Market Commentary

Energy prices were lower in yesterday’s trading as Israel’s defense system performed very well against Iran missile and drone attack. Since there was no reported damage to energy infrastructure some of the risk premium came out of the market. Traders are still concerned about what Israel’s response will be and […]

Iran launched a retaliatory attack against Israel over the weekend. Many were concerned that energy markets would jump higher once the energy markets opened trading on Sunday night. The response from the markets have been very muted. Most market analyst are saying that Iran’s attack was in the words of […]

The energy markets did selloff in yesterday’s trading with HO down roughly 0.04, gasoline down .01, and crude oil down 1.10. Prices were correcting and the bulls need to get to work here soon to save the potential for more upside. The market needed a correction, and they are getting […]

The Consumer Price Index (CPI) for March 2024 rose more than expected at the higher end of the ranges expected. The core CPI rose 0.4% in March versus February and 3.8% in March 2024 versus March 2023. These inflation numbers will give the Fed less incentive to cut rates any […]

The average estimates for the DOE report on the Bloomberg survey is for crude oil stocks to be up 466,000 barrels, gasoline down 1.686 million and distillates down 893,000 barrels. The API inventory numbers called crude oil up 3.034 million barrels, gasoline down 609,000 and distillates up 120,000. In its […]

The Baker Hughes Rig Count said oil rigs were up 2 to a total of 508 and last year there were 590 oil rigs in operation. Energy prices were pushed higher on Friday driven by a better than expected US jobs report. The US Bureau of Economic Analysis reported that […]

The DOE inventory report had crude oil up 3.21 million barrels, gasoline down 4.26 million barrels and distillates down 1.27 million barrels. Crude oil supplies at Cushing, Ok were down 377,000 barrels. US crude oil production held steady at 1.31 million barrels per day. Propane inventories were down 354,000 barrels […]

The API inventory estimates released late yesterday called crude oil down 2.286 million barrels, gasoline down 1.46 million and distillates down 2.54 million. The average estimate for today’s DOE numbers is for crude to be up 9,000 barrels, gasoline down 453,000 barrels and distilled down 664,000 barrels. The average estimate […]

Ukraine has made another attack on a Russian refinery. It was Russia’s third largest refinery about 800 miles from the front lines of the fighting in Ukraine. The strike hit the refinery’s main crude unit responsible for about half its production. Locals have said production was not severely impacted by […]

Energy markets have bounced a little after a few days of them trading lower. Prices are likely to be steady today as there is hope of a cease fire agreement between Israel and Hamas. Secretary of State Antony Blinken indicated that talks in Qatar my lead to a ceasefire. In […]

The API report is calling crude oil inventories down 1.5 million barrels, gasoline down 1.6 million barrels and distillates up 512,000 barrels. The estimates for today’s DOE from the Bloomberg survey are crude down 733,000 barrels, gasoline down 2.336 million, and distillates down 269,000 barrels. The average estimate for today’s […]

Stockpiles of middle distillates in Singapore, the reginal hub for refined fuels, surged 8% last week to reach the highest since September 2021 as net exports of diesel dropped by 98%. Total middle distillates in Singapore were 10.97 million barrels last week, up from 9.99 million the prior week, with […]