Market Commentary

The API reported that crude stocks were down 5.6 million barrels, gasoline up 268,000 and distillates up 1.1 million barrels. The average estimates for today’s DOE inventory update are for crude stocks to be down 1.961 million barrels, gasoline stocks down 2.046 million barrels, and distillate stocks up 359,000 barrels. […]

The Baker Hughes Rig Count Report had no change for oil rigs in this reporting week. Oil rigs stayed the same at 601 rigs compared to last year when there were 405 oil rigs. The following is from Bloomberg:The buyers in South Korea, India, and China have picked up substantial […]

Consulting firm BCA said EU embargoes on Russian crude oil will tighten supplies by 1.6 million bpd this year and 2.0 million bpd net year. Due to tight oil supplies, BCA expects Brent crude oil to rise to $119 by year end. However, Russia is forecasting rising oil output and […]

The API inventory report said that crude oil stocks were down 448,000 barrels, gasoline inventories were down 4.5 million barrels and distillate stocks were down 759,000 barrels. The average estimates for today’s DOE inventory update from the Bloomberg survey are for crude oil stocks to be down 259,000 barrels, gasoline […]

The Baker Hughes Rig Count was up 3 oil rigs to a total of 601 and last year there were 397. The energy market is trading down to start a new week as data out of China shows that their economy slowed in July. This news has traders concerned that […]

Shell was forced to shut in production on three Gulf of Mexico offshore deep water platforms due to a pipe issues. This will impact 410,000 bpd of production. This week is a volatile one with early down days finishing higher and early up days finishing lower. This is the result […]

The API weekly inventory numbers called crude oil stocks up 2.15 million barrels, gasoline stocks down 627,000 and distillates up 1.37 million. The Reuters survey for today’s DOE reports is saying crude oil and gasoline to be down 400,000 and diesel to be roughly unchanged. Crude oil prices feel slightly […]

OPEC+ agreed to increase production by just 100,000 bpd which is nothing really, but they did up the number. The market has rallied and now sold off to roughly the same price level when the Russian invasion of Ukraine began. The market is now looking for the next catalyst to […]

The average estimates for today’s DOE inventory report from the Bloomberg survey are for crude to be down 798,00 barrels, gasoline down 1.014 million barrels and distillates up 740,000 barrels. In propane, weak domestic demand has led to larger than expected inventory builds and, despite growth in domestic production, propane […]

JP Morgan said its Brent crude oil price forecast continues to call for a stabilization in price towards the low $100s in the second half of 2022 and the high 90s in 2023. It said “our oil strategists’ flag that the risk of a recession is not yet priced into […]

The API report estimated crude stocks down 4 million barrels, gasoline stocks down 1.1 million barrels and distillates stocks down 554,000 barrels. The International Monetary Fund cut global growth forecast again on Tuesday, warning the downside risks from high inflation and the Ukrainian war were materializing and could push the […]

Gazprom has reduced rates on the Nord Stream 1 pipeline to 20% of normal after the restart from maintenance just a few days ago. The line was first at 40% but is now cut back to 20% because Gazprom says they are waiting on a turbine that was repaired in […]