Market Commentary

Tariffs on USMCA-compliant goods have been delayed on Mexico until April and then later in the trading day (after the close) US tariffs on some Canadian imports were also delayed until April, but this did not include crude oil. The president of Canadian Natural Resources Ltd, Scott Stauth, said Canada […]

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 […]

The average estimates for today’s DOE inventory update from the Bloomberg survey are for crude oils stocks to be up 192,000 barrels, gasoline down 175,000 barrels, and distillates up 1.078 million barrels. The average estimate for today’s propane update is to see propane inventories fall by 2.44 million barrels. The […]

The big news is that OPEC+ will go ahead with April oil output increases. They also said they would proceed with output hikes beyond April, but they did mention the disclaimer that they could pause or reverse the decision based on market conditions. OPEC+ will increase barrels back into the […]

Energy prices closed down on Friday and down on the month. Prices fell to the low on Friday afternoon after a tense meeting between President Trump, Vice President Vance, and Ukraine President Zelensky. The mineral rights deal expected to be executed between Ukraine and the US did not happen on […]

The energy markets rebounded on the news of Chevron’s license being revoked in Venezuela by President Trump. No more crude oil coming out of there for now. This is political but it did offer support to prices and the markets rallied off their recent lows, but the rebound was not […]

Propane inventories were down 3.722 million barrels, putting total stocks at 51.456 million. Last year stocks were at 51.181, and the five-year rolling average is 51.326. Midwest inventories were down 1.431 million barrels putting total Midwest stocks at 11.122 million barrels and last year there were 12.553 and the five-year […]

The API inventory estimates came in as follows, crude oil down 640,000 barrels, gasoline was up 537,000, and distillates down 1.11 million. The average estimates for today’s DOE inventory update are for crude to be up 2.605 million, gasoline down 849,000 and distillates down 1.488 million. The average estimate for […]

The energy markets had another day of congestion keeping these markets all balled up. President Trump said tariffs would be placed on Canadian and Mexican goods when the deadline for a pause on such action arrives next week. The Treasury Department said the US imposed sanctions on more than 30 […]

The Baker Hughes Rig Count called the oil rigs up 7 to a total of 488 a fourth consecutive gain. Last year there were 503. Energy markets had a good sell-off on Friday as prices for crude oil traded back down near recent lows, and the last two weekly charts […]

The EIA reported that crude oil stocks in the week ending February 14th built by over 4.6 million barrels. It reported there was no crude oil additions to the SPR in the latest week for the first time since December 2023. The EIA also reported that distillate stocks fell by […]

The API inventory report had crude oil supplies up 3.34 million barrels, gasoline supplies up 2.83 million barrels, and distillate supplies down by 2.69 million barrels. The average estimate for today’s propane inventory update is for supplies to be down 3.26 million barrels. The average estimates from the Bloomberg survey […]