Market Commentary

The API inventory report called crude down 3.23, gasoline was down 595,000, and distillates were up 724,000. Crude stocks at Cushing, Okla., were down 898,000 barrels. The average estimates for today’s DOE inventory update from the Bloomberg survey are crude oil up 2.085 million barrels, gasoline stocks down 1.291 million, […]

With no real supply disruptions, the risk premium continues to exit the market, and prices are nearing levels that, if broken, could signal a larger selloff. There are still fundamental concerns for this market, but right now, they seem to be on the back burner. The US has implemented some […]

Baker Hughes reported that oil rigs were up 5 to a total of 511 and last year there were 591 oil rigs. US oil producers have decreased rigs but continue to find and pump out more oil with near record production for many months now. But despite their discipline and […]

Israel has retaliated against Iran and the market reacted higher on the first news of these attacks but has since turned around and is trading in negative territory. WTI crude oil rallied nearly $ 3 dollars on the news of the attack to over $85 dollar per barrel. The calendar […]

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 […]