Market Commentary

Propane inventories were down 42,000 barrels, putting total stocks at 105.361 million barrels. This is the highest inventory level on record this late in the year, surpassing the old high-water mark of 104.1 million barrels set this week in 2015. Propane inventories are at a 14.7-million-barrel surplus to the 5-year […]

On Sunday, President Donald Trump said that Republicans are working on legislation that will impose sanctions on any country doing business with Russia, and he said Iran may get added to that list. Separately, President Trump said that he could have discussions with Venezuelan leader Nicolas Maduro, who has been […]

The energy markets are flat this morning as we start a new week. Prices rallied late last week on the news that a Ukrainian drone strike on a Russian port halted exports. This port has reopened and is seeing some exports, but the market is currently maintaining a risk premium. […]

In yesterday’s trading, crude was a little softer, and the products had a nice pop higher. The increase in prices yesterday and the continued rise in today’s trading appear to be the market’s follow-through on the inventory reports, which showed draws in the products. RBOB and ULSD are back testing […]

The API numbers for energy inventories called crude oil supplies up 6.52 million barrels, gasoline down 5.65 million, and distillates down 2.46 million. The average estimates for today’s DOE inventory report from the Bloomberg survey are for crude oil stocks to be down 657,000 barrels, gasoline down 1.076 million and […]

Crude oil is trading sideways here to start the new week as OPEC+ announced its decision to increase production by 137,000 bpd in December over the weekend. With the outlook for an oversupplied market in 2026, OPEC+ said they will pause any production increase statements about 2026, which offers some […]

The DOE reported crude oil stocks were up 3.52 million barrels, gasoline stocks were down 270,000 barrels, and distillates stocks were down 4.53 million barrels. Total crude stocks now sit at 423.785 million and last year there were 420.550 and three-year average is 425.885. Inventories are at the lower end […]

The story remains the same: the market is concerned about the increased tension between the US and China, trade, and potential tariffs, and how these might impact our economy. President Trump claimed that India’s Prime Minister Modi had pledged to stop buying Russian crude oil. This has not been confirmed […]

China’s refineries processed 488 million tonnes of crude and other feedstocks in the first eight months of the year, an increase of 16 million tonnes (+3%) compared with the same period in 2023, but still below the volume two years ago, as the country‘s oil consumption flattens out. Crude oil […]

Crude oil was up in yesterday’s trading by 1% or more mainly due to US and China trade war concerns that got stirred up over the weekend. US Treasury Secretary, Scott Bessent, said that the meeting between US and Chinese leaders remains on track to be held in south Korea […]

After Friday’s big selloff, the markets opened higher on Sunday night. The market is also trying to figure out what the latest is with Trump threatening 100% tariffs on China. This news from China is also supporting prices in the near term and will be something traders will keep an […]

Reports surfaced that Saudi Arabia wanted to raise oil output by as much as 500,000 barrels per day (bpd), but other OPEC+ members opted to maintain lower production targets. Adding downward pressure on prices is the fact that refineries are entering their maintenance season in the fourth quarter, coinciding with […]