Market Commentary
Strong Propane Demand in Upper Midwest
November 21, 2019
Propane inventories had a big draw of 3.433 million barrels putting total stocks at 94.210 million barrels. Last year at this time total stocks were at 81.776 million barrels putting us 12.434 million barrels ahead of last year at this time. The propane stocks in the Midwest drew by 1.455 […]
Shippers Struggling to Test Fuel for IMO 2020 Regs
November 19, 2019
Crude oil and refined product prices closed lower yesterday mainly due to continued uncertainty over the US and China trade deal and concerns of excess world crude oil supplies. News that Russia is unlikely to agree to deepen crude oil output cuts at the next OPEC+ meeting in Vienna on […]
U.S. Energy Companies Cutting Spending
November 18, 2019
The Baker Hughes Rig Count said that 10 crude oil rigs came offline last week. The total number of rigs looking for oil is down to 674 rigs compared with 888 rigs last year at this time. Despite the record US crude oil production last week in the DOE report, […]
Midwest Propane Stocks Drop
November 15, 2019
Propane inventories drew by 2.515 million barrels putting total stocks at 97.653 million barrels. The Midwest had stocks down 949,000 barrels and the Gulf had stocks down 873,000 barrels. Total stocks in the Midwest are now at 24.841 million barrels 1.980 million barrels less than last year. Gulf Coast stocks […]
Shale Oil Growth Expected to Slow
November 14, 2019
The API inventory report said that crude oil stocks were down 541,000 barrels and the stocks of crude oil at Cushing, Ok were down 1.2 million barrels. The outlook for crude stocks in today’s DOE report from the Reuters survey is for stocks to be up 1.6 million barrels. Gasoline […]
Trump Says First Phase of China Deal is Close
November 13, 2019
President Trumps spoke to the Economic Club of New York yesterday and said that the phase 1 deal with China could happen soon and was close but gave no other specific details. He did however threaten to substantially raise US tariffs on China if a trade deal was not reached. […]
Propane Supply in Place to Cover High Fall Demand
November 12, 2019
Crude oil and refined fuels product prices closed lower yesterday after being down more in early trading. Price were down on negative data from China and President Trump saying that he had not agreed to reduce tariffs as part of the phase 1 deal. Price pared their losses after Genscape, […]
Hong Kong Protests Have Investors Worried
November 11, 2019
Crude oil and refined product prices closed higher on Friday mainly due to a large rise in China crude oil imports, a drop in US crude oil rigs this past week, and optimism on a US and China phase 1 trade deal. US equites reached record highs on Friday also […]
Energy Demand Growth Slowing in China and India
November 8, 2019
Crude oil and refined fuel product prices closed higher yesterday, which was mainly driven by news that the US and China have agreed to a framework for the phase 1 trade deal. The Chinese Commerce Ministry said yesterday that China and the US have agreed to cancel some tariffs in […]
Crude Stocks Build as Eurozone Growth Slows
November 7, 2019
Propane inventory was up 320,000 barrels. The Midwest showed a decline of 755,000 barrels and the gulf coast had a build of 520,000 barrels. Total stocks are currently at 100.168 million barrels. Midwest total stocks are 25.790 million barrels 1.544 million barrels less than last year at this time. Gulf […]
Shale Oil Exec Think Oil Prices Are Near Bottom
November 6, 2019
The inventory report put out by the API said that crude stocks were up 4.3 million barrels and the outlook for today’s DOE inventory report is for crude to be up 1.5 million barrels. Crude oil stocks at Cushing, Ok were called up 1.3 million barrels. Gasoline stocks were reported […]
Keystone Pipeline Remains Shut Down
November 5, 2019
A spokesman for the US Pipeline and Hazardous Materials Safety Administration said on Monday the precise source of the leak on TC Energy’s Keystone oil pipeline has not been identified yet. There remains no estimated timeline for a restart of the 590,000 bpd crude oil pipeline which was shut down […]