Market Commentary

An expected production increase from OPEC+ at this weekend’s meeting, combined with news of additional barrels being exported from Kurdistan to Turkey, has the energy market moving lower. The move downward is coming despite OPEC+ currently being roughly 500,000 barrels per day under its allowed quotas, which is supportive to […]

Crude oil prices rose on Friday with the focus on Ukraine drone attacks on Russian refineries and energy infrastructure which appears to be causing some fuels shortages in Russia. Also offering support is the US’s efforts get NATO allies to decrease their purchases of Russian oil and natural gas. Energy […]

Crude oil and fuel prices closed mixed in yesterday’s trading. The Bureau of Economist Analysis reported that the final estimate for Q2 2025 GDP came in at 3.8%, which was much higher than the 3.3% expected and above the expected range (3.3%,3.5%). The BEA reported that consumer spending came in […]

The inventory report for propane showed supplies went up 987,000 barrels less than expected and total stocks are now at 99.918 million barrels. Last year the inventory was at 97.560 and the 5-year average was 90.712. The Midwest supplies were up 749,000 barrels, putting total Midwest stocks at 26.804 and […]

Kyiv’s general staff said Ukraine’s military struck two Russian oil distribution facilities in the Bryansk and Samara regions overnight. In Samara, the military hit a line production station that mixes Russian oil for its flagship Urals oil grade for export. In Bryansk, it hit a line production station of a […]

Citi analysts forecast Brent crude oil price would fall to $60 per barrel by year-end and average $62 per barrel between the second and fourth quarters of 2026, citing OPEC+ production increases and China’s stockpiling. The bank revised its global liquids balance outlook after OPEC+ announced plans to unwind an […]

The energy markets continue to keep a watch on a list of concerns from the ongoing conflicts around the globe to a host of economic concerns. From John Kemp: The market continues to digest geopolitical issues from last week. Over the weekend, Poland deployed fighter jets in response to Russia’s […]

The DOE inventory report had crude stocks down a big 9.29 million barrels, much more than expected. Comments on the market were that this could potentially be a data correction, and we will have to wait and see how things play out in the next few weeks. Gasoline supplies were […]

Energy prices have now rallied for two days and are moving back up into middle and to the upper end of the recent ranges. There have been no market breakouts that now point to a market that can sustain a longer run higher. Traders will be watching to see how […]

Ukraine and Russia continue trade drone attacks that seem to target energy infrastructure. Friday saw crude oil prices rally as Ukraine drones hit Russia’s largest western terminal which stopped its loading. China’s decision to buy oil to put more barrels into its strategic reserve was also supportive of prices. The […]

The API had crude oil inventories up 622,000, gasoline inventories down 4.5 million and displays up 3.6 million barrels. The average estimates from the Bloomberg Survey are crude stocks down 2.258, gasoline down 1.685, distillates down 1.298. The average estimate for today’s propane inventory update is for supplies to be […]

The US Treasury Department on Tuesday sanctioned a network of shipping companies and vessels led by an Iraqi-Kittitian businessman for smuggling Iranian oil disguised as Iraqi oil. According to President Claudia Sheinbaum’s government report, Pemex signed its first mixed contracts with private sector partners in a bid to reverse declining […]