Market Commentary

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 […]

Energy markets are lower to start today as traders take some profits and the news continues to be optimistic on the economic front and supplies coming through the Strait of Hormuz. The Non-Farm Payroll number this morning was good with 162,000 new jobs added in August, nearly tripling the average […]

The weekly DOE inventory report had crude oil supplies down 4.45 million barrels, the average estimate was down 368,000. Gasoline supplies went down 1.17 million barrels, and the average estimate was a draw of 1.780. Distillate supplies went up 800,000 barrels and the average estimate was down 780,000. Propane supplies […]

The API inventory report called crude oil supplies down 2.6 million barrels, gasoline supplies up 348,000 barrels, and distillates down 265,000. The average estimates for the DOE inventory report today from the Bloomberg survey are crude stocks down 368,000 barrels, gasoline supplies down 1.780 million barrels, and distillates down 780,000 […]

Iran and the US are again exchanging military attacks, which has the market adding more risk premiums. Yesterday, the US hit Iranian rocket launches, and Iran responded with missiles and drones attacking US air bases in Jordan and the UAE. Later in the day, crude added in some more upside […]

The DOE inventory report had crude oil up 100,000 barrels, gasoline inventories were down 2.54 million barrels, and distillates were down 2.23 million barrels. Total crude supplies are not 428.910, last year they were 418.292, and the three-year average is 422.140. Total gasoline supplies are 206.842, last year there were […]

Energy prices rallied again in yesterday’s trading pushed higher by the news that the Strait of Hormuz oil traffic is very low and the news of Iran attacking 2 UAE ships last week. The market is also supported by the US’s comments that they can maintain a naval blockade of […]

The Baker Hughes Rig Count had oil rigs up 1 to a total of 455 and last year there were 412 oil rigs. The key range for WTI crude oil is the $75 to $85 range, and prices are likely to congest in that range until some event pushes the […]

The DOE inventory report had crude oil up a big 17.4 million barrels, gasoline down 968,000 barrels, and distillate down 10,000 barrels. Even with the big build in crude oil prices were higher but not substantially and they are pulling back today as the Iran US news leans more favorable […]