Market Commentary

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 […]

The market was down in yesterday’s trading as profit taking and no constructive headline offered any support. The market also sold off as China waffled a bit on the idea that they may be easing there strict Covid zero tolerance lock down system. The US dollar was trading lower but […]

Kpler shipping data showed that deliveries of US crude oil to Asia are set to reach a record 1.8 million bpd in November, as demand climbed on a widening discount to global oil. Refiners in China, India and South Korea are returning as big US crude oil buyers after several […]

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. […]