Market Commentary

The Baker Hughes Rig Count had oil rigs down 2 to a total of 484 oil rigs. Last year at this time there were 506 oil rigs in operation. Energy prices are a bit higher this morning on the reaction to the threat by Presentient Trump of additional sanctions on […]

President Trump is said to be considering extending Chevron’s license to continue production in Venezuela. It is a key source of heavy sour crude oil for the US Gulf Coast. The US Treasury Department issued a new Iran related sanctions, targeting one individual, vessels, and several entities, including a Chinese […]

The API called crude stocks up 4.59 million barrels, gasoline stocks were down 1.71 million barrels, and distillates were down 2.15 million barrels. HSB expects the oil markets to be in surplus in 2025 and 2026 due to strong supply and sluggish demand growth. The bank said it expects a […]

Crude oil prices traded higher yesterday on the news over the weekend that the US launched missile strikes against Iran backed Houthi rebels in Yemen, which is raising the possibility of oil supply disruptions in the Middle East. Also supportive of prices was optimism of additional stimulus in China after […]

Energy prices are up to start out this week. Over the weekend the US attacked Houthi rebels in Yemen. The US said it will keep attacking Houthis until they are no longer a threat to shipping in Yemen. The US’s actions appear to be to protect civilians and military vessels […]

The IEA see a crude oil surplus in 2025 as demand is seen as disappointing. The IEA trimmed its demand growth forecast by 70,000 bpd. It sees a surplus of 600,000 bpd in crude supply over demand. It says the latest sanctions on Russia and Iran seem to have had […]

The API reports crude oil stocks up 4.2, gasoline stocks were down 4.6, and distillates were up 420,000. The average estimates for today’s DOE inventory report from the Bloomberg survey are crude stocks up 2.2186, gasoline stocks down 1.585, and distillates down 279,000. Tariff uncertainty is everywhere and hard to […]

Energy markets started out higher on the day yesterday but sold off in the afternoon as the equities markets turned lower and sold off as the concerns about the economy come to light. Traders are trying to price in the increased OPEC+ crude production, but this is a struggle as […]

The Baker Hughes Rig Count called oil rigs unchanged keeping the total at 486 and last year there were 504 oil rigs in operation. Crude oil is slightly higher this morning after posting the seventh weekly loss in a row on Friday. Crude fell its sharpest amount last week since […]

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 […]