Market Commentary

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 […]

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 […]