Market Commentary

Energy prices have pulled back over the last few days. Crude oil prices are being helped by the ceasefire talks between Israel and Hamas, and the fact that Hurricane Berly’s potential to disrupt energy facilities is now passed. Overall, the impact from Berly appears to have been limited. Some production […]

The API inventory report called crude oil stocks up 914,000 barrels, gasoline stocks up 3.843 million barrels, and distillates were down 1.178 million barrels. The average estimates for the DOE report today from the Bloomberg survey are for crude stocks to be down 2.381 million barrels, gasoline inventories down 1.299 […]

There continues to be an optimistic outlook for summer demand for crude oil and refined fuels, which has helped push the current run higher. Also supportive to prices was a report that the state-owned oil company in Ecuador declared a force majeure on deliveries of heavy crude exports after the […]

Baker Hughes reported that 3 crude oil rigs came offline this past week in the US down to a total of 485 rigs. US oilrigs have fallen by 121 in 2023 and by 15 in 2024 thus far. Energy prices closed lower on Friday but had another week of gains […]

The Baker Hughes Rig Count had oil rigs down 4 to a total of 488 oil rigs and last year there were 552 oil rigs in operation. As we have said before, despite the decline in rigs US crude oil production has been the highest it has ever been nearly […]

Energy markets were mixed yesterday with crude oil and ULSD higher and RBOB down on the day. Supporting prices are strong world oil demand forecast from the US and OPEC for the balance of 2024 and 2025. In a monthly report released yesterday, OPEC left its forecast for oil demand […]

Crude oil and refined product price fell slightly on Friday after a better than expected US jobs reports for May 24 lowered the probability of the Fed cutting interest rates this year. After the good US jobs report the US dollar rose by 0.8% which put downward pressure on crude […]

The average estimates for the DOE inventory report this morning from the Bloomberg survey are for crude oil supplies to decrease by 1.185 million barrels, gasoline supplies down 1.122 million and distillates down 137,000 barrels. The API estimates reported last night showed crude oil stocks down 6.490 million barrels,  gasoline […]

The energy markets had a strong bounce yesterday with WTI crude oil futures up over two dollars and it settled just under eighty dollars per barrel and this morning is over that level and getting some attention in the news. There is room for a corrective run higher here in […]

Baker Hughes reported that old rigs were unchanged. US crude oil rigs have fallen by 124 oil rigs since January 2023. Energy prices were up on Friday but down roughly 2% on the week. The buying on Friday appeared to be traders and investors not wanting to be short for […]

Global petroleum inventories were up slightly week over week and the trend of inventory builds continues in diesel, gasoline, and total petroleum inventories. Global total diesel inventories are slightly above their 5-year average (not seasonally adjusted). Global diesel inventories remain below their seasonal averages but have drawn by the fewest […]

The Baker Hughes rig count was down 3 to a total of 496 oil rigs. Last year at this time there were 586 oil rigs in operation. Despite the decline in rigs, US oil production has been near record highs for months. Comments from Federal Reserve officials suggesting that interest […]