Market Commentary

The energy markets continue to keep a watch on a list of concerns from the ongoing conflicts around the globe to a host of economic concerns. From John Kemp: The market continues to digest geopolitical issues from last week. Over the weekend, Poland deployed fighter jets in response to Russia’s […]

The DOE inventory report had crude stocks down a big 9.29 million barrels, much more than expected. Comments on the market were that this could potentially be a data correction, and we will have to wait and see how things play out in the next few weeks. Gasoline supplies were […]

Energy prices have now rallied for two days and are moving back up into middle and to the upper end of the recent ranges. There have been no market breakouts that now point to a market that can sustain a longer run higher. Traders will be watching to see how […]

Ukraine and Russia continue trade drone attacks that seem to target energy infrastructure. Friday saw crude oil prices rally as Ukraine drones hit Russia’s largest western terminal which stopped its loading. China’s decision to buy oil to put more barrels into its strategic reserve was also supportive of prices. The […]

The API had crude oil inventories up 622,000, gasoline inventories down 4.5 million and displays up 3.6 million barrels. The average estimates from the Bloomberg Survey are crude stocks down 2.258, gasoline down 1.685, distillates down 1.298. The average estimate for today’s propane inventory update is for supplies to be […]

The US Treasury Department on Tuesday sanctioned a network of shipping companies and vessels led by an Iraqi-Kittitian businessman for smuggling Iranian oil disguised as Iraqi oil. According to President Claudia Sheinbaum’s government report, Pemex signed its first mixed contracts with private sector partners in a bid to reverse declining […]

Energy prices were down slightly in last Friday’s trading driven mainly by uncertainty around tariffs and OPEC+ bringing additional barrels to market starting in September and the US driving season coming to an official end after this past holiday weekend. On the bullish side gasoline and diesel fuel demand have […]

Traders are beginning to lose confidence that the negotiations between Ukraine and Russia will lead to peace. If peace cannot be reached, then the US will increase sanctions on Russian oil, and this is a bullish factor.  Countries like India who are buying Russian crude oil will have to decide […]

The API inventory estimates released yesterday called crude oil inventories down 2.40 million barrels, gasoline inventories down 1.0 million barrels, and distillate inventories up 500,000 barrels. The average estimate for today’s DOE inventory report from the Bloomberg survey is that crude oil supplies will be down 865,000 barrels, gasoline supplies […]

On Sunday night when trading opened the crude oil market sold off on the market’s perception that there was progress on a peace deal but has since recovered some of those losses and continues to trade in a tight range. The market will continue to monitor Ukraine’s President Zelensky’s and […]

The Baker Hughes Rig count had oil rigs unchanged at a total of 410 oil rigs. Last year at this time oil rigs were at 485. There seems to be a lot of hope riding on the meeting between President Trump and President Putin. The outcome will likely have a […]

The Baker Hughes Rig Count shows oil rigs are down five to a total of 410. Last year, there were 482 oil rigs in operation. Interestingly, oil rigs have fallen to a four-year low while natural gas rigs have risen to a two-year high. Energy prices had a significant decline […]