Market Commentary

The DOE inventory report had crude oil stocks down a big 4.30 million barrels, gasoline stocks were up 5.22 million barrels and distillates were up 4.23 million barrels. US crude production continues to hold steady at 13.408 million barrels per day. Total crude oil stocks are now at 436.059 million […]

The Baker Hughes Rig Count had oil rigs down 8 rigs to a total of 465 and last year oil rigs were at 497. Energy markets on Friday were very uneventful with prices just trading in a range. These energy markets continue to be confronted with multiple issues that may […]

Energy markets started out lower on OPEC+’s news of more production coming in July. OPEC+ also claims they are now after market share. This news helped pulled prices back off early highs.  It appears many traders have taken off for a long holiday weekend as the markets were lightly traded […]

The DOE inventory report had crude oil supplies up 1.33 million barrels, gasoline supplies were up 820, 000 barrels, and distillate were up 580,000 barrels. The propane inventory report showed a bigger build than expected with supplies up 2.675 million barrels, putting total supplies at 53.099 and last year they […]

The average estimates for the DOE inventory report today from the Bloomberg Survey is for crude oil inventories to be down 652,000 barrels, gasoline inventories down 878,000 barrels and distillates down 1.738 million barrels. The API inventory update that came out yesterday called crude oil supplies up 2.5 million barrels, […]

The Baker Hughes Rig Count dropped by one to a total of 473. Last year at this ti,me there were 497 active oil rigs. Sultan Al Jaber, Abu Dhabi oil giant ADNOC’s chief executive, said UAE investments in the US energy sector will increase to $440 billion by 2035 from […]

The energy markets are mixed here this morning and there is no fresh market moving news. Marekts have run into technical resistance and there is no news to push them through those levels at this point. OPEC+ is increasing their oil production and there is the chance a deal between […]

The DOE inventory report had crude oil inventories up 3.45 million barrels, putting total stocks at 441.830 million and last year they were 457.020. Gasoline supplies were down 1.02 million putting total stocks t 224.706 and last year there were 227.767. Distillates were down 3.16 million putting total supplies at […]

The energy markets are a bit softer this morning after yesterday’s strong rebound that has run into some technical resistance and created a bit of a pullback. The API inventory report had crude oil up 4.3 million barrels, gasoline down 1.4 million and distillates down 3.7 million. The average estimates […]

The energy markets had a strong rebound on positive China and the US trade talk news. The reaction in the markets was on the headline news that they had agreed to lower tariffs for 90 days. I still think we need to see how the details shake out. I have […]

Energy markets are up strong this morning on the news that trade tension between the US and China have deescalated and a 90-day reduction of US tariffs on China from 145% to 30% will take place and China tariffs on US goods will come down from 125% to 10%. The […]

The Baker Hughes Rig Count had oil rigs down 4 to a total of 479 and last year at this time there were 499 oil rigs in operations. I saw a couple reports calling US oil production down as the result of low crude oil prices. I am not sure […]