Market Commentary

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 […]

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 […]