Market Commentary

Morgan Stanley raised its year-end Brent price forecast to $40 per barrel. It cited a faster-than-expected rise in global oil demand as countries ease coronavirus restrictions and oil producers cut supply. Morgan Stanley estimates as much as 6 million...

Bjornar Tonhaugen of Rystad Energy says supply and demand may balance sooner than expected. The market is currently oversupplied by 16 million barrels per day in crude and that could be reversed altogether by June according to Tonghaugen. A...

Rig counts continues to decline. The Baker Hughes report on showed a decline of 21 rigs from the prior week and a new total of 237 rigs. There were 797 rigs in operation at this time last year –...

US crude oil production is expected to fall by about 1.75 million bpd from recent levels by early June. IHS Markit said operating cash losses, a lack of demand and storage capacity and no interest in giving away oil...

The basic outlook that production is lower, and demand is going up as lockdowns ease has continued to support this rally. The selloff that put in the lows in April was extreme and since those lows, ULSD has rallied...

The API released their inventory update yesterday afternoon and it showed crude oil stocks down 4.8 million barrels and the stocks of crude oil at Cushing, Ok were done 5 million barrels. Gasoline stocks were down 651,000 barrels and...

Crude oil and refined fuel product prices rose significantly yesterday and reached 2-month highs for most indexes. The rise in prices yesterday was mainly driven by good news about testing of a potential COVID-19 vaccine, positive comments from the...

As more places around the globe start to reopen after shutdowns the outlook for many investors and traders is positive and the market is up this morning on this optimism. Production cuts have happened faster than many thought and...

The market had a strong up day yesterday as the bulls jumped on the bandwagon after a selloff that took prices to the low end of the market’s trading range and have now rallied back to the top of...

The comments from Federal Reserve Chairman Jerome Powell were concerning to the market and created selling pressure. The worrisome outlook he gave for the economy and talk that more support would be needed to keep the economy going were...