Market Commentary

The energy markets are higher again to start out this Friday as traders worry about the loss of Russian supplies. The West continues to consider banning Russian supplies or suspending purchases but either way the loss of those barrels will be tough to replace quickly. There are reports that buying […]

The API weekly inventory report showed crude stocks were down 6.1 million barrels. Gasoline stocks were down 2.5 million barrels and distillates were up 392,000 barrels. The market is very fearful about energy supplies as it appears Russian energy exports will get shut off either by a boycott or new […]

Russia and Ukraine continue to dominate the news and that news continues to drive the energy markets. The market is now concerned that Russian crude supplies will be taken off the market. But as of now, that is not the case. No sanctions have impacted the flow of Russian energy […]

The Baker Hughes Rig Count said that oil rigs were up 2 to a total of 522 and last year there were 309 oil rigs at this time. Energy prices sold off hard to start out Friday’s trading session after the extreme run-up to new highs the day before. Prices […]

The DOE inventory report had crude stocks up 4.514 million barrels, and Cushing, Ok crude stocks were down 2.049 million barrels. Gasoline stocks were down 582,000 barrels and distillates were down 584,000 barrels. Cushing, Ok stocks are now at 23.8 million barrels the lowest level since September 2018. President Biden […]

The situation in Ukraine has escalated. Russia has sent in military forces and the fear of an all-out war has become real. The energy market has spiked as most everyone suspected would take place if an invasion began.  The current environment brings many concerns to things other than just the […]

The energy markets rallied sharply yesterday as the Russia/Ukraine situation escalated. The potential for a full-on invasion became a possibility and fear gripped the market and drive prices higher. As the day wore on the prices moderated and eased back. The Iran nuclear deal was again talked about being close […]

Russia, Ukraine, and the Iran nuclear deal continue to dominate energy news coverage. The market is currently moving lower as some of the bullish traders take their profits. There was news of a military shelling between pro-Russian rebels and Ukraine forces on the eastern border across a cease-fire. However, the […]

The DOE inventory report called crude oil stocks up 1.121 million barrels putting total stocks at 411.508 million barrels and last year they were 461.757 million a 50.249 million barrel difference. Crude stocks at Cushing, Ok were down 1.9 million barrels putting total Cushing crude stock at 25.827 million barrels […]

Yesterday, Russia’s top diplomat said more talks could resolve the current conflict. Russia has also pulled back some troops from the border, saying they are going back to their bases after completing their drills. The de-escalation has moved the energy markets lower to start today as this Russia/Ukraine conflict is […]

The propane inventory update said the propane supplies were down 1.914 million barrels, putting total reserves at 47.838 million barrels – down 3.707 million barrels from last year at this time. The drawdown to inventories was less than the market expected at 3.57 million and less than the five-year average […]

Crude oil and refined fuel product prices close 2.2% lower yesterday for the nearby futures trading month after reaching 7-year highs last Friday or Monday. The API called crude oil supplies down 2.025 million barrels, gasoline supplies down 1.138 million barrels, and distillates down 2.203 million barrels. The stocks of […]