Market Commentary
Continental Resources CEO Says Oil is “Absolutely” Going to $100 per Barrel
September 26, 2023
Energy prices pulled back in yesterday’s trading as the news of Russia allowing some exports of high sulfur diesel and marine fuels. Heating oil has also been overbought on the upside and needs some relief. The US dollar index trading to a 10-month high has also helped energy prices sell […]
HSBC Expects Record Chinese Oil Demand to Continue to Support Prices
September 25, 2023
The Baker Hughes Rig report had oil rigs down 8 to a total of 507 rigs. This week’s report reverses the last two weeks of gains. JP Morgan research is calling for 14 rigs to be added by the end of the year. US oil rigs have fallen by 114 […]
US Refiner Outages Tighten Thin Fuel Supply
September 22, 2023
US oil refiners that increased processing this year amid increasing demand for gasoline and diesel are being hit by outages weighing on their ability to rebuild thin fuel stockpiles and helping to drive up fuel prices. A more than 50% increase in mechanical outages in the first nine months this […]
Fed Chair Powell Expects Another Interest Rate Hike This Year
September 21, 2023
The DOE inventory report had crude oil inventories down 2.14 million barrels, gasoline down 830,000 barrels and distillates down 2.87 million barrels. Cushing, Ok crude oil stocks fell by 2.06 million barrels to 22.9 million barrels, the lowest level since July 2022. Total US crude inventories are at 418.456 million […]
Fed Likely to Pause Rate Increases
September 20, 2023
The weekly API estimates called crude oil inventories down 5.25 million barrels, gasoline inventories up 730,000 barrels, and distillates up 258,000 barrels. The estimates for today’s DOE inventory report are crude down 482,000 barrels, gasoline up 361,000 and distillates down 7,000 barrels. Crude oil closed just a bit lower on […]
WTI Crude Hits $90
September 15, 2023
Crude oil and refined fuel prices closed higher in yesterday’s trading mainly driven by the European Union Central Bank raising rates but implying that they may be close to being done and US retail sales coming in better than expected. Also, supportive for prices, US initial unemployment claims came in […]
Supply Tightness Trumps Economic Concerns as Crude Prices Climb Higher
September 14, 2023
Propane inventories were up 3.136 million barrels putting total stocks at 99.133 million and last year there were 77.878 million. Midwest stocks were up 1.028 million putting total Midwest stocks at 26.66 million barrels and last year there were 22.800 million. Gulf Coast stock were up 2.233 million putting total […]
Rumblings of $100 Oil Persist
September 13, 2023
The API called crude stocks up 1.174, Cushing crude stocks down 2.417, gasoline up 4.2, and distillates up 2.592. Crude is trading higher this morning as supply concerns continue to see the bulls buying the market. Also helping to support prices was OPEC leaving their forecast for growth in global […]
Europe’s Distillate Inventories Are Below Ten-Year Averages
September 12, 2023
The news is much the same as the energy markets worry about tight supplies versus the state of the global economy. The market gets a look at more data about US inflation this week as well as retail sales. Currently the market is mixed and trading sideways near the highs […]
Tightening Crude Production and Supplies Become Focus of Markets
September 8, 2023
The total US propane inventories were up only 512,000 barrels, well below the over 2-million-barrel build estimate. Total inventories are now at 95.977 million barrels, well over 74.118 million barrels last year at this time. Midwest inventories were up 844,000 barrels putting total stocks at 25.638 million well above the […]
Production Cuts Push Crude Prices Higher
September 6, 2023
Prices jumped in yesterday’s trading as the production cuts from Russia and Saudi Arabia are set to continue through the end of the year. Prices did fade late in the day and left some potentially peaking patterns for crude oil and RBOB so it will be interesting to see if […]
Kim Jon Un Will Travel to Russia to Meet Putin
September 5, 2023
Baker Hughes reports that the number of oil rigs were still unchanged at 512 total oil rigs. Bloomberg estimates that Saudi Arabian crude oil exports in August fell sharply to just 5.6 million barrel per day, the lowest monthly level since March 2021. July exports were estimated at 6.3 million […]