Market Commentary

Crude oil prices fell in yesterday’s trading mainly due to the news that the US and Venezuela may reach a deal to lift US sanctions against Venezuela on oil sales Venezuela has the world’s largest proved oil reserves. In order to ease sanctions Venezuela is required to have a monitored […]

Energy prices took a big jump on Friday mainly driven by the US putting sanction on two shipping companies alleged to have violated the G& price cap on handle Russian crude. The ongoing situation in Israel keeps the market uneasy and prices jump or ease back on the news headlines. […]

Israel has ordered an evacuation of all the civilians in Gaza City as they build support for a ground attack. This has continued to cause unrest in the energy markets. Energy prices are higher as the US tightened sanctions on Russian crude oil exports. The US imposed sanctions on two […]

The API inventory numbers had crude oil up 12.9 million barrels, gasoline up 3.6, and distillates down 3.5. Estimates from the Bloomberg Survey for today’s EIA number is crude stocks down 432,000, gasoline down 128,000 and distillate down 712,000. The average estimate for today’s propane inventory update is stocks up […]

The energy markets remain concerned about the stability of oil supply in the Middle East as ongoing geopolitical conflict continues to develop. This continuing event will keep the market on edge and keep volatility high. Morgan Stanley said neither Israel nor its direct neighbors are large oil producers, “hence, we […]

Hamas, a Palestinian militant group, launched a surprise attach in southern Israel on Saturday. The energy markets opened higher on Sunday night and rallied. Prices for WTI crude oil, ULSD, and RBOB futures have all pulled back from the highs put in shortly after the Sunday night open. The market […]

WTI crude oil prices fell by more than $11 dollars per barrel over the past week driven by increased concerns of a possible recession in 2024, extreme low implied demand for gasoline reported by the EIA for last week, and a poor ADP jobs report for September. On the bullish […]

The consumer confidence index slipped to 103.0 this month, down from 108.7 the previous month and down from analysts’ expectations of 105.8. Consumers also indicated concerns about higher interest rates and the current political climate. The decline in consumer confidence was seen across all age groups and particularly in those […]

Energy prices pulled back in yesterday’s trading as the news of Russia allowing some exports of high sulfur diesel and marine fuels. Heating oil has also been overbought on the upside and needs some relief. The US dollar index trading to a 10-month high has also helped energy prices sell […]

The Baker Hughes Rig report had oil rigs down 8 to a total of 507 rigs. This week’s report reverses the last two weeks of gains. JP Morgan research is calling for 14 rigs to be added by the end of the year. US oil rigs have fallen by 114 […]

US oil refiners that increased processing this year amid increasing demand for gasoline and diesel are being hit by outages weighing on their ability to rebuild thin fuel stockpiles and helping to drive up fuel prices. A more than 50% increase in mechanical outages in the first nine months this […]

The DOE inventory report had crude oil inventories down 2.14 million barrels, gasoline down 830,000 barrels and distillates down 2.87 million barrels. Cushing, Ok crude oil stocks fell by 2.06 million barrels to 22.9 million barrels, the lowest level since July 2022. Total US crude inventories are at 418.456 million […]