Market Commentary

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 […]

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 […]