Market Commentary
China May Exempt Some Tariffs on U.S. Goods to Ease the Impact of the Trade War
September 11, 2019
The average estimates for today’s DOE inventory report from the Bloomberg survey is that crude stocks will be down 2.576 million barrels and gasoline stock will be down 970,000 barrels and distillate stocks will be down 523,000 barrels. In the inventory update from private firm API it called crude oil […]
Russian Central Bank Sees Possibility of $25 Crude Oil Prices
September 10, 2019
S&P Global Platts reported that OPEC’s crude production increased by 50,000 bpd in August to 29.93 million bpd. The group’s compliance with the output cut deal stood at 103%. The August figure is 930,000 bpd lower than OPEC’s 14 members produced in January, and 2.34 million bpd low on the […]
UBS Lowers Oil Price Forecasts
September 9, 2019
Baker Hughes US Rig Count report said that 4 rigs drilling for crude oil were cut last week putting the total number of rigs looking for oil at 738 compared to 860 last year at this time. In Canada the number of crude oil rigs were cut by 3 to […]
Vitol Energy Chief Expects Weaker Oil Prices
September 6, 2019
Propane stocks had another weekly build of 2.862 million barrels putting total stocks at 97.019 million barrels. Midwest stocks built by 603,000 barrels and Gulf Cost stocks built by 1.657 million barrels. Midwest total stocks sit at 26.738 million barrels 1.049 million more barrels than last year at this time. […]
US Promises to Sanction Purchasers of Iranian Oil
September 5, 2019
The energy market surged back from the big sell off the day prior as good economic data out of China, positive retail sale data in the US, another drop in US crude inventories expected today, and easing tension in the Middle East fueled this rally. The API report released yesterday […]
Eurozone Manufacturing Contracts
September 4, 2019
Crude oil and refined fuel product prices closed significantly lower yesterday due to poor manufacturing reports in the US and Europe, both US and China having new trade tariffs kicking in September 1, and the US dollar index back up to a 2-year high this past Friday. Data was released […]
The Energy Market is Selling Off
September 3, 2019
The energy market is selling off as the bulls are unable to sustain their rally and break the market out on the upside. The fact that the US and China have imposed more tariffs on each other’s goods is not a positive for the global economy and traders are taking […]