Market Commentary

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 […]

Headlines out of the Middle East appear to be the drivers of yesterday’s jump in energy prices. Houthi rebels attacked another cargo ship in the Red Sea, and there was a reported terrorist attack in Iran that killed 100 people. The increased war activities between Israel and Hamas and Lebanon […]

Iran moved a warship into the Red Sea yesterday and this again raises the potential for more uncertainty for this area. Maersk has said they will stop shipping through the Red Sea and Suez canal as one of their ships was the one that came under attack in the last […]

As we start the New Year, energy prices are up, and some risk premiums get built in as tension escalates in the Red Sea. Houthi forces that Iran backs attempted an attack on a Maersk container vessel over the weekend. US helicopters defended the Maersk vessel, sinking three Houthi ships […]

The EIA inventory report showed build across the board and helped price ease off their highs in yesterday’s trading. Crude oil inventories were up 2.91 million barrels, gasoline inventories were up 2.71 million barrels and distillate inventories were up 1.49 million barrels. This report was seen overall as bearish for […]

Our office is closed on Friday December 22 so there will be no forward contracts available on Friday December 22, 2023. Energy prices gained support yesterday on the back of several major shipping firms saying they would avoid the Red Sea. Oil Major BP came out later in the day […]