Market Commentary

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 […]

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 […]