Market Commentary

China is trying to boost its economy by lowering a key interest rate for mortgages. This could give energy demand in the world’s second largest economy a jolt. Energy prices were lower in yesterday’s trading as the big sell off in natural gas is having some impact on diesel and […]

Turmoil continues in the Middle East. There were reports that a rocket fired by Yemen Houthi rebels in the Red Sea hit an oil tanker heading to India. Hezbollah also fired dozens of rockets at a northern Israel town in response to 10 civilians killed in southern Lebanon. The increase […]

Energy Markets are closed today for Presidents’ Day so there are no forward contracts available. The Baker Hughes Rig Count Report had oil rigs down 2 to a total of 497 oil rigs. Last year at this time there were 607 oil rigs in operation. The decline of two rigs […]

The energy markets are closed on Monday 2-19-2024 for Presidents’ Day, there is no forward contracts on that day. The energy markets continue to be up and down as the news and new data points come out and there appears to be no clear direction at this point. Crude oil […]

President’s Day is Monday February 19th, and the energy markets are closed so there will be no forward contracts offered on Monday. The DOE had crude oil inventories up 12.02 million barrels, putting total stocks at 439.450 million and last year there were 471.394 million. Gasoline stocks were down 3.66 […]

The API called crude oil inventories up 8.52 million barrels, gasoline supplies down 7.23 million barrels, and distillates down 4.016 million barrels and the crude oil stocks at Cushing, Ok were called up 512,000 barrels. The average estimate for today’s DOE government inventory update from the Bloomberg survey is calling […]

WTI crude oil prices rallied slightly along with RBOB gasoline which was up 1.6%. Brent crude oil prices however were down along with ULSD. The mixed prices in yesterday’s trading came as the market continues to wrestle with global demand outlooks, prospects for supply disruptions, and the tension in the […]

Crude oil prices were higher again on Friday along with ULSD prices. Energy prices were up by about 2.5% this past week mainly due to Israel continuing its missile attacks against Hamas in Gaza. The news that Ukraine drones had fired missiles at 2 Russian refineries on Friday also help […]

There were two big new items yesterday. The first was heavy flaring and power upset at BP’s Whiting Indiana refinery and the report of a cease fire in the Gaza conflict. BP said it was shutting down its 435,000-bpd refinery in Whiting, Indiaan after a suspected power outage. The City […]

The DOE inventory report called crude oil stocks up 1.23 million barrels putting total stocks at  421.912 million barrels. Last year, there were 452.688 million barrels. Gasoline stocks were up 1.16 million barrels putting total stocks at 254.134 and last year there were 234.598 million barrels. Distillates were down 2.54 […]

The API inventory report had crude oil supplied down 2.5 million barrels, gasoline up 600,000 barrels, and distillates down 2.1 million barrels. The crude oil supplies at Cushing, OK were down 200,000. Energy markets were mixed in yesterday’s trading. The news of China’s property giant, Evergrande being forced to liquidate […]

The Energy market pulled back as traders eased prices off after a powerful rally on Friday. This pullback could have been some profit-taking after the weekend. The energy market sits and waits on how the US will respond to the death of three servicemembers in the Middle East. Some were […]