Market Commentary

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 […]

The API inventory update called crude oil down 3.835 million barrels, gasoline inventories up 1.840 million barrels, and distillates up 2.927 million barrels. The average estimates for today’s DOE inventory report are crude up 120,000 barrels, gasoline down 1.801, and distillates down 895,000 barrels. The Federal Reserve Chairman, Jerome Powell, […]

The API in their inventory report released yesterday afternoon called crude oil stocks up 6.2 million barrels, gasoline stock down 1.8 million, and distillates down 340,000 barrels. US crude oil stocks are 15.1% higher than a year ago and expected to rise. There are signs however that US crude oil […]

Crude oil and refined product prices rose on Friday, except for the nearby RBOB gasoline futures contract which fell. Baker Hughes reported that 7 oil rigs came offline and that brings the US total oil rigs to 600. The US now has 83 few rigs online than March 2020 when […]

The energy markets were a mixed bag yesterday with some swings both up and down. The current market expectation is to see another build in US crude stock for this week which adds to the concerns about demand. The release of the Fed minutes today from their last meeting will […]

Fitch Ratings said China’s reopening will drive consumption recovery in refined oil products in 2023 as consumer travel increases and sentiment improves. According to traders and Refinitiv Eikon data, China doubled its purchases of Urals (Russia most common crude grade) in the first half of February compared with the same […]

Energy Markets are closed today so there are no forward contracts available today and there will be no estimated prices sent out until tomorrow. The Baker Hughes Rig Count called oil rigs down 2 to a total of 607 and last year at this time there were 520 oil rigs […]

Crude oil and refined fuel product prices rose on Friday, which was driven by news that Russia plans to cut 500,000 bpd of oil output in March. It appears Russia is willing to reduce oil and product output rather than reduce their prices. The EU has placed bans and price […]

The energy markets have not been able to find buyers just yet as prices continue to be soft and are testing lower levels. The government has said they will buy crude oil at $70 to fill the SPR so that would appear to be the bottom of the range for […]

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 […]