Market Commentary

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, […]

The Baker Hughes Rig Count had oil rigs down by 2 to a total of 422 and last year at this time there we 477 oil rigs in operation. US production has been falling but still above 13 million bpd per day. Here are the last several weeks of the […]

The EU announced new sanctions on Russia and targeted its oil trade specifically. The new wave of sanctions will remove 20 more banks from SWIFT and blacklisted a large oil refinery in India which is part owned by Russia’s state-run oil company. These actions also lower the oil price cap. […]

The energy markets have taken all the risk premium out of the market and are now searching for direction as there is still a lot of uncertainty. OPEC+ is scheduled to meet again on July 6th to discuss August production, and the market is expecting them to offer another production […]

The DOE inventory report called crude oil stocks down 5.84 million barrels, putting total stocks at 415.11 million barrels and last year there were 460.696 and the 3-year average is 443.317. Gasoline supplies were down 2.08 million barrels, putting total stocks at 227.938 and last year there were 233.886 and […]

If someone told you Israel and Iran were at war, what would you guess the price of crude oil to be?  In the past, the predictions were $100 per barrel, $120, or even $200. I know that energy markets have gone up in the last week, but nothing like we […]

There are no energy markets on Thursday, June 19. It is a Federal holiday, and the markets are not open, so there are no forward contracts available that day. No Contract June 19, 2025. Crude oil prices were up big again yesterday as the Israeli and Iranian conflict continues to […]