Market Commentary
Propane Pipelines Remain on Allocation
December 12, 2019
The DOE report said that crude oil stocks we up 820,000 barrels. This was a big surprise as the market was looking for a draw of over 2 million barrels. Crude stocks as Cushing, Ok were down a big 3.39 million barrels. Crude sold off after the release of the […]
Energy Markets Rallied on Trade Progress
December 11, 2019
The inventory report from the API called crude stocks up 1.4 million barrels, this was a bit of a surprise as the outlook for today’s DOE is that crude stock will decline 2.8 million barrels. The crude stocks at Cushing, Ok were down 3.5 million barrels, which was a big […]
US Oil Exports Eclipsed Imports for First Time Since 1973
December 6, 2019
The energy market did close higher yesterday. Crude was up on the day but off its early highs and RBOB and ULSD but put in solid up days. Most of the upside today was due to the news that OPEC+ is going to cut an additional 500,000 bpd to the […]
Heavy Propane Demand Continues
December 5, 2019
The energy market closed up strong yesterday as the inventory update reported the first major drop in US crude oil stocks in the past 6 weeks and growing anticipation that OPEC+ will agree to make more crude oil production cuts and extend the time frame of the agreement. OPEC is […]
Could US-China Trade Deal Be Pushed Back?
December 4, 2019
The API inventory update from yesterday called crude oil stocks down 3.7 million barrels. The crude stocks at Cushing, Ok the NYMEX WTI crude oil contract delivery point were down 251,000 barrels. Gasoline stocks were up 2.9 million barrels and distillate stocks were up 794,000 barrels. The average estimates for […]
Trade Skepticism Clouds Markets
December 3, 2019
The market is trading lower after President Trump said there may be delays in the trade deal with China. President Trump said the legislation supporting protesters in Hong Kong did not make trade negotiations with China easier but added that he believes China still wants a deal with the US. […]
OPEC May Extend Production Cuts
December 2, 2019
On a short trading day with limited traders on the job Friday the market sold off hard. Crude was down $2.99 per barrel, RBOB futures down $0.0855 and ULSD was down $0.0668 on the day. The market has opened higher overnight and in early trading this morning has taken back […]