Market Commentary

The API inventory report put out yesterday afternoon said that crude oil stocks were down 6.4 million barrels and the average estimate for today’s DOE report from the Bloomberg survey is calling for a draw of 2.989 million barrels. The API had gasoline stocks up 5.9 million barrels and the […]

OPEC+ did not make any changes and left their current production cut of 2 million bpd in place until the end of the 2023. The market is also dealing with European Union imports ban and the G7 countries price cap. Crude oil is up over $2 dollars per barrels but […]

The DOE inventory report showed a big draw to crude oil stocks of 12.58 million barrels putting total stocks at 419.084 million barrels. Last year stocks were 433.111 and the three year average is 456.083. Gasoline stocks were up 2.77 million barrels putting total stocks at 213.768. Last year was […]

The API reported it estimates for this week’s inventory and it called crude down big at 7.9 million barrels. The averages estimate from the Bloomberg survey is for crude to down 2.908 million barrels. The API had gas inventories up 2.9 and the estimates for today from Bloomberg are up […]

Energy market are down to start today as the situation in China concerns the market about demand. Also, the discussions about the Russian oil price cap also continue to swirl in the market creating uncertainty. Protest in China against the country’s COVID Zero policy has rallied the US dollar and […]

US crude oil inventories decreased by 5.4 million barrels last week and are now 4% below the five-year average. Gasoline inventories increased by 2.2 million barrels last week and are now 5% below the five-year average. Distillate inventories increased by 1.1 million barrels last week and are now 15% below […]

On Friday energy prices continued their decline as demand destruction fears were stronger than supply disruption concerns. The cases of COVID in China continue to go up and the lockdown restrictions do not appear to be easing. The WSJ reported that China COVID-19 cases have risen 700% in the past […]

According to the EIA, US heating oil prices were 65% higher this October than they were in October of last year. Residential heating oil prices increased to an annual high of $5.90 per gallon on November 7th, because of tight inventories, low imports, and limited production capacity. John Hess, CEO […]

Prices are lower to start today as Poland issued a statement saying there were no indications that Russia was the cause of the missile on Tuesday. The Druzhba pipeline that transports oil and natural gas from Russia to Europe will be up and running full strength soon also easing prices.  […]

OPEC dropped its forecast for global crude oil consumption due to a combination of global economic concerns, an uncertain geopolitical climate, and persisting supply chain constraints. OPEC now expects 2022 global oil consumption to grow by 2.55 million barrels per day, a drop of 100,000 bpd from their October forecast. […]

Crude oil rallied on Friday mainly due to a large drop of 1.7% in the US dollar index, news that China had lifted some COVID-19 restrictions and Russia oil output expected to fall after the EU embargoes and bans starting December 5th. Baker Hughes reported that oil rigs were up […]

It is Friday and the headlines have provided some bullish news and prices are higher to start today. News that China may ease some restrictions on travel has the market higher. This news has the market hoping that the world second largest economy will see increased demand. Crude oil prices […]