Market Commentary

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 […]

The Baker Hughes Rig report had oil rigs down 8 to a total of 507 rigs. This week’s report reverses the last two weeks of gains. JP Morgan research is calling for 14 rigs to be added by the end of the year. US oil rigs have fallen by 114 […]

US oil refiners that increased processing this year amid increasing demand for gasoline and diesel are being hit by outages weighing on their ability to rebuild thin fuel stockpiles and helping to drive up fuel prices. A more than 50% increase in mechanical outages in the first nine months this […]

The DOE inventory report had crude oil inventories down 2.14 million barrels, gasoline down 830,000 barrels and distillates down 2.87 million barrels. Cushing, Ok crude oil stocks fell by 2.06 million barrels to 22.9 million barrels, the lowest level since July 2022. Total US crude inventories are at 418.456 million […]

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 […]