Market Commentary

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 […]

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 […]