Market Commentary

The API report called crude stocks up 499,000 barrels, gasoline inventories up 2.852 barrels, and distillates up 2.452. The average estimates for the DOE report today are crude down 861,000, gasoline inventories are estimated to up 510,000, and distillates are estimated to be up 1.582. Bloomberg is reporting this morning […]

OPEC+ has agreed to keep oil production at the current levels for the first quarter of 2025. OPEC agreed to extend the 2 million bpd and the 1.65 million bpd of cuts until the end of 2026 from the end of 2025. The gradual unwinding of 2.2 million of cuts […]

The DOE inventory report came out and it showed crude oil inventories down 5.07 million barrels, gasoline was up 2.36 million barrels, and distillates were up 3.38 million barrels. Propane inventories were down 662,000 barrels, much less than expected. Total stocks are 96.032 million still in a very comfortable position. […]

Energy prices are up here to start a new week and a new month on the news that China’s factory activity grew at its fastest rate in five months in November. Many are giving the government stimulus credit for finally taking effect. Also reports that the ceasefire agreement between Israel […]

The energy markets were down in yesterday’s trading on rumors of a ceasefire between Israel and Lebanon who has been negotiating on behalf of Hezbollah. WTI crude did trade under 70 dollars and settled below that as well. The trading volume was light and that could help the moves be […]

The API inventory report released yesterday afternoon reported crude oil stocks up 4.753 million, gasoline stocks down 2.480 million, and distillates down 688,000 barrels. The average estimates for today’s DOE inventory report show crude down 49,000 barrels, gasoline down 85,000 barrels, and distillates down 23,000 barrels. HSBC said it expects […]

The Baker Hughes Rig Count had oil rigs down 1 to a total of 478 and last year at this time oil rigs were at 500. But despite the decline in rigs oil prodctuion was reported again this week in the DOE report at 13.4 million barrels per day right […]

The DOE inventory report had crude oil stocks up 2.09 million barrels, gasoline stocks were down 4.41 million barrels and distillates were down 1.39 million barrels. The propane inventory report called inventories down 2.141 million barrels putting total stocks at 98.368 million barrels and last year stocks were 99.742 million […]

The API inventory update had crude oil stocks down 777,000 barrels gasoline up 312,000, and distillates were up 1.4 million barrels. The International Energy Agency (IEA) warned that oil supply will exceed demand in 2025, even with OPEC+ production cuts, due to higher output from the US and other countries. […]

The energy markets settled lower on Monday as a host of factors kept the bears in control of the market. A rallying dollar along with poor near-term heating oil demand, and disappointing economic data continuing to come out of China helped the oil markets basically match Fridays losses in the […]

The Baker Hughes Rig Count said that oil rigs were unchanged holding at a total of 479 oil rigs. The Biden administration said on Friday it has bought its last batch of oil for the SPR after selling a record amount from the facility in 2022 to counter fuel prices […]

The Baker Hughes Rig Count has oil rigs down 2 to a total of 480 oil rigs. Last year at this time there were 504 oil rigs in operation and the five-year average is 493. US crude oil production was again at an all-time high just like last week at […]