Market Commentary

According to ship tracking data compiled by Bloomberg, about 60% of 94 of the active tankers blacklisted by the Biden administration last month for their involvement in the Russian oil trade have stopped transporting oil for Russia or anyone else. While there are no signs, yet that Russian’s output has […]

The EIA reported a draw of 2.571 million barrels to propane inventories. Total inventories are at 58.858 million and last year they were 56.900. Midwest stocks were down 1.062 million to 13.906 million total barrels and last year they were 14.314. Gulf Coast inventories were down 560,000 to a total […]

The API inventory report called crude oil stocks up 9.043 million barrels, gasoline supplies down 2.507 million and distillates down 590,000. The average estimates from the Bloomberg survey from today’s DOE inventory update are calling crude oil up 2.516 million barrels, gasoline up 545,000 and distillates down 1.478 million. The […]

Crude oil prices closed higher yesterday driven mainly by the new US sanctions against Iran’s crude oil exports and news that Russia’s Federal Antimonopoly Service may initiate a 1-month ban on gasoline exports by large producers to stabilize wholesale prices ahead of the crop-sowing season. The tighter Russian supplies helped […]

Energy prices were down yesterday on weak economic manufacturing data from China. The ongoing threat of tariffs from President Trump also keeps the market uneasy. China is saying that several of its independent refineries are shutting down for an uncertain amount of time as the economics are not favorable currently, […]

Energy markets are closed today and there are no forward contracts available today. The energy markets have continued to push higher on the bullish narratives of more sanctions on Russia tightening up supplies, China stimulus measures helping their economy improve and with its energy demand, a better outlook for the […]

Well, the market jumped up as it began today’s trading. As I write this HO is up .1018, Gas up .0596 and crude oil up 3.04. The market needed some bullish news to give it a shove to the upside and they are now saying more sanctions are coming in […]

Crude oil and gasoline prices rose significantly in the early morning trading hours but fell later in the day and closed slightly lower. ULSD price closed at the highest level since October 7 due to a winter storm in the US increasing heating oil demand which is part of the […]

Crude oil prices are up this morning on the news that Saudi Arabia raised prices for Asian buyers next month. This could be an indication that Saudi Arabia the world largest exporter sees tighter supplies in its largest market. This situation is helped by OPEC+ continuing to stick with production […]

The energy markets continue to be thinly traded with limited traders working and this will be the case next week as well as Wednesday will be the New Year’s Holiday and no markets that day. There will also be no contracts available on Wednesday of next week. Donald Trump has […]

Crude oil price rose on December 24 driven by increased China stimulus to support higher oil demand and market surveys expecting a drop in total US crude oil stocks by 3.2 million barrels and US distillate stocks expected to fall by 2.5 million barrels for the week ending December 20th. […]

The energy markets pulled back into their trading range yesterday mostly on the comments from Federal Reserve Chairman Jerome Powell. Powell was out trying to walk back some of the talk about rate cuts and said that stubborn inflation would make the Fed more cautious. Just a couple of weeks […]