Pennsylvania: New Listings for Distillate and Gasoline Storage, Eclipse in Titusville, and Market Updates
Fair Harvard has her crimson, Old Yale her colors too, But for dear Pennsylvan-i-a, We wear the Red and Blue. Hurrah! Hurrah! Pennsylvan-i-a. You don’t have to be a cheesesteak loving, pretzel hugging Penn Quaker to enjoy the fruits of Pennsylvania. But when it comes to terminal storage, we’re exceedingly delighted to announce that we have no less than 8 brand new listings for distillate and gasoline storage in the Keystone State. Check out our listings and come get some. Did you know that the first US oil well was drilled in Titusvilla, PA in 1859? Did you also know that Titusville will be in the path of a total eclipse on April 8, 2024. If you think your middle school kid is writing their own book reports, OpenAI is now one of the fastest growing websites on the planet and is closing in on generating one billion unique visitors per month. Be amazed. Just sayin’
The Fed has been wrestling inflation and now seems to be piling up riding time. The Fed has raised rates by five full percentage points over the past 14 months. That’s the fastest increase since Pat Benatar sang “Hit Me With Your Best Shot” back in the 80’s. It might actually be working. Inflation declined from 7% last summer to under 5% now, while unemployment is at a mere 3.4%. Unemployment has not been this low since Iggy Pop and the Stooges exclaimed “1969”. Still, markets are nervous because of the debt ceiling crisis, as no one wants to budge as a negotiated resolution still seems out of reach. A very special kind of stupid, indeed.
WTI closed last week at $70.04 and Brent traded down on Friday to close at $74.17 as prices fell for the 3rd consecutive week. The bearish sentiment is indeed divergent from the fundamentals, but no one wants to press the “buy” button yet. Analysts are pounding the table and chirping that the inventory build over the past two quarters will be gone by November if the pre-announced cuts are maintained all year. Despite all this, prices are down 13% for the year. The Tank Tiger has fielded a bevy of distillate storage inquiries over the last few days as the futures curve has flattened out and is looking like it wants to reclaim its old, but familiar, seasonal structure. That might be good news for the folks descending on Atlantic City next week, for the Eastern Energy Expo. The Tank Tiger will be at the Harrah’s hospitality suites next Monday night. Let us know if you’ll be there as well and we’ll slap high fives.
