Market Commentary

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 […]

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 […]