Market Commentary

The API inventory report yesterday said that crude oil supplies were up 2.48 million barrels, gasoline inventories were up 3.14 million barrels, and distillates were up 2.88 million barrels. The average estimates for today’s DOE inventory update from the Bloomberg survey are for crude oil supplies to decrease 1.128 million, […]

Crude oil and refined fuels products price rose in yesterday’s trading mainly due to the missile attacks from Ukraine drones on two Russian oil tankers in the Black Sea, the US closing Venezuelan airspace and OPEC decided to leave output levels unchanged in Q1 of 2026. Global oil demand continues […]

Crude oil is up after OPEC+ decided to stick with its plan not to raise production in the first quarter of next year. Also, Iraq, Oman, Kazakhstan, and the UAE submitted plans for cutbacks totaling 221,000 bpd due to overproduction in November. The talks between Russia and Ukraine continue, which […]

The energy market continues to sell off as hopes for a peace deal between Russia and Ukraine still glimmer. The additional sanctions the US imposed on Russian oil companies took effect yesterday. Reports continue to surface about how much oil Iran has stored on ships on the water, proving that the […]

Propane inventories were down 42,000 barrels, putting total stocks at 105.361 million barrels. This is the highest inventory level on record this late in the year, surpassing the old high-water mark of 104.1 million barrels set this week in 2015. Propane inventories are at a 14.7-million-barrel surplus to the 5-year […]

On Sunday, President Donald Trump said that Republicans are working on legislation that will impose sanctions on any country doing business with Russia, and he said Iran may get added to that list. Separately, President Trump said that he could have discussions with Venezuelan leader Nicolas Maduro, who has been […]

The energy markets are flat this morning as we start a new week. Prices rallied late last week on the news that a Ukrainian drone strike on a Russian port halted exports. This port has reopened and is seeing some exports, but the market is currently maintaining a risk premium. […]

In yesterday’s trading, crude was a little softer, and the products had a nice pop higher. The increase in prices yesterday and the continued rise in today’s trading appear to be the market’s follow-through on the inventory reports, which showed draws in the products. RBOB and ULSD are back testing […]

The API numbers for energy inventories called crude oil supplies up 6.52 million barrels, gasoline down 5.65 million, and distillates down 2.46 million. The average estimates for today’s DOE inventory report from the Bloomberg survey are for crude oil stocks to be down 657,000 barrels, gasoline down 1.076 million and […]

Crude oil is trading sideways here to start the new week as OPEC+ announced its decision to increase production by 137,000 bpd in December over the weekend. With the outlook for an oversupplied market in 2026, OPEC+ said they will pause any production increase statements about 2026, which offers some […]

The DOE reported crude oil stocks were up 3.52 million barrels, gasoline stocks were down 270,000 barrels, and distillates stocks were down 4.53 million barrels. Total crude stocks now sit at 423.785 million and last year there were 420.550 and three-year average is 425.885. Inventories are at the lower end […]

The story remains the same: the market is concerned about the increased tension between the US and China, trade, and potential tariffs, and how these might impact our economy. President Trump claimed that India’s Prime Minister Modi had pledged to stop buying Russian crude oil. This has not been confirmed […]