Market Commentary
Fed to Resume Treasury Purchases
October 9, 2019
The inventory report from the API called crude oil stocks up 4.1 million barrels. Crude stocks as Cushing, Ok were reported up 1.2 million barrels. The outlook for crude stocks in today’s DOE inventor report as surveyed by Reuters is the expectation for an increase of 1.4 million barrels. The […]
POTUS Optimistic on Chinese Negotiations
October 8, 2019
The energy market overall had a very uneventful day as it did manage to run up higher but as the day wore on it eased back and settled near unchanged on RBOB and up a little over a penny on HO and crude up 50 cents. Prices were up strong […]
Prices Are Under Pressure as Supply Builds
October 7, 2019
Crude oil and refined fuel products prices closed lower yesterday after rising to a one month high early in the trading day for both Brent crude oil and WTI crude oil. Brent hit a high of $62.34 and WTI hit a high of $56.92. The selling pressure came from poor […]
Negative Global Outlook Cools Energy Demand
October 4, 2019
The negative outlook for global economy and the concern about recession and with it reduced energy demand continue to weigh on the energy market. “We see the global economy going through a gradual, synchronized slowdown, “David Lipton First Deputy Managing Director at the International Monetary Fund said this week. This […]
Poor U.S. Jobs and Manufacturing Reports Push Market Lower
October 3, 2019
Crude oil prices closed lower yesterday which was mainly due to poor US jobs report, a poor US manufacturing report and the EIA inventory report showing a build to crude oil stocks for the 3rd week in a row. ADP reported yesterday morning that only 135,000 new private US jobs […]
WTO Cuts Its Growth Forecast For Global Trade
October 2, 2019
The inventory report from the private firm API was released last night and it showed that crude oil stocks were down 5.9 million barrels. Gasoline stocks were up 2.1 million barrels and distillate stocks were down 1.7 million barrels. Stocks of crude oil at Cushing, Ok were up 373,000 barrels. […]
Prices Retreat on OPEC Production Speculation
October 1, 2019
Yesterday’s trading was a slow day other than the fact that it was expiration and that created flourish of activity around the “normal” close at 1:30 PM CST. Prices retreat on the news OPEC + could and would increase production if needed by the market but until there is a […]