Market Commentary

The energy markets have seen a very strong pullback from recent highs and today the market is lower again putting us back to level just before the Christmas Holiday break. Pundits were calling bad China news the catalysts for the downside. China’s official manufacturing PMI index was down to 47.0 […]

The Baker Hughes Rig Count had crude oil rigs down 1 to a total of 621 oil rigs and last year at this time there were 480 oil rigs in operation. Domestic production continues to hang right around the 12 million barrels per day mark. Energy markets traded higher on […]

No contracting tomorrow Friday December 23 or Monday December 26 as our offices are closed. Propane inventories were down 2.921 million barrels putting total propane inventories at 87.415 million barrels. Last year there were 70.023 million barrels so there are now 17.392 million more barrels than last year. Propane inventories […]

The API inventory report called crude oil inventories down 3.1 million barrels, gasoline stocks up 4.5 million barrels and distillates down 828,000 barrels. The average estimated for today’s DOE inventory report from the Bloomberg survey are crude down 131,000, gasoline up 1.819, and distillates up 645,000. The estimate for today’s […]

This is a short trading week with our offices closed on Friday December 23rd. No contracts offered on that day. Monday December 26 our offices are also closed so no contracting that day. That also makes next week a short trading week. This is likely to result in limited traders […]

Supporting prices on Friday was the news that the US will buy 3 million barrels of oil for February delivery to replenish the Strategic Petroleum Reserve. However, it is not clear if purchases to fill the depleted reserve will continue or if this purchase is a one-off purchase. Over 6 […]

US retail sales fell by 0.6% in November 2022 from October 2022, which was 3 times higher than the 0.2% fall expected by economist. US manufacturing showed signs of peaking. Production was up by just 1.4% in November compared with the same month a year earlier, the smallest increase for […]

The API had crude oil stocks up 7.8 million barrels, gasoline stocks up 900,000 barrels and distillates up 3.4 million barrels. The average estimates for the DOE inventory report today from the Bloomberg survey are calling crude stocks down 3.544 million gasoline up 2.964 and distillates up 2.639. The average […]

The energy market had bullish headline to react to yesterday and that rallied price. The news that the Keystone Pipeline may take longer to get back up than thought brought in buyers. This could create another draw to Cushing, Ok crude stocks as well as some disruption of refineries if […]

Energy prices started out yesterday trading higher on the easing COVID restriction in China and on the news of the Keystone Pipeline having to reduce flows due to an oil spill. Once word got out that the spill was not going to impact the line for long, and the fact […]

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 […]