Market Commentary

The rebound in energy prices yesterday was driven by tight world supplies, the SPR sales of 1,000,000 million barrel per day of oil have ended, a drone missile attack on Iran this past weekend, and an EU embargo expected to start on February 5th of Russian fuel exports that could […]

On Sunday, a US official said Israel appears to have been behind an overnight drone attack on a military factory in Iran. Iran claimed to have intercepted drones that struck a military industry target near the central city of Isfahan and said there were no casualties or serious damages. This […]

Bloomberg reports Russia’s invasion of Ukraine has accelerated the move away from oil and gas, prompting BP Plc to cut demand forecast in its latest annual energy outlook. The war has also weighed on the global economy, pushing gross domestic product at least 2% lower by 2025. All three of […]

The API called crude oil inventories up 3.4 million barrels. Gasoline inventories up 620,000 barrels and distillates down 1.9 million barrels. The average estimate for today’s DOE inventory update from the Bloomberg survey are for crude stocks to be up 704,000, gasoline up 1.304 million barrels and distillates down 1.232 […]

Reuters reports the European Union’s gas price cap on natural gas, which launches next month, could impact financial stability and potentially curb liquidity in Europe’s exchange-traded gas markets according to a draft statement from the bloc’s financial market regulators. The coming price cap, and others on refined fuel products, is […]

The propane inventory update had total stocks down 1.968 million barrels putting total inventories at 76.619 million. Last year at this time total inventories were at 58.686 million.  Midwest inventories were down 390,000 barrels putting total Midwest stocks at 22.291 million and last year inventories were at 19.311 million barrels. […]

The API inventory report called crude oil inventories up 7.6 million barrels, gasoline inventories up 2.8 million barrels and distillates down 1.8 million barrels. Citigroup economists said the probability of a global recession has decreased and are now predicting a less hard landing after China abandoned its zero-COVID policy and […]

An upbeat OPEC monthly report raising China oil demand by 510,000 bpd for 2023 helped to support price yesterday. Although OPEC left its oil growth forecast for 2023 at 2.22 million bpd, OPEC said a stronger economy could lead to upward oil demand revisions on the months to come. OPEC’s […]

Distillate demand over the past four weeks has been at 3.63 million bpd, off 5.5% from a year ago. The almost 19 million barrel build to crude stocks last weeks has now put them 1% above the five year average for this time of year. Gasoline inventories are now 7% […]

There is no forward contracting available today as the energy markets are closed. Crude oil prices were up 1.5% on Friday and up roughly 8% on the week. The rally in prices was mainly driven by the fall in consumer price index (CPI) from last month which in turn pushed […]

The propane inventory report showed a draw to inventories of 2.094 million barrels putting total inventories at 78.587 million. Midwest inventories were down 1.055 million putting total Midwest inventories at 22.681 million. Gulf Coast inventories were down 542,000 barrel putting Gulf Coast inventories at 45.251 million barrels. The DOE report […]

The Chinese lunar new year starts on January 16th, and last up to 23 days and this celebration is being seen as an economic stimulus and should help energy demand. However, there are some experts that say if China opens its borders for the Lunar New year, COVID-19 cases may […]