Market Commentary

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 […]

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 […]