Market Commentary

Yesterday saw the energy markets selloff hard in a big down day. The negative economic outlook for China especially and the US as well, and the news that Libya may have a deal to resolve their dispute over oil exports created the selling pressure. There was also news about manufacturing […]

The energy markets were mixed last Friday as we are coming to the end of the summer driving season. There are a lot of concerns and issues surrounding these markets and that has kept the markets in a trading range from some time now. Tons of uncertainty has left these […]

The markets seem to be suffering from headline fatigue. The news seems to be increasingly repetitive, and market reactions have been more muted. The energy markets have been in a big trading range for over a year and that looks to continue. If you just look at WTI crude it […]

Energy prices are higher to start out this new week as there was a lot of missile and bomb activity between Israel and Hezbollah over the weekend. Prices opened higher as Sunday night trading began and has added to the upside since. Israeli warplanes fly over southern Lebanon taking out […]

The continued talks about the ceasefire allowed energy price to finish lower yesterday despite what I would say was an uninspired day of trading. The energy markets are basically congested in uncertainty. US Secretary of State Anthony Blinken has left the Middle East without a ceasefire deal. We will see […]

Midday yesterday the market turned negative after pushing higher off early in the day lows following news that US Secretary of State Anthony Blinken said Netanyahu supported a US effort to bridge the Gaza ceasefire proposal. Ceasefire news is the headline so far today and that news is right in […]

The energy markets are lower here in early trading to start off a new week. The news stories are the same it just depends on what is currently on the mind of traders and this morning it is the poor economic outlook for China, as well as the on again […]

The Baker Hughes Rig Count had oil rigs up to a total of 485 oil rigs. Last year at this time the number of oil rigs was 525. WTI crude oil rose more than 4% this past week due to better US economic Data the Federal Reserve expected to cut […]

Energy prices closed lower on Friday and for the week mainly driven by oil and fuel demand concerns in China, ceasefire discussions between Israel and Hamas and 5 oil rigs coming online in the US. Russia, Iraq, and Kazakhstan collectively said they would reduce their oil output by 2.284 million […]

Energy prices were mixed in yesterday’s markets driven mainly by lower US equites markets and initial unemployment claims coming in much higher than expected. Jobless claims came in at 243,000, up 20,000 from last week, the estimate was for claims to be at 229,000. This report was favorable for the […]

The Baker Hughes Rig Count had oil rigs down 1 to 478 oil rigs, last year there were 537 and the 5-year average is 496 and the 5-year high is 784. As has been mentioned, despite lower rig counts US crude oil production has held steady right around 13 million […]

With the CPI falling, surveys have shown that the market is now expecting an 89% chance of an interest rate cut in September 2024 up from the previous 73% chance. The general thought is that if the Federal Reserve starts to cut interest rates it will become more accommodative to […]