Market Commentary

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 […]

The refinery fire in Louisiana rallied prices on Friday and offered support to a market that is already tight on supplies. Prices continue to be supported by the OPEC+ production cuts and world energy supplies falling. The Baker Hughes Rig Count had oil rigs down by 8 to a total […]

The average estimates for today’s DOE inventory report from the Bloomberg survey is for crude oil inventories to be down 2.873 million barrels, gasoline inventories down 716,000, and distillates up 567,000. The API report released yesterday estimated crude oil down 2.4 million barrels, gasoline up 150,000, and distillates up 1.9 […]

The weak Chinese market continues to put pressure on crude oil prices. China purchased a large amount of crude oil earlier this year and put most of it into storage. Reports indicate they are using that oil now as opposed to paying the current higher price. Shipment of oil to […]

The Baker Hughes Rig Count had oil rigs down 5 to a total of 520 oil rigs and last year at this time there were 601 oil rigs. Oil rigs have fallen by 101 rigs so far this year. Citi Research expects downside for crude oil in the fourth quarter, […]

Morgan Stanley is the latest among some of the major brokerages to cut China’s economic growth forecast for this year, following disappointing data from the country and worries over its property sector. Morgan Stanley now sees China’s GDP growing 4.7% this year, down from an earlier forecast of 5%. UBS […]

The DOE inventory report had crude oil inventories down 5.96 million barrels and crude inventories at Cushing, Ok were down 837,000 barrels. Gasoline inventories were down 260,000 barrels and distillates were up 300,000 barrels. Crude supplies are 14.708 million more barrels than last year. Gasoline stocks are 848,000 more barrels […]

The energy markets were down again in yesterday’s trading as it looked like profit taking continued to try and ease the recent rally. The API inventory update called crude stocks down 6.2 million barrels, gasoline down 760,000 barrels and distillates up 660,000. The average estimates for today’s DOE inventory report […]

Right, wrong, or indifferent China continues to be used as the reason for majority of the energy markets price actions. The latest pullback is being brought on by the woes of Country Garden Holding’s share price crashing in early Hong Kong trading. Poor economic outlook for China creates concerns for […]

Energy prices closed lower yesterday after rallying at or close to 2023 highs on Wednesday. The sell off appears to be driven by profit taking, increased concerns about China demand, the US Consumer Price Index showing inflation falling more than expected for July but remains higher than the Fed desires, […]

US propane inventories built by 1.327 million barrels putting total stocks at 89.950 million barrels. Midwest inventories were up 699,00 barrels putting total Midwest inventories at 23.660 million barrels. Gulf Coast inventories were up 307,000 barrels putting total Gulf Coast inventories at 52.891 million barrels. Despite the build propane prices […]

Crude oil prices closed higher in yesterday’s trading after falling in the early morning trading hours. Prices fell on poor economic data from China. Their exports and imports were worse than expected raising concerns about their economy and price felt this pressure. But prices rebound later in the day and […]