Market Commentary

The API inventory report had crude oil stocks up 11.9 million barrels, gasoline stocks were down 360,000 barrels and distillates were up 980,000 barrels. There is no EIA inventory report today. The EIA is doing some system maintenance, and we will get two reports next week.  In its Short-Term Energy […]

The Baker Hughes Rig Count had oil rigs down 8 to a total of 496 and last year at time there were 613 oil rigs. The Bureau of Labor Statistics reported that there were only 150,000 new jobs created in October which was less than 170,000 expected. There was also […]

The energy market rebounded in yesterday’s trading keeping WTI crude oil price above $80 dollar per barrel. Crude was supported by a big drop in the US dollar index after the Fed decided on 11/1/2023 to not raise interest rates. There have not been any real big news headlines to […]

The DOE inventory report called crude oil stocks up 770,000, gasoline stocks up 70,000, and distillate stocks down 790,000. Total crude oil stocks are now at 421.893 million barrels and there were 436.830 million barrels last year. Total gasoline stocks are now at 223.522 million barrels and last year there […]

In yesterday’s trading crude oil prices were down and refined fuel products price were up slightly. Crude was lower on weaker than expected manufacturing and services in China, Eurozone inflation falling to 2.9% in October from 4.3% in September which pushed up the US dollar index and pushed down oil […]

Friday WTI crude oil rallied to the top of its recent trading range on some bullish headlines. Nothing major happened over the weekend and today the prices sold off to the bottom of the recent trading range. With all the uncertainty the downside is probably somewhat limited but for now […]

The following is from Bloomberg. Shoppers are still spending on Halloween decorations, a sign that high interest rates haven’t slowed growth. The following is from the Kobeissi Letter. The average new car payment at a record $730 per month. Average new car loan rate at a record 9.9%. Average used […]

The API reported their inventory update yesterday late afternoon, and it had crude oil stocks down 2.7 million barrels, gasoline stocks were down 4.2 million barrels, and distillate stocks were down 2.3 million barrels. The average estimates for today’s EIA inventory update from the Bloomberg survey is for crude stocks […]

Group ULSD basis was falling hard in yesterday’s cash market after it had rallied all the way to a $1.00 over futures. Yesterday cash basis fell over half of the dollar move higher to get into a much more balance and “normal” situation. Volatility has been high on both the […]

The Baker Hughes Rig Count was up one to 502 total oil rigs. Last year at this time there were 570 oil rigs. Group ULSD basis did jump up early in the day on Friday another ten cents but eased off that high as the day wore on. Crude oil, […]

WTI crude oil is a little softer today on the news that the US and Venezuela have agreed that the US can license more companies to do business in Venezuela which will help oil flows. Of course, with all the other uncertainties in the Middle East the downside is limited. […]

WTI crude oil is trading a dollar higher as of this writing as the news is full of headlines and stories that could impact energy markets. The biggest story is the explosion at a hospital in Gaza that Israel is blaming on Hamas and Hamas is blaming Israel. Iran’s rhetoric […]