Market Commentary

The API had crude oil inventories up 622,000, gasoline inventories down 4.5 million and displays up 3.6 million barrels. The average estimates from the Bloomberg Survey are crude stocks down 2.258, gasoline down 1.685, distillates down 1.298. The average estimate for today’s propane inventory update is for supplies to be […]

The US Treasury Department on Tuesday sanctioned a network of shipping companies and vessels led by an Iraqi-Kittitian businessman for smuggling Iranian oil disguised as Iraqi oil. According to President Claudia Sheinbaum’s government report, Pemex signed its first mixed contracts with private sector partners in a bid to reverse declining […]

Energy prices were down slightly in last Friday’s trading driven mainly by uncertainty around tariffs and OPEC+ bringing additional barrels to market starting in September and the US driving season coming to an official end after this past holiday weekend. On the bullish side gasoline and diesel fuel demand have […]

Traders are beginning to lose confidence that the negotiations between Ukraine and Russia will lead to peace. If peace cannot be reached, then the US will increase sanctions on Russian oil, and this is a bullish factor.  Countries like India who are buying Russian crude oil will have to decide […]

The API inventory estimates released yesterday called crude oil inventories down 2.40 million barrels, gasoline inventories down 1.0 million barrels, and distillate inventories up 500,000 barrels. The average estimate for today’s DOE inventory report from the Bloomberg survey is that crude oil supplies will be down 865,000 barrels, gasoline supplies […]

On Sunday night when trading opened the crude oil market sold off on the market’s perception that there was progress on a peace deal but has since recovered some of those losses and continues to trade in a tight range. The market will continue to monitor Ukraine’s President Zelensky’s and […]

The Baker Hughes Rig count had oil rigs unchanged at a total of 410 oil rigs. Last year at this time oil rigs were at 485. There seems to be a lot of hope riding on the meeting between President Trump and President Putin. The outcome will likely have a […]

The Baker Hughes Rig Count shows oil rigs are down five to a total of 410. Last year, there were 482 oil rigs in operation. Interestingly, oil rigs have fallen to a four-year low while natural gas rigs have risen to a two-year high. Energy prices had a significant decline […]

New US jobs created in July slowed down and was reported this morning at 73,000 new nonfarm jobs and the expectation was 100,000.  OPEC+ meets on Sunday, and the expectation is that they will approve another increase in production to release the remaining 550,000 barrels of their voluntary cuts.  President […]

The DOE inventory report had crude oil supplies were up more than expected at up 7.7 million barrels. Total supplies are 426.691 and last year 433.049. Gasoline supplies were down 2.72 million barrels, putting total stocks at 228.405 and last year 223.757. Distillates were up 3.64, putting total distillate supplies […]

The average estimates for today’s DOE inventory report update from the Bloomberg survey are for crude oil stocks to decline 1.979 million barrels, gasoline stocks down 973,000 barrels and distillates up 17,000 barrels. The API inventory report from yesterday afternoon called crude oil up 1.73, gasoline down 1.73 and distillates […]

The European Union and the US have agreed to a trade deal that would impose 15% tariffs on each other’s goods. This has made the markets optimistic this morning and as a result the energy markets are higher. The agreement also includes a commitment of EU investment in the US, […]