Crude oil prices hit lowest level since May 2023
March 6, 2025
The DOE inventory report had crude oil supplies up 3.61 million barrels, gasoline supplies were down 1.43 million barrels, and distillates were down 1.32 million barrels.
Propane supplies were down 2.892 million barrels to a total of 48.654 million barrels and the five-year average is 47.3 so we are just above that level. Midwest stocks were down 708,000 barrels, putting total Midwest stocks at 10.414 million barrels and the five-year Midwest average is 11.08. Gulf Coast stocks were down 1.047 million, putting total Gulf Coast stocks at 31.885 million and the five-year Gulf average is 29.22.
The market has gone through a lot of propane this season. The winter season has been better/colder than the last few years and created decent demand, but the biggest demand factor continues to be from exports. Exports will continue to be the main cause of propane prices. Propane exports were 2.248 million bpd and that would make them the third largest weekly export total on record.
Crude oil prices traded to the lowest level since May 2023 on the tariff headlines and OPEC’s plan to bring more barrels to market. Today the crude market has bounced a little getting support from news that President Trump’s officials are looking into ways to inspect Iranian oil tankers as a way to disrupt sanctioned trade.
Payroll processor ADP said US companies added 77,000 jobs in February, which was about half the 140,000 expected. This number of 77,000 was the weakest since February.