Market Commentary

The API inventory reported crude oil inventories down 11.1 million barrels, gasoline inventories up 1.1 million, and distillates down 1.5 million. Ukrainian President Volodymyr Zelensky said Ukraine has resumed its attacks on Russia’s oil refineries. He said Russia had continued to strike Ukriane’s energy grid even after agreeing to end […]

Goldman Sachs estimates that Brent crude’s risk premium reached $22 per barrel in September, the second-highest monthly level on record. The bank noted that the peak monthly estimate following the outbreak of the Russia-Ukraine war in 2022 “did not exceed $16 per barrel,” according to WSJ Market Talk. President Trump […]

The API inventory report showed crude oil supplies down 2.09 million barrels, gasoline supplies down 1.37 million barrels and distillate supplies up 461,000 barrels. The average estimates for today’s DOE inventory report, according to the Bloomberg survey, are for crude oil supplies to increase 1.802 million barrels, gasoline supplies to […]

The DOE inventory report showed crude oil inventories down 920,000 barrels, gasoline supplies down 1.68 million barrels and distillate inventories down 2.25 million barrels. Total U.S. crude oil inventories are now 427.320 million barrels, compared with 416.546 million a year ago and a three-year average of 415.847 million. Total gasoline […]

In the latest effort to bring diesel prices down, the White House is considering regulatory relief that would allow broader sales of red-dyed diesel. The move could allow some buyers to avoid the federal diesel tax. President Trump has supported a ban on diesel exports, but the proposal has faced […]

A US official said about 60 commercial vessels transited the Strait of Hormuz on Wednesday carrying the highest daily volume of crude oil since early July. The official said about 40 of those vessels coordinated with the US military for protection. A total of about 22 million barrels of oil […]

The possibility of a diesel export ban concerns me. I’m worried if something does get implemented it will get messed up and have a wider negative impact as the attempt is to bring down diesel prices. It is estimated that in roughly two weeks an export ban would fill up […]

The energy markets continue to feel selling pressure as the current news offers some optimism and or hope for progress on peace. Crude fell for the fourth straight session to its lowest level in 12 days, as Hormuz traffic hit a six-month high, and the workaround barrels are moving. All […]

The level of tension in the Middle East appears to be a little calmer today.  The US said that Iranian officials will be permitted to travel to New York for the United Nations general assembly, which let’s hope is a good thing. Also helping to ease current environments is the […]

The DOE inventory report had crude oil inventories down 640,000 barrels, gasoline supplies up 790,000 barrels and distillates up 1.59 million barrels. Propane inventories were down 1.378 million barrels to a total of 109.092 million. Midwest supplies were down 303,000 to a total of 26.259 million. Gulf Coast stocks were […]

Prices ran higher as the conflict in the Middle East is heating up with more missiles, rockets, and ships being sunk. Traders are nervous that this situation will escalate and impact fuel supplies even more.  The API were released yesterday afternoon, a day late due to the Labor Day Holiday. […]

Oil and fuel prices closed higher on Friday, except for ULSD prices, which fell for the nearby futures trading month. WTI Crude oil was up 10% on the week, and retail diesel prices hit a record high. With retail diesel prices up to record levels, inflation and government borrowing costs […]