Market Commentary

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 […]

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 […]