Market Commentary

The Baker Hughes Rig Count had oil rigs up to 6 to a total of 510 and last year there were 589 oil rigs in operation. Production was down in last Wednesday EIA weekly report, but it is still very high at near 13 million bpd. The March Empire State […]

The DOE inventory report had crude oil stocks down 1.54 million barrels to a total of 446.994 million and last year there were 480.063 million a 33.069 million barrels deficit year over year. Gasoline stocks were down 5.66 million barrels to a total of 234.083 million and last year there […]

The API called crude oil inventories down 5.521 million barrels, gasoline inventories down 3.75 million barrels, and distillates down 1.16 million barrels. The average estimate for today’s DOE inventory report from the Bloomberg survey is for crude to be up 307,000 barrels, gasoline down 1.620 million barrels and distillates down […]

Crude prices were down in yesterday’s trading as oil supply disruption concerns and weak demand concerns for China ease. But product prices had a strong up move and gave technical traders some hope that prices have bounced from support and kept the bullish outlook in place. Citi Research reiterated its […]

The Baker Hughes Rig Count had oil rigs down 7 to a total of 622 oil rigs. Last year at this time there were 746 oil rigs in operation. Despite the lower number of rigs, US crude oil production is still very strong reported last Wednesday in the DOE report […]

The DOE inventory report had crude oil supplies up 1.37 million barrels, gasoline down 4.46 million and distillates down 4.13 million. Refinery utilization was up 3.40% to 84.90% of capacity. Propane supplies were down 4,000 barrels to a total of 51.177 million barrels. Midwest stocks were down 242,000 barrels putting […]

The API in its weekly update estimates called crude oil supplies up 423,000 barrels with the average estimate for today’s DOE report to be up 2.116 million barrels. Gasoline from the API was down 2.77 million barrels with the estimate for today for a decline of 1.640 million. Distillates on […]

OPEC+ agreed on Sunday to extend its voluntary production cuts of roughly 2 million bpd through the second quarter of 2024. Russia has pledge to focus more on constricting production than exports. Some suggest that these actions have put a floor under crude oil prices. Russia said they will cut […]

OPEC+ is expected to announce soon that they plan to extend their supply cuts through Q2 2024 or through the end of the year. OPEC+ continues to say what they can to support prices, but are they performing on these cuts, that is debatable. It was reported the OPEC+ produced […]

The DOE inventory report had crude up 4.199 million barrels, Cushing, OK crude stocks were up 1.458 million barrels, gasoline stocks were down 2.832 million and distillates were down 510,000. The smaller decline in distillate stocks than expected is putting some softness in prices. Crude oil inventories built for the […]

Energy prices fell on Friday by more than 2.3% mainly driven by lower probability the Fed will cut rates anytime soon, peace negotiations appearing stronger in Paris between Israel and Hamas that could end oil supply disruption risks in the Middle East, and Baker Hughes reporting that 6 crude oil […]

The DOE weekly inventory report had crude oil stocks up 3.51 million barrels, gasoline supplies down 290,000 barrels and distillates down 4.01 million barrels. Total crude oil supplies are now at 429.91 and the 3-year average is 452.702. A 9.738 deficit to the 3-year average. Last year there were 479.041 […]