Market Commentary

Israel launched a wide-ranging attack against Iran in which it targeted the country’s nuclear program and military leadership. Energy sites and infrastructure were not targeted as of yet. Reports indicate that Iran had an initial retaliation on Friday morning, launching 100 drones toward Israel. Of course, all this has rallied […]

Energy prices had a strong up day due to optimism about the China and US trade talks. Crude oil and the refined products are all testing their 100- and 200-day moving averages and if they can get a settlement over those levels, it could lead to more fund buying. The […]

API reports crude oil stocks are down 370,000 barrels, gasoline stocks is up 3 million barrels, and distillate stocks are up 3.7 million barrels. The average estimates for today’s DOE inventory update from the Bloomberg survey are for crude stocks to be down 2.269 million barrels, gasoline up 672,000 barrels, […]

Crude and Refined product prices rose yesterday about 1% mainly on the drop in the US dollar index and the potential for a longer-term trad deal between the US and China after a meeting held in London. These talks spurred some optimism and helped support prices here in the near […]

The Baker Hughes Rig Count called oil rigs down 9 to a total of 442 and last year at this time there were 492 oil rigs in operation. Oil rigs are at a three-year low. Reuters reported that China’s export growth slowed to a three-month low in May as US […]

The DOE inventory report had crude oil stocks down a big 4.30 million barrels, gasoline stocks were up 5.22 million barrels and distillates were up 4.23 million barrels. US crude production continues to hold steady at 13.408 million barrels per day. Total crude oil stocks are now at 436.059 million […]

The Baker Hughes Rig Count had oil rigs down 8 rigs to a total of 465 and last year oil rigs were at 497. Energy markets on Friday were very uneventful with prices just trading in a range. These energy markets continue to be confronted with multiple issues that may […]

Energy markets started out lower on OPEC+’s news of more production coming in July. OPEC+ also claims they are now after market share. This news helped pulled prices back off early highs.  It appears many traders have taken off for a long holiday weekend as the markets were lightly traded […]

The DOE inventory report had crude oil supplies up 1.33 million barrels, gasoline supplies were up 820, 000 barrels, and distillate were up 580,000 barrels. The propane inventory report showed a bigger build than expected with supplies up 2.675 million barrels, putting total supplies at 53.099 and last year they […]

The average estimates for the DOE inventory report today from the Bloomberg Survey is for crude oil inventories to be down 652,000 barrels, gasoline inventories down 878,000 barrels and distillates down 1.738 million barrels. The API inventory update that came out yesterday called crude oil supplies up 2.5 million barrels, […]

The Baker Hughes Rig Count dropped by one to a total of 473. Last year at this ti,me there were 497 active oil rigs. Sultan Al Jaber, Abu Dhabi oil giant ADNOC’s chief executive, said UAE investments in the US energy sector will increase to $440 billion by 2035 from […]

The energy markets are mixed here this morning and there is no fresh market moving news. Marekts have run into technical resistance and there is no news to push them through those levels at this point. OPEC+ is increasing their oil production and there is the chance a deal between […]