Market Commentary

The Baker Hughes Rig Count had oil rigs down 4 to a total of 479 and last year at this time there were 499 oil rigs in operations. I saw a couple reports calling US oil production down as the result of low crude oil prices. I am not sure […]

The US GDP for Quarter 1 was a disappointment and helped to push energy prices lower. Q1 GDP was down 0.3% and was estimated at up 0.3%. The final economy reading for Q4 2024 was 2.4%, which was a significant drop. This report put pressure on prices and then it […]

The energy markets pulled back in yesterday’s trading, and this is encouraging for the bears, but they need to do more and take out support levels if these markets are going to test lower levels. The API had crude oil supplied up 3.76 million barrels, gasoline down 3.14 million barrels […]

Crude oil and refined fuel prices remain under some selling pressure here this morning. The trade war between China and the US is one of the main items putting pressure on prices because this is seen as impacting demand growth negatively. One of the other items is OPEC+ saying they […]

There appeared to be very little conviction in the market on Friday. The energy markets all traded in very tight ranges. Baker Hughes reported the oil rigs increased by 1 to a total of 481 rigs. Last year at this time there were 511 oil rigs. US natural gas drilling […]

China’s government could be suspending some of its 125% tariffs on some US imports, including ethane and possibly propane. There could be additional exceptions as well and this news is being seen as encouraging this morning and has put a bit of softness in prices. Energy prices have bounced off […]

The DOE inventory report had crude oil stocks down 240,000 barrels, gasoline stocks down 4.48 million, and distillates down 2.35 million. Total crude oil stocks were at 443.104 million and last year they were 453.625. Inventories are sitting right now in the middle of the three range. Total gasoline inventories […]

The API inventory estimates called crude oil inventories down 4.6 million barrels, gasoline inventories down 1.6 million barrels, and distillate inventories down 2.2 million barrels. The US issued fresh sanctions targeting an Iranian LNG and crude oil shipping baron and his corporate network. This is despite progress in talks with […]

Over the course of the last three weeks WTI crude oil has traded in a $14 dollar range. The market now sits right in the middle of that range. This market could go in either direction from here. Expect the volatility to remain high as there are many uncertainties surrounding […]

Crude oil is down over a $1.50 per barrel this morning on the news that talks between the US and Iran over the weekend where much more positive than just about everyone expected. They began to work on the framework for a potential nuclear deal. Of course, we all know […]

The propane inventory report had supplies down 1.284 million barrels, putting total US supplies at 44.367 million and last year at this time there were 55.694. Midwest inventories were up 189,000 barrels putting total Midwest inventories at 9.764 and last year there were 12.540. Gulf Coast inventories were down 1.201 […]

As we move closer to the Easter Holiday and a short work week for many, trading has been seeing less volume. With a lot of uncertainty surrounding the markets, sometimes the best strategy is to do nothing, and it appears many traders have taken off for a long holiday weekend. Energy markets […]