Diesel inventories fell as refiners draw down inventories for annual maintenance. Gasoline futures also slid to their lowest in two weeks cutting crack spreads. “A combo of further interest rate hikes, dollar strength and additional oil price increases will be upping the possibility of a recession,” analysts at energy advisory Ritterbusch and Associates said in a note. WTI traded down $.92 or -1.0% to close at $90.28. Brent traded down $.81 or -.9% to close at $93.53.

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aar
  • Where: Renaissance Dallas Addison Hotel
  • Attending: David Cohen (954-729-4774), Cyndi Popov (403-402-5043), Brian Baker (239)297-4519
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mars
  • Where: Renaissance Schaumburg Convention Center Hotel
  • Attending: Curtis Chandler (239.405.3365), David Cohen (954-729-4774), Brian Baker (239)297-4519
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opis
  • Where: Charlotte Harbor, Florida
  • Attending: David Cohen (954-729-4774), Brian Baker (239)297-4519
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