Market Commentary

Crude oil and gasoline prices fell by more than 4% yesterday which was mainly driven by poor US economic reports this week, US crude oil inventories rising significantly, and a slowdown in China oil refinery throughput. Yesterday was a bearish day for energy markets as the sentiment seems to have […]

The DOE inventory report had crude stocks up 3.6 million barrels, gasoline stocks down 1.50 million and distillates down 1.40 million barrels. Total US crude oil inventories are now at 439.400 million barrels and last year there were 435.355 million barrels.  This weeks’ report shows the 3.6 build and last […]

Today we get the EIA weekly reports for last week when they were on maintenance and this week. These are the reports for the weeks ending November 6 and November 10. The average estimate for today’s report is crude up 4.291 million barrels, gasoline up 1.058 million barrels, and distillates […]

Crude oil was driven mainly by technical trading yesterday. After last week testing the $75 dollar level where there must have been enough support.  WTI crude oil rallied and settled through its 200-day moving average at $78.17. This fact should point the crude oil market higher despite momentum indicators still […]

The US attacked armed groups in Syria, while Israel continued to strike at Hezbollah in Lebanon. This was headline news yesterday and I fully expected the energy markets to jump on the open Sunday night but that was not the case. Markets were up but not what I would have […]

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 […]