Market Commentary

The weekly API estimates called crude oil inventories down 5.25 million barrels, gasoline inventories up 730,000 barrels, and distillates up 258,000 barrels. The estimates for today’s DOE inventory report are crude down 482,000 barrels, gasoline up 361,000 and distillates down 7,000 barrels. Crude oil closed just a bit lower on […]

Crude oil and refined fuel prices closed higher in yesterday’s trading mainly driven by the European Union Central Bank raising rates but implying that they may be close to being done and US retail sales coming in better than expected. Also, supportive for prices, US initial unemployment claims came in […]

Propane inventories were up 3.136 million barrels putting total stocks at 99.133 million and last year there were 77.878 million. Midwest stocks were up 1.028 million putting total Midwest stocks at 26.66 million barrels and last year there were 22.800 million. Gulf Coast stock were up 2.233 million putting total […]

The API called crude stocks up 1.174, Cushing crude stocks down 2.417, gasoline up 4.2, and distillates up 2.592. Crude is trading higher this morning as supply concerns continue to see the bulls buying the market. Also helping to support prices was OPEC leaving their forecast for growth in global […]

The news is much the same as the energy markets worry about tight supplies versus the state of the global economy. The market gets a look at more data about US inflation this week as well as retail sales. Currently the market is mixed and trading sideways near the highs […]

The total US propane inventories were up only 512,000 barrels, well below the over 2-million-barrel build estimate. Total inventories are now at 95.977 million barrels, well over 74.118 million barrels last year at this time. Midwest inventories were up 844,000 barrels putting total stocks at 25.638 million well above the […]

Prices jumped in yesterday’s trading as the production cuts from Russia and Saudi Arabia are set to continue through the end of the year. Prices did fade late in the day and left some potentially peaking patterns for crude oil and RBOB so it will be interesting to see if […]

Baker Hughes reports that the number of oil rigs were still unchanged at 512 total oil rigs. Bloomberg estimates that Saudi Arabian crude oil exports in August fell sharply to just 5.6 million barrel per day, the lowest monthly level since March 2021. July exports were estimated at 6.3 million […]

The energy markets are closed on Monday for the Labor Day Holiday. There are no forward contracts available on Monday September 4, 2023. Energy price were higher in yesterday’s trading driven mainly by the news that Saudi Arabia is expected to extend the voluntary oil output cuts of 1,000,000 bpd […]

Propane inventories built by 3.179 million barrels putting total stocks at 95.465 million barrels. Last year there were 72.231; 23.234 million barrels more. Midwest inventories were up 811,000 barrel putting total stocks at 24.794 and last year there were 21.506; 3.288 million more barrels than last year. Gulf Coast stocks […]

The estimates for the DOE inventory report today are for crude stocks to be down 1.596 million barrels, gasoline down 720,000 barrels, and distillate down 943,000 barrels. These estimates are from the Bloomberg survey. The API weekly inventory update had crude oil stocks down 11.5 million barrels, gasoline stocks up […]

The tropical storm in the gulf have now become Hurricane Idalia and it looks to be more of a demand reduction event than a storm that will impact refinery production. The current path will likely lead to some wells in the Gulf being shut off as a precaution. WTI crude […]