Market Commentary

Goldman Sachs cut its oil price forecast on higher than expected supplies from Russia and Iran. It cut its December Brent crude price forecast to $86 per barrel, down from a previous forecast of $95 per barrel. It cut December WTI crude price to $81 per barrel from a previous […]

Crude oil prices fell again on Friday and for the second week in a row mainly driven by low CCI and PPI index data from China lowering fuel demand forecast. The Baker Hughes Rig Count Report had crude oil rigs up 1 to a total of 556. A Chevron executive […]

The market sold off hard mid-day with WTI crude oil being down nearly three dollars per barrel when news hit that the US and Iran were close to striking a deal for Iran to curtail their nuclear program in exchange for less sanctions which would bring more crude oil to […]

The Baker Hughes Rig Count had crude oil rigs down 5 to a total of 570 and last year at this time there were 574 crude oil rigs. The rig count has been easing back as shale oil producers continue to be conservative and diligent to provide shareholders with value. […]

Talks over the US debt ceiling ended yesterday without resolution but President Joe Biden and House Speaker Kevin McCarthy both called the meeting yesterday productive and have agreed to keep meeting to get this resolved. There are several comments this morning that with the beginning of the summer driving season […]

OPEC raised its forecast for Chinese oil demand growth this year but left its global projection steady, citing potential downside risks such as the US debt ceiling. US producer prices rebounded modestly in April, leading to the smallest annual increase in producer inflation in more than two years, further evidence […]

Propane inventories increased by 3.112 million barrels in this week’s inventory update. Total stocks now sit at 61.404 million barrels. Total inventories are 17.180 million barrels more than last year at this time. The year over year surplus has been decreasing as we move forward in time. In March, the […]

Crude oil prices closed higher on Friday but fell for the 3rd straight week. Price rose Friday by a better than expected US jobs report for April, the US dollar index near a 1-year low and consumer hedgers buying at low price levels. Many analysts point out that the recent […]

JP Morgan Chase bought First Republic Bank a few days ago and CEO Jamie Diamond assured us the bank situation was now stabilized. Yesterday after the close of the energy markets at 4 PM central time, PacWest Bancorp said they we exploring all options including a sale. The market opened […]

The average estimates for today’s DOE inventory report from the Bloomberg survey are for crude oil inventories to be down 1.494 million barrels, gasoline down 2.011 million barrels and distillates down 906,000 barrels. The API update released late yesterday afternoon had crude oil inventories down 3.9, gasoline up 351,000, and […]

The markets will be focused on the Fed meeting which starts today, and this will keep the markets in a tight range until tomorrow when we get the Fed’s announcement on rates and the commentary afterward which traders will be wanting to hear if there are any clues about this […]

Baker Hughes reported late on Friday that 3 crude oil rigs came online this week up to a total of 591 rigs. US oil rigs have fallen by 30 rig this year. The concerns about the Fed raising interest rates and slowing the economy and fuel demand is outweighing the […]