Market Commentary

US Secretary, Scott Bessent, said the US may soon remove sanctions from Iranian oil that is stranded on tankers to help lift global supplies and reduce prices. He said it is about 140 million barrels of oil. Axios reported that the Trump administration is considering plans to occupy or blockade […]

The DOE inventory report had crude stocks up 6.16 million barrels, gasoline supplies were down 5.44 million barrels, and distillate were down 2.53. million barrels. Total crude stocks are now at 449.259 million and last year at this time they were 436.968 and the three-year average is 454.397. Total gasoline […]

Late yesterday, the US issued a new general license related to Russia that allows the sale of Russian crude oil and petroleum products loaded onto vessels through April 11. Russia said this will affect about 100 million barrels of Russian oil. This news has helped pull prices back off their […]

I am not sure right now any of these inventoried number matter as it is all about Iran and the war and the headlines, but at some point, they will matter. The DOE inventory report had crude oil up 3.82 million barrels to a total of 443.103, and last year […]

The API inventory estimates called crude oil down 1.689 million barrels, gasoline down 1.84, and distillates down 2.6. The average estimates for today’s DOE inventory numbers are crude oil up 2.643 million barrels, gasoline down 2.282, and distillated down 16,000. Energy markets have been extremely volatile as the markets react […]

Crude oil prices rose significantly on Sunday night when trading opened, with WTI reaching $119.48 in the first initial price surge on the open. Oil prices closed higher in yesterday’s trading but fell sharply off the highs. Prices crashed after the close on Monday due to President Trump stating in […]

The Iran situation continues to get worse and some of the things that have happened are worse than I ever thought so this is a surprise and prices have traded higher again as the uncertainty grows as this war continues. The Iran situation is front and center and it continues […]

It seems like every day the headline is the same; Iran tension escalate as the war continues. This narrative is driving prices higher and has brought out all the bulls as the Strait of Hormuz drama is adding to the fire as well and is bringing buyers as they fear […]

The DOE inventory report had crude oil inventories up 3.48 million barrels, gasoline down 1.70 million, and distillates up 430,000 barrels. Total crude inventories are now at 439.279 million barrels and last year they were 433.775 and the three-year average is 453.606. Total gasoline supplies are now at 253.130 and […]

Prices eased back after President Trump said he had asked the DOJ to provide reasonable insurance for ships passing through the Strait of Hormuz. He also said the US Navy would escort ships through strait if necessary. This news pulled prices off the highs, but we are far away from […]

Iran’s response on their Gulf neighbors has been a surprise with targeted attacks on energy infrastructure including Qatar’s Ras Laffan LNG production facility which halted operations and Saudi’s Ras Tanura oil refinery. The headlines have also been active that the Strait of Hormuz is closed. Iran’s IRGC said “the Strait […]

The news today is Iran, Iran, and Iran. Nothing earth-shattering has happened, but all eyes are on Iran and wondering what will happen next. I found this comment from President Trump a bit confusing and funny, especially considering the possibility of a US military attack looming. Steve Witkoff, Trump’s special […]