Market Commentary
Trump Delays Newest Set of Tariffs
August 15, 2019
The DOE reported that crude oil stocks were up 1.58 million barrels when the market was expecting a draw of over 2 million barrels. Cushing, Ok crude oil stocks were down 2.54 million barrels. Gasoline stocks were down 1.412 million barrels and distillates stocks were down 1.938 million barrels. Propane […]
Crude and Refined Fuel Were Up 4 Percent
August 14, 2019
Crude oil and refined fuel product prices all closed up by more than 4% yesterday, which was mainly driven by news that some of the new tariffs of U.S. imports from China will be postponed until December 15th. To benefit U.S. consumers for holiday shopping, U.S. tariffs on Chinese goods […]
Saudi Arabia Contemplates IPO for Aramco
August 13, 2019
Crude oil prices closed up slightly but refined fuel product prices fell slightly yesterday. The spread between WTI crude oil and Brent crude oil closed at only $3.64, a very low point for this year. Rising crude oil prices were mainly driven by Saudi Arabia wanting an IPO for Aramco […]
Unrest in Hong Kong Has Raised Concerns for the Economy
August 12, 2019
The Baker Hughes crude oil rigs count was down by 6 rigs putting the total number of crude rigs at 764. This compared to 869 rig last year at this time. Rigs drilling for natural gas were done 2 to 169 compared to 186 rigs a year ago. Canadian producers […]
Crude Imports to China Are on the Rise
August 9, 2019
Crude oil and refined fuel products prices closed higher yesterday mainly driven by a large rise in China crude oil imports, a large rise in US equities, Saudi Arabia vowing to keep exports lower the next few months, Saudi Arabia wanting to discuss with OPEC members the recent price decline, […]
Propane Stocks Are Up Substantially YOY
August 8, 2019
Propane stocks in the inventory report were up a big 2.852 million barrels. Propane stocks in the Midwest were up 507,000 barrels and in the Gulf Coast stocks were up 1.962 million barrels. Prices did move lower for prompt propane but the winter month values were more stubborn to go […]
Short-Term Energy Outlook Calls for More Supply, Less Demand
August 7, 2019
The API released their weekly update on inventory and it showed that crude oil stocks were down 3.4 million barrels, gasoline stocks were down 1.1 million barrels and distillates stocks were up 1.2 million barrels. Crude stocks at Cushing, Ok were down 1.6 million barrels. The Reuters expectations for today’s […]
Trade War Concerns Weigh on Market
August 6, 2019
The trade war concerns really weighed on the markets yesterday as equities were off hard and energy prices as well. The concerns for a slowdown in the global economy impacted most markets yesterday. The energy market has not been able to take out key support just yet so the bulls […]
Trump Tariffs Put Market on the Defensive
August 5, 2019
The escalation of the trade war by President Trump has the markets on the defensive here to start the new week. The yuan has fallen substantially overnight to its weakest level in more than a decade and crossed over the 7 yuan per dollar mark, which has been a line […]
New Chinese Tariffs Drive Markets Lower
August 2, 2019
Crude oil and refined fuel product prices started the day down after the Fed Chairman’s said there will not be a string of interest rate cuts and that the .25% cut was more of a midcycle adjustment. Crude prices and equities crashed however, after news that President Trump plans to […]
Fed Cuts Interest Rate, Markets Move Lower
August 1, 2019
Propane stocks built 1.399 million barrels right on the industry estimates for a 1.4 million barrel build. The five year average for this reporting week of the year is 1.827 million barrels so below that average. Total propane inventories now sit at 80.451 million barrels 14.175 million more barrels than […]