Market Commentary

The average estimates for the DOE inventory report today from the Bloomberg survey are crude oil down 1.596 million, gasoline up 1.256 million and distillates up 683,000. The API inventory update called crude stocks down 4.7 million barrels, gasoline up 2.4, and distillates up 700,000. The market sold off yesterday […]

The markets have entered the holiday season with limited traders and light volumes. Yesterday was a quiet day, and as this week wears on, the activity will slow down. Then it will get worse as we go through a short trading week next week with Christmas right in the middle […]

The bulls had a nice day yesterday, and prices rebounded, but the question remains: have the bulls done enough? The answer so far is no, but the resistance levels that, if broken, would open a more bullish outlook in the longer term are close. But this could also be an […]

The DOE inventory report had crude oil inventories down 1.43 million barrels putting total US crude oil stocks at 421.950 million barrels. Last year at this time stocks were at 440.773 and the three-year average is 431.063. Current inventory levels put crude at the lower end of the three-year range. […]

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 […]