Market Commentary

UBS said the outlook for Venezuela remains highly uncertain with short term risk to oil production skewed to the downside. It said that over the next 12 months, it does not expect any significant impact on global oil markets balances. UBS forecast global oil demand to increase by about 1.2 […]

The U.S. intervention in Venezuela has most everyone’s attention. And of course, the main headline we’ve all seen is that Venezuela has the largest proven oil reserves in the world.  At this point, there are more questions than answers about what this all looks like moving forward. Specifically for energy, […]

The DOE inventory report released yesterday late in the afternoon. It had crude oil inventories up 410,000 barrels, gasoline inventories up 2.9 million barrels and distillates up 202,000 barrels. The builds across the board helped to pull the market back some, but prices still finished higher. Geopolitical news has dominated […]

Baker Hughes reports 409 oil rigs are in service, down from 483 at this time last year. On Friday, the energy markets were lower on an optimistic tone from President Trump and President Zelensky on their talks to move the peace agreement closer to a reality. But over the weekend […]

The energy markets will be closed on Christmas Eve and Christmas Day. The markets will resume normal hours on Friday, December 26.  That means no forward contract will be available on Wednesday and Thursday.  The energy markets are up a bit to start this short Christmas week with many traders […]

The energy markets traded lower yesterday as the peace talks between Russia and Ukraine seems to have a positive slant currently offering the bears hope for more barrels and pressuring prices lower. These bearish factors had the upper hand in yesterday’s trading and making more noise than the geopolitical concerns […]

The Fed is expected to cut interest rates at their meeting today. Is this news already baked into prices or will the market trader higher on this news. This would certainly be positive but there is still tons of uncertainty surrounding these markets and no clear path forward. The peace […]

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 […]