Market Commentary
Judge Denies Pipeline Shutdown Appeal
July 13, 2020
In the US oil rigs were down four in Friday’s Baker Hughes Rig Count report bringing the total number of oil rigs in the US to 181 compared to last year at this time when there were 784 rigs in operation. As the price of WTI crude has hovered around […]
Market Pulls Back as Travel Restrictions Re-emerge
July 10, 2020
The market pulled back yesterday as it appears the concerns about rising cases of COVID-19 could pull back rising gasoline demand if lock downs and travel restriction reemerge. India reported that fuel demand fell by 7.9% in June compared with June 2019, which hurt the market sentiment as demand in […]
White House Economic Advisor Warns Against More Viral Lockdowns
July 9, 2020
The inventory report had crude oil stocks up 5.65 million barrels and the stocks at Cushing, Ok were up 2.21 million barrels. The build in crude was helped by crude imports being up 1.425 million bpd to a total of 9.975 million barrels. Gasoline stocks were down 4.84 million barrels […]
European Commission Forecasts Record Economic Contraction in 2021
July 8, 2020
The API inventory report had crude oil stocks up 2 million barrels and the stocks at Cushing were up 2.2 million barrels. Gasoline stocks were down 1.8 million barrels and distillate stocks were down 900,000 barrels. Average estimates for today’s DOE inventory update from the Bloomberg survey are looking for […]
Court Orders Dakota Access Oil Pipeline to Shutdown
July 7, 2020
A US District Court ordered Energy transfer LP to shut and empty the Dakota Access Transfer’s 570,000 bpd Dakota Access oil pipeline within 30 days. This pipeline transports oil out of North Dakota’s Bakken shale basin to refineries in Eastern Illinois. This will force more crude to rail out of […]
Crude Stockpiles to Anchor Pricing Through Year End
July 6, 2020
Crude oil and refined fuel products rose by 2.1% to 3.5% on Thursday, with RBOB gasoline leading the way up by 3.5% and WTI crude oil rising the least by 2.1%. the rise in prices was mainly due to a much better than expected jobs report for June, a drop […]
DOE Report: Crude Stocks in Cushing Are Down
July 2, 2020
The DOE inventory report from the government called crude oil stocks down a big 7.195 million barrels and the crude stocks at Cushing, Ok were down 263,000 barrels. The big draw continues to support crude oil above the critical $40 dollar level. Gasoline stocks were up 1.199 million barrels and […]