Market Commentary

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 […]

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 […]