Market Commentary

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 […]

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 […]