Market Commentary

The Baker Hughes Rig Count had oil rigs down 2 to a total of 501 oil rigs. The US has dropped 120 oil rigs thus far in 2023, and despite this oil production has been very good and this US shale production is a concern for OPEC+. Several of shipping […]

The energy markets continued to trade higher again yesterday. Earlier in the week prices fell to six-month lows and that has attracted some buyers looking for value. The market was also supported by the IEA raising their demand forecast, the Fed keeping rates unchanged and signaling the potential for cuts […]

The EIA inventory report had crude inventories down 4.258 million barrels, gasoline up 409,000 barrels and distillates up 1.494 million. Propane inventories were down 1.042 million putting total stocks at a still healthy 95.925 million barrels. Midwest stocks were up 1.524 million barrels putting the total of Midwest stocks at […]

The API inventory report estimated crude supplies down 2.3 million barrels, gasoline supplies up 5.8 million and distillates up 280,000 barrels. The average estimates for today’s EIA inventory report from the Bloomberg survey is for crude supplies to be down 2.204 million barrels, gasoline supplies up 1.745 million and distillate […]

Crude oil and refined fuels products price fell slightly in yesterday’s trading stretching into a 6th day of declines. Adding to the downward pressure yesterday, China crude oil imports fell by 10% in November to a 4-month low of 10.37 million bpd. However, China total exports grew for the first […]

The API inventories update called crude oil inventories up 594,000, gasoline up 2.8 million, and distillates up 1.9 million barrels. The average estimates for today’s EIA report from the Bloomberg survey is for crude inventories to be down 568,000 , gasoline up 1.009 million, and distillates up 1.061 million barrels. […]

Crude oil and ULSD prices fell in yesterday’s trading, but RBOB gasoline price rose slightly. Downward pressure is coming from recent economic reports showing poorer manufacturing and contraction in the US and Eurozone for November. There are also mixed reports on China’s economy with some experts anticipating a world economic […]

The API called crude oil inventories down 817,000, gasoline inventories down 898,000 and distillate up 2.806 million. The API also said that Cushing, Ok crude oil stocks were down 465,000. The average estimates for this week’s EIA report from the Bloomberg survey is for crude stocks to be down 296,000, […]

The energy markets are waiting for OPEC+, and what their decision will be on production moving forward. The meeting got pushed back until this Thursday as reports indicated there was some disagreements between members. Saudi Arabia the de facto leader of the group has been pushing for additional cuts. If […]

Baker Hughes Rig Count had oil rigs unchanged at total rigs of 500. On Wednesday of last week, we got the weekly EIA inventory update. It called crude oil inventories up 8.7 million barrels. This report along with the news that OPEC was postponing their meeting a few days sold […]

The news of the morning is that OPEC+ has decided to move their upcoming meeting from November 25-26 to November 30. This news has crude oil down over 3$ per barrel. This shows what we got in short covering yesterday and OPEC+ also gave no reason for the postponement. Energy […]

Our office will be closed Thursday November 23, and Friday November 24. There will be no forward contracting available on those days. The energy markets are totally closed on Thursday and only open for a brief time on Friday. Not sure when the OPEC+ news may hit the wires as […]