Market Commentary

The news over the weekend was that 3 US service members were killed and up to 34 were injured in the Jordan due to a drone strike linked to Iran. President Bien said the US will respond at the appropriate time. These actions by Iran have stirred things ups and […]

Crude oil prices traded up to a 2-month high yesterday driven by the report of US GDP for Q4 2023 rising more than expected. This news, along with other good economic data helped to support the rally. The US Bureau of Statistics reported the 1st estimate of GDP for Q4 […]

The DOE inventory report had crude oil inventories down 9.23 million barrels putting total stocks at 420.678 million and last year there were 448.548 million barrels. Gasoline inventories were up 4.91 million barrels putting total stocks at 252.977 and last year there were 232.022.  Distillates stocks were down 1.42 million […]

The API inventory report called crude oil inventoried down 6.67 million, gasoline up 7.2 million, and distillates down 250,000. The average estimates for the DOE report today from the Bloomberg survey is for crude supplies to be down 908,000 barrels,  gasoline up 1.414 million barrels, and distillates up 578,000 barrels. […]

Oil production at Libya’s Sharara oilfield resumed on Sunday after protesters ended a sit in that has halted output since early January. This was a bit of bearish news for prices. A drone attack on a Russian fuel export terminal is a switch of tactics for Ukraine and this news […]

The US bought 3.2 million barrels of crude oil for the SPR as it continues to slowly replenish the reserve after selling a record amount following Rusia’s invasion of Ukraine in 2022. The Baker Hughes Rig Count have oil rigs down 2 to a total of 497 oil rigs, the […]

The API had crude oil inventories up 483,000 barrels, gasoline up 4.86 million and distillates up 5.21 million. The average estimate for today’s DOE inventory report from the Bloomberg survey are crude stocks up 49,000 barrels, gasoline up 2.059, and distillates up 764,000. The average estimate for today’s propane inventory […]

The Middle East remains the main focus of the energy markets and the driver of prices. The Houthi rebels have continued their attacks on shipping in the Red Sea even after US and UK attacks on their infrastructure. Despite all the activities in the Middle East so far, thankfully there […]

The energy markets are closed today for the Martin Luther King Holiday, so there will be no forward contracts available today.  The markets were higher on Friday, driven mainly by the news that the US and the UK had carried out dozens of airstrikes on Iran-backed Houthi rebel facilities in […]

Energy prices were down big in yesterday’s trading session as Saudi Arabia cut its selling price on crude to Asian. It was also reported that OPEC+’s output rose in December 2023 by 70,000 bpd from November 2023. This also put pressure on prices and called into question whether OPEC+ can […]

Energy prices closed higher on Friday driven mainly by the ongoing concerns the market is familiar with; a better-than-expected jobs report of Friday, ships avoiding the Red Sea due to increasing attacks by Iran-backed Houthi rebels in Yemen, Libya shutting down their largest oil field, OPEC+ oil output cuts starting. […]

The DOE inventory report had crude oil inventories down 5.50 million barrels, gasoline inventories were up 10.9 million barrels and distillates were up 10.09 million barrels. Propane inventories were down 2.037 million barrels putting total propane supplies at 82.647 million barrels. Midwest stocks were down 242,000 barrels putting total Midwest […]