Market Commentary

Crude oil prices have managed to show gains in each of the last three weeks. This is the longest upside trend so far this year. The OPEC+ announcement of additional cuts was the driving news that overshadowed the ongoing concerns about weak demand. Bloomberg reports the International Monetary Fund has […]

As a reminder, all contracts with MFA Oil are take or pay. The gallons on all contracts need to be used up by the end date of the contract. The DOE inventory report had crude oil inventories down 3.74 million barrels, Gasoline inventories down 4.12 million and distillates down 3.63 […]

The API called crude stocks down 4.346 million barrels, gasoline down 3.970 million and distillates down 3.693 million. The crude oil stocks at Cushion, Ok were also called down 1.035 million. The average estimates for today’s DOE inventor report from the Bloomberg survey is for crude oil to be down […]

Crude oil prices rose by more than 6% yesterday upon the surprising news that OPEC + was going to make additional voluntary cuts to oil output for May through December of 2023 in addition to their already agreed upon 2 million bpd oil cuts this year. The additional voluntary oil […]

The Baker Hughes Rig Count had oil rigs down 1 to a total of 592 and last year at this time there were 533 oil rigs in operation. Crude oil production continues to hover right around 12 million barrels per day. Energy markets were higher on the day Friday as […]

The energy markets were under selling pressure yesterday on comments made by US Energy Secretary Jennifer Granholm, who stated that it would be difficult to take advantage of the current low oil prices for the US Strategic Petroleum Reserve this year. Last year, 180 million barrels had been sold from […]

Propane inventories showed a 2.267 million barrel decline putting total stocks at 58.703 million and last year they were 33.564, 25.139 million more than last year, which is 75% more. Midwest inventories were down 324,000 putting total Midwest inventories at 13.185 million and last year there were 8.680. Gulf Coast […]

After the aggressive sell off these energy markets haves seen they are likely to see a corrective bounce. Near term the markets are likely to see prices testing higher but at this point any move higher needs to be seen as corrective and another leg lower is still needed, especially […]

A drop in a key US freight volume index for February point to lower trucking activities and a weaker economic outlook, a Tudor Pickering, and Holt & Co. analyst said Wednesday, adding that the slowdown also has implication for refiners with relatively higher distillate yields. The Case Freight Shipment Index […]

There has been a lot of speculation and chatter over the weekend as the news of the Silicon Valley Bank default circulating in the news and on social media. It appears at this point that the Fed is going to do all they can to back the deposit and make […]

Energy prices fell again in yesterday’s trading pressured by concerns due to the US Federal Reserve Chair testimony this week about needing to raise interest rates higher and most likely faster stating a 0.50% rise may be needed this month versus a 0.25% rise previously. Next week the CPI and […]

China exported 12.96 million tonnes of refined oil products in the first two month of the year, according to customs figures released on Tuesday. The outlook is that these exports will decline as China use more internally as demand picks up. Propane inventories were down 537,000 barrels to a total […]