Market Commentary

The API called crude oil inventories down 817,000, gasoline inventories down 898,000 and distillate up 2.806 million. The API also said that Cushing, Ok crude oil stocks were down 465,000. The average estimates for this week’s EIA report from the Bloomberg survey is for crude stocks to be down 296,000, […]

The energy markets are waiting for OPEC+, and what their decision will be on production moving forward. The meeting got pushed back until this Thursday as reports indicated there was some disagreements between members. Saudi Arabia the de facto leader of the group has been pushing for additional cuts. If […]

Baker Hughes Rig Count had oil rigs unchanged at total rigs of 500. On Wednesday of last week, we got the weekly EIA inventory update. It called crude oil inventories up 8.7 million barrels. This report along with the news that OPEC was postponing their meeting a few days sold […]

The news of the morning is that OPEC+ has decided to move their upcoming meeting from November 25-26 to November 30. This news has crude oil down over 3$ per barrel. This shows what we got in short covering yesterday and OPEC+ also gave no reason for the postponement. Energy […]

Our office will be closed Thursday November 23, and Friday November 24. There will be no forward contracting available on those days. The energy markets are totally closed on Thursday and only open for a brief time on Friday. Not sure when the OPEC+ news may hit the wires as […]

Baker Hughes reported that six crude oil rigs came online last week bringing the total number of crude oil rigs to 500. Last year at this time there were 623 oil rigs in operation. So far this year 121 oil rigs have come offline. Crude oil prices rallied big on […]

Crude oil and gasoline prices fell by more than 4% yesterday which was mainly driven by poor US economic reports this week, US crude oil inventories rising significantly, and a slowdown in China oil refinery throughput. Yesterday was a bearish day for energy markets as the sentiment seems to have […]

The DOE inventory report had crude stocks up 3.6 million barrels, gasoline stocks down 1.50 million and distillates down 1.40 million barrels. Total US crude oil inventories are now at 439.400 million barrels and last year there were 435.355 million barrels.  This weeks’ report shows the 3.6 build and last […]

Today we get the EIA weekly reports for last week when they were on maintenance and this week. These are the reports for the weeks ending November 6 and November 10. The average estimate for today’s report is crude up 4.291 million barrels, gasoline up 1.058 million barrels, and distillates […]

Crude oil was driven mainly by technical trading yesterday. After last week testing the $75 dollar level where there must have been enough support.  WTI crude oil rallied and settled through its 200-day moving average at $78.17. This fact should point the crude oil market higher despite momentum indicators still […]

The US attacked armed groups in Syria, while Israel continued to strike at Hezbollah in Lebanon. This was headline news yesterday and I fully expected the energy markets to jump on the open Sunday night but that was not the case. Markets were up but not what I would have […]

The API inventory report had crude oil stocks up 11.9 million barrels, gasoline stocks were down 360,000 barrels and distillates were up 980,000 barrels. There is no EIA inventory report today. The EIA is doing some system maintenance, and we will get two reports next week.  In its Short-Term Energy […]