Market Commentary

In yesterday’s trading it was a pretty uneventful day for energy prices. Prices were a bit softer as there were rumblings about the potential of a cease fire. That news is off the table today and prices have bounced back but as has been said prices are still stuck in […]

The weak outlook for crude oil demand growth has been one of the main reasons crude prices have been under pressure. The news that China’s central bank cut its lending rate by 25 basis points, which was more than the 10 expected helped to rally crude oil. Israeli military stepped […]

The energy markets are selling off this morning as the Chinese government released data yesterday that shows deflationary pressures worsened in September. This bad news on China has the markets trade lower to start this week. The energy markets continue to be impacted by two main events. The conflicting news […]

Energy prices are higher to start out this week as a hurricane grows in the Gulf of Mexico, and traders worry about more shut in for oil and gas production. But with this come the potential for lower demand as well from a hurricane. The market is again starting a […]

From Reuters: US East and Gulf Coast port workers are set to go on strike at midnight with no talks currently scheduled to head off a stoppage threatening to halt container traffic from Maine to Texas and cost the economy as much as $5 billion a day. Baker Hughes reported […]

Israel launched new air attacks on hundreds of sites in Lebanon. A Hezbollah official said it had entered a new stage of open warfare against Israel. Benjamin Netanyahu said Israel would take “whatever action is necessary” to diminish the threat from Hezbollah. This renewed aggression has the world worried that […]

The Fed announced late in the afternoon yesterday that they were cutting the interest rate by 50 points. That puts the rate at 4.5% to 4.755. More rate cuts are expected later this year and next year and the market sees those cuts as a chance to stimulate economic growth […]

The disruptions to production from Hurricane Francine supported a rebound in prices yesterday. The outlook for an interest rate cut and the US dollar index that has been falling is also offering support to energy prices. There is talk that there is a chance for a 50 point cut to […]

The Baker Hughes Rig Count was up five oil rigs to a total of 488 and last year at this time there were 515 oil rigs. Energy markets were trading higher for most of the day on Friday but did sell back off late in the trading session as they […]

Crude oil prices closed higher yesterday mainly driven by Hurricane Francine shutting down 41.7% of offshore oil production with 169 platforms evacuated according to the US Bureau of Safety and Environmental Enforcement. Also supporting prices was news Libya’s oil production remains offline roughly 900,000 bpd, with very little exports and […]

The DOE inventory report showed crude oil inventories up 830,000 barrels to a total of 419.14 million barrels and last year there were 420.59 million barrels. US crude oil production continue to hold steady right around 13 million bpd and this week was 13.3 million bpd. Gasoline supplies were up […]

Surprise, surprise. OPEC+ decided to delay adding more barrels to the market for two months. They have said they will continue to evaluate the markets and continue to monitor the situation. This of course is happening as WTI crude oil prices trade under $70 per barrel. OPEC+ is just kicking […]