Market Commentary

The DOE inventory report had crude oil inventories down 3.12 million barrels putting total stocks at 436.830 million barrels and last year there were 434.102 million barrels a 2.728 million barrel surplus over last year. Cushing, Oklahoma crude oil stocks were up 1.267 million putting total stocks at 28.164 million […]

Crude oil and gasoline prices were down on Friday, but ULSD price rallied. Bearish for prices was the Chinese National Health Commission saying China increased COVID-19 protections by sealing up buildings and locking down districts after 1,506 new cases were reported on October 27th. The IFM lowered China’s GDP by […]

US Secretary of State, Antony Blinken, said the US has noted Saudi Arabia’s aid to Ukraine and its vote against Russian annexation at the UN but those moves do not compensate for Saudi Arabia’s support of and OPEC+ decision to cut oil output.  The DOE inventory report called crude oil […]

The API had crude oil stocks up 4.5 million barrels, gasoline stocks down 2.3 million barrels and distillates up 600,000 barrels. The average estimates from the Bloomberg survey are calling crude stocks up 463,000 barrels. gasoline stocks down 1.034 million barrels and distillates down 647,000 barrels. Energy prices rallied yesterday […]

China is continuing its loose monetary policy rolling over medium term loans and keeping interest rates unchanged for the second month to support their economy. This news helped crude oil and refined fuels product prices rally yesterday. Rumors continue to circulate that the Biden administration will release more barrels from […]

US commercial crude oil inventories(excluding those in the SPR) increased 9.9 million barrels week over week to 439.1 million barrels and are now 1% below the five-year average. Total motor gasoline inventories increased by 2 million barrels week over week and are 8% below the five-year average. Distillate fuel inventories […]

The weekly propane inventory update had propane stocks up 1.092 million barrels putting total stocks at 85.483 million barrels. Last year at this time total stocks were 71.700 million barrels. Midwest stocks were up 399,000 barrels putting total Midwest stocks at 24.864 million and last year there were 24.806 million. […]

The API inventory report released a day late due to the federal holiday on Monday. The report showed crude oil inventories up 7.1 million barrels, gasoline inventories up 2 and distillate stocks down 4.6 million barrels. The big build in crude is from the releases that have been coming from […]

Continued bad economic news out of China has put strong selling pressure on energy prices. The Caixin service purchasing managers index for China fell in September to a reading of 49. From a reading of 55 in August. A reading below 50 indicates contraction. This news along with the concerns […]

The Baker Hughes rig count said that oil rigs were down 2 to a total of 602 oil rigs and last year at this time was 433. US rigs and oil output has leveled off and remains around 12 million barrels per day and it appears it will stay in […]

The API reports called crude oil inventories down 1.8 million barrels, it called gasoline inventories down 3.5 million and distillates down 4 million barrels. The average estimates for the government’s DOE report from the Bloomberg survey is calling crude up 1.577 million barrels, gasoline down 1.232 million and distillates down […]

Crude oil futures jumped up over $4 dollars per barrel yesterday as OPEC+ considers reducing output by 1 million barrels per day to support prices. Such a move would represent the biggest production cut since the start of the COVID-19 pandemic. There are other reports that in addition to the […]