Market Commentary

The U.S. Energy Information Administration (EIA) reported crude oil inventories declined by 3.78 million barrels last week. Gasoline inventories fell by 2.33 million barrels, while distillate stocks increased by 2.48 million barrels. Propane inventories rose by 1.259 million barrels to 91.306 million barrels. That compares with 76.651 million barrels a […]

The API reported U.S. crude oil inventories fell by 6.1 million barrels last week, while gasoline stocks declined by 2.1 million barrels. Distillate inventories increased by 2.9 million barrels. The United States and Iran continue peace negotiations in Doha, but progress appears fragile. According to The Wall Street Journal, an […]

There are several big investment banks revising down their crude price forecast as it appears the world has done a better job than anyone expected dealing with the disruptions out of the Middle East caused by the war. Global inventories are low and this is a concern, but many market […]

Oil prices are up this morning after more flare ups over the weekend sparked investors to put more of a risk premium into the market. Both the US and Iran have said they would stand down for now and allow vessels to move freely in the strait after a weekend […]

There were several headlines throughout the weekend as the negotiations between the US and Iran continued. As Israeli continued some military action in Lebanon over the weekend, Iran threatened to end negotiations and President Trump warned of potential military actions against Iran. Tensions were eventually eased, and reports say progress […]

The DOE inventory report had crude oil inventories down 8.26 million barrels, gasoline supplies down 910,000 barrels and distillate up 950,000 barrels. Total US crude oil supplies are at 418.222 million barrels, last year 420.942 and the 3-year average is 447.113. US crude production remains strong at over the 13 […]

The average estimates for today’s inventory update from DOE report from the Bloomberg survey is crude oil supplies down 3.692 million, gasoline down 759,000 and distillates down 485,000. The API inventory report called crude oil supplies down 8.33, gasoline up 2.47, and distillates down 416,000. The Fed is expected to […]

According to data from the Department of Energy, stocks of crude oil in the US Strategic Petroleum Reserve fell to 340.3 million barrels, the lowest level since 1983. Supplies are now less than half of the 714-million-barrel capacity. Inventories in the SPR fell by 8.9 million barrels last week, the […]

On Friday we had news of memorandum between US and Iran to halt the war and open the Strait of Hormuz, prices sold off on that news as traders took some profits. Over the weekend we were told a deal had been reached and it will be signed Friday June […]

The energy markets are lower on the news that a peace deal will be signed soon. Reports say they may sign these papers in conjunction with the G7 meeting which is taking place next week. There have also been some reports that say Switzerland could be the location for the […]

OPEC+ agreed on Sunday to its fourth increase in it oil output in as many months, even as the war with Iran has prevented many of its members from producing more. Seven core members of the group have increased their output quotas from April to June by almost 600,000 bpd. […]

Energy Market are closed on Monday May 25 for Memorial Day. No contracting on Monday. Energy price sold off again in yesterday’s trading on the news that negotiations with Iran were in the final stages. Also helping the selling was the UAE completing almost 50% of a pipeline that will […]