Market Commentary

In yesterday’s trading, crude was a little softer, and the products had a nice pop higher. The increase in prices yesterday and the continued rise in today’s trading appear to be the market’s follow-through on the inventory reports, which showed draws in the products. RBOB and ULSD are back testing […]

The API numbers for energy inventories called crude oil supplies up 6.52 million barrels, gasoline down 5.65 million, and distillates down 2.46 million. The average estimates for today’s DOE inventory report from the Bloomberg survey are for crude oil stocks to be down 657,000 barrels, gasoline down 1.076 million and […]

Crude oil is trading sideways here to start the new week as OPEC+ announced its decision to increase production by 137,000 bpd in December over the weekend. With the outlook for an oversupplied market in 2026, OPEC+ said they will pause any production increase statements about 2026, which offers some […]

The DOE reported crude oil stocks were up 3.52 million barrels, gasoline stocks were down 270,000 barrels, and distillates stocks were down 4.53 million barrels. Total crude stocks now sit at 423.785 million and last year there were 420.550 and three-year average is 425.885. Inventories are at the lower end […]

The story remains the same: the market is concerned about the increased tension between the US and China, trade, and potential tariffs, and how these might impact our economy. President Trump claimed that India’s Prime Minister Modi had pledged to stop buying Russian crude oil. This has not been confirmed […]

China’s refineries processed 488 million tonnes of crude and other feedstocks in the first eight months of the year, an increase of 16 million tonnes (+3%) compared with the same period in 2023, but still below the volume two years ago, as the country‘s oil consumption flattens out. Crude oil […]

Crude oil was up in yesterday’s trading by 1% or more mainly due to US and China trade war concerns that got stirred up over the weekend. US Treasury Secretary, Scott Bessent, said that the meeting between US and Chinese leaders remains on track to be held in south Korea […]

After Friday’s big selloff, the markets opened higher on Sunday night. The market is also trying to figure out what the latest is with Trump threatening 100% tariffs on China. This news from China is also supporting prices in the near term and will be something traders will keep an […]

Reports surfaced that Saudi Arabia wanted to raise oil output by as much as 500,000 barrels per day (bpd), but other OPEC+ members opted to maintain lower production targets. Adding downward pressure on prices is the fact that refineries are entering their maintenance season in the fourth quarter, coinciding with […]

OPEC+ decided to increase production in November by 137,000 bpd, the same as they did for this month. The market was looking for something more liked 500,000 bpd and that had helped the market sell off last week but a less than expected increase has crude up this morning. The […]

An expected production increase from OPEC+ at this weekend’s meeting, combined with news of additional barrels being exported from Kurdistan to Turkey, has the energy market moving lower. The move downward is coming despite OPEC+ currently being roughly 500,000 barrels per day under its allowed quotas, which is supportive to […]

Crude oil prices rose on Friday with the focus on Ukraine drone attacks on Russian refineries and energy infrastructure which appears to be causing some fuels shortages in Russia. Also offering support is the US’s efforts get NATO allies to decrease their purchases of Russian oil and natural gas. Energy […]