Market Commentary

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 […]

Oil prices have sold off here this morning as there was some weak economic data from China, and Moody’s downgraded the credit rating of 10 midsize and small US banks, adding to the risks of stress in the banking sector. Chinese crude oil imports fell 16% from June to July […]

Oil rigs continue to fall supporting the outlook for lower US crude oil production. Oil rigs according to the Baker Hughes Rig Count Report fell by 4 to a total of 525 and last year for this same reporting week oil rigs were 598. Nonfarm Payrolls in the US were […]

Crude oil prices rallied in yesterday’s trading as news hit that Saudi Arabia will extend their voluntary additional oil output cut of 1 million bpd through September versus August. OPEC+ oil output cuts now total approximately 5.16 million bpd through September. Russia’s Deputy Prime Minister, Alexander Novak, said Russia will […]

Crude oil prices fell sharply yesterday after news late on Tuesday that Fitch downgraded the US long term foreign currency default rating to AA+ from AAA due to rising US debt. Oil prices fell despite EIA reporting a massive drop of 17 million barrels in total US oil stocks and […]

The API delivered a very bullish inventory report yesterday. Crude stocks were down 15.4 million barrels, gasoline down 1.68 million barrels and distillates down 512,000 barrels. The average estimates for today’s DOE inventories update from the Bloomberg survey are crude stocks down 713,000, gasoline down 1.407, and distillates down 89,000. […]

The Baker Hughes Rig Count report said that oil rigs were down 1 to a total of 529 and last year there were 604. US crude oil rigs have fallen by 92 rigs so far for this year of 2023. Today is the last trading day for July, and over […]