Market Commentary

The Baker Hughes Rig Count had oil rigs down 5 this past week in the US. The total number of oil rigs in the US is now at 540 and last year at this time there were 597 oil rigs. The oil rigs down 5 was called supportive to energy […]

The DOE inventory report had crude oil inventories down 3.83 million barrels, gasoline inventoried up 480,000 barrels and distillates up 430,000 barrels. Refinery runs were down 0.60% to 93.10% of capacity. Total crude oil inventories are at 463.293 million barrels and last year they were 418.328 million a 44.965 million […]

The average estimates from the Bloomberg survey for today’s DOE government inventory update are looking for crude oil inventories to be up 18,000 barrels, gasoline up 215,000 and distillates up 426,000. The API report had crude oil inventories down 1.246 million barrels, gasoline inventories up 2.935 million barrels and distillate […]

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 […]