Market Commentary

The White House is considering tapping the Northeast Home Heating Oil Reserve, created in 2000 to help with diesel supply issues. The impact of the release would be limited by the relatively small size of the reserve, which only contain 1 million barrels of diesel. US East Coast distillates fuel […]

WTI crude oil price rose 2.5% for the week but appeared rangebound and caught between slower economic growth due to strict monetary policy (rising interest rates) and current short fuel product supplies worldwide. China lifting COVID restrictions could make supplies tighter. Data from TomTom and Google indicates that driving is […]

Crude and RBOB futures did manages to trade higher in yesterday’s markets. Prices were lower in the morning trading hours due to poor economic data from China and the US. Prices rallied later in the day as news hit that China was easing lockdowns in Shanghai and the fact that […]

The DOE inventory report said the crude oil inventories were up 8.49 million barrels putting total stocks at 424.214 million barrels. Last year at this time stocks were at 484.691 million barrels a 60.477 million barrel difference. Stocks of crude oil at Cushing, Ok were down 587,000 barrels putting total […]

Crude oil prices closed down hard in yesterday’s trading as demand concerns from China’s on COVID-19 lockdowns pressured prices lower. The U.S. dollar reaching a 20-year high and U.S. equities falling also helped yesterday’s selloff. The market also had selling pressure from Saudi Arabia lowering their crude oil prices to […]

Crude oil prices closed up on Friday due to continued supply concerns with the European Union attempting to ban Russian oil imports. Also bullish for fuel demand, the US Bureau of Labor Statistics reports April’s good U.S. job data. However, this gives the Fed even more incentive to continue to […]

Energy prices closed slightly higher in yesterday’s trading on the news that the European Union is working to finalize a plan to phase out imports of Russian oil and refined fuel products by the end of 2022. Questions still remain how the EU will get 27 members to agree since […]

The European Union announced an agreement to phase out Russian crude oil over the next six months and refined fuel by the end of the year. This news has rallied the energy markets higher this morning. Hungary and Slovakia are exempt and have until the end of 2023 to comply. […]

Two EU officials said the European Union Commission may spare Hungary and Slovakia from an embargo on buying Russian oil, now under preparation. The Commission is expected to finish the deal today and work on the next sanction package against Russia for their actions in Ukraine. China’s factory activity contracted […]

Crude oil and product prices rose yesterday on the news that Germany has significantly reduced dependence on Russian oil and plans to find an alternative source within the next few weeks. Originally Germany was against banning Russian oil until 2023 and about 32% of the oil was received from Russia. […]

The DOE inventory report had crude stocks up 691,000 barrels, and Cushing, Okla. crude stocks were up 1.298 million barrels. Total crude stocks are at 414.424 million and last year they were 493.107. Gasoline stocks were down 1.57 million barrels putting total stocks at 230.805 million barrels and last year […]

The API inventory report called crude oil stocks up 4.8 million barrels and gasoline stocks were down by 3.9 million barrels and distillates were up 431,000 barrels. The estimates from the Bloomberg survey for today’s DOE inventory report are for crude to be down 225,000 barrels, gasoline up 300,000 barrels, […]