Market Commentary

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 […]

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 […]