Market Commentary
Fed Cuts Interest Rates, Markets Under Pressure
October 31, 2019
The DOE inventory report released yesterday said the crude oil stocks were up 5.7 million barrels. Stocks of crude oil at Cushing, Oklahoma were up 1.57 million barrels. Refinery runs have been low as refineries are in maintenance season so that is helping crude stocks to build and if they […]
Declining Demand to Influence Future Energy Production
October 28, 2019
Crude oil and refined products prices closed slightly higher on Friday with WTI crude oil up 5% on the week. Helping to support prices on Friday was the large drop in US crude oil rig count, continued optimism of a US and China trade agreement, falling use crude oil and […]
Global Demand Concerns Weigh on Energy Prices
October 24, 2019
Propane inventories had a second consecutive draw this week, down 500,000 barrels putting total stocks just a bit below 100 million barrels. Midwest stocks were down 377,000 barrels and the Gulf Coast stocks were down 684,000 barrels. Total Midwest stocks are at 26.789 million barrels which is 985,000 less than […]
Goldman Sachs Lowers U.S. Shale Growth Forecast
October 23, 2019
The API reported yesterday that crude stocks were up 4.5 million barrels and the crude stocks at Cushing, Oklahoma were up 2.0 million barrels. Gasoline stocks were down 702,000 barrels and distillate stocks were down 3.5 million barrels. The average estimates for today’s DOE inventory update from the Bloomberg survey […]
Trump Admin Optimistic China Deal Can Be Brokered
October 22, 2019
President Donald Trump continued to speak optimistically about the possibility of a deal to end the US trade war with China. He told reports that the trade deal is coming along great. Last week, he stated that he hopes the first phase of the deal will be signed by the […]
Hedge Funds Are Bearish on Energy Futures
October 21, 2019
Baker Hughes reported that in the US 1 crude oil rig came online putting total crude rigs at 713. This was the second consecutive week that the rig count went up, but it is also the lowest total since May of 2017 and last year at this time were 873 […]
Weakening Chinese Growth and Exports Has Energy Prices Choppy
October 18, 2019
Propane inventories were down 328,000 barrels in yesterday’s inventory update. Midwest stocks were down 309,000 barrels and Gulf Coast stocks were down 766,00 barrels. Total stocks are still at 100.445 million barrels. Midwest stocks are 773,000 barrels less than last year at this time. Gulf Coast stocks are 18.689 million […]
Brexit Deal Optimism Adds Positivity to the Market
October 17, 2019
The API inventory report out yesterday said that crude oil stocks were up 10.5 million barrels. Gasoline stocks were down 934,000 barrels and distillate stocks were down 2.9 million barrels. Estimates for today’s DOE inventory are for crude to be up 2.495 million barrels, gasoline down 1.369 million barrels and […]
China Wants More Meetings Before Signing First Phase of Trade Deal
October 15, 2019
Crude oil and refined fuel products price closed lower yesterday by approximately 2%, which was mainly due to less optimism about the first phase of the China and US trade deal. The market is still trying to digest the details of this deal. China now says they want to hold […]
US and China Strike Partial Trade Deal
October 14, 2019
The market was up at the start of the day on Friday as the news hit that an Iranian tanker had been hit by missiles. The details were sketchy and still are a bit unclear but for now the market seems to have made its reaction to it and is […]
Missile Strike Rocks Oil Market
October 11, 2019
The news of the morning is that an Iranian oil tanker has been hit by two missiles in the Red Sea. So far this is only being reported by Iran and no independent sources have been able to confirm this event. Iran originally said the missile attack was from Saudi […]
Traders Watch US-China Negotiations For Market Intel
October 10, 2019
The inventory report for propane only showed an overall build of 132,000 barrels and the market was looking for a build of 750,000 barrels. Midwest stocks were up 11,000 barrels putting total stocks at 27.475 million barrels. This is 411,000 barrels less than last year at this time. The Gulf […]