Market Commentary

Last week was another impressive week for energy markets as they continue to test the upside as they are pushed by the ongoing geopolitical risked from Russia and Ukraine, Iran backed Houthi rebels and UAE and Saudi Arabia, the cold blast that hit Texas and shut down some production there, […]

WTI crude oil has been running into resistance at the $89 level for the last few days, and then yesterday, it broke through and ran higher. It went through $90 per barrel and settled above that level opening it up for the chance to test higher. That run higher continues […]

The DOE reported that crude oil supplies were down 1.047 million barrels putting total stocks at 415.143 million barrels and last year at this time there were 475.659 million a 60 million barrel difference.  Gasoline stocks were up 2.410 million barrels putting total stocks at 250.037 million barrels and last […]

Russia’s Foreign Minister Sergei Lavrov and US Secretary of State Anthony Blinken will speak by phone today, Tuesday, as diplomatic efforts continue to reduce tensions over Ukraine. According to the EIA, US crude oil production increased over 2% to 11.75 million BPD in November as shale drillers continued post-pandemic recovery. […]

The Baker Hughes Rig Count was up 4 oil rigs to a total of 495 oil rigs. US oil rigs have risen by 323 since 8/21/20. The geopolitical situations continue to add to the risk premium. The Russia – Ukraine concerns are still front and center and the concerns over […]

The energy markets continue to rally and price in concerns about supply disruptions related to Russian and Ukraine tensions, the UAE and Iran Houthis missile attacks on the rise, and OPEC+ struggling to increase output to meet their production targets.  The API inventory report called crude oil supplies down 875,000 […]

Energy prices were down slightly except for the front-month ULSD, benefiting from increased heating oil demand in the East. Prices were off on profit-taking as traders were concerned about 40-year high inflation, causing the Federal Reserve to indicate they will raise rates four times this year starting in March. The […]

The API report released yesterday had crude oil stocks down 1 million barrels, gasoline stocks up 10.86 million barrels, and distillate stocks up 3 million barrels. If we see a build like that is gas today on the DOE it might have some selling pressure on RBOB. On the other […]

The energy markets were higher again in yesterday’s trading pushed higher by the civil unrest in Kazakhstan, which producers 1.6 million BPD of crude oil, and due to major oil production outages in Libya. Prices were up for the fourth day in a row despite downward pressure from the bearish […]

The DOE report had crude stocks down 2.14 million barrels, Cushing, Ok crude stocks were up 2.57 million barrels. This was the 6th straight week that US crude oil inventories declined. Gasoline stocks were up 10.13 million barrels and distillates were up 4.42 million barrels. It was a bit interesting that […]

The market expects OPEC+ to stay the course and add an additional 400,000 BPD starting February 1st. OPEC+ has continued to say that the impact on demand from Omicron is not enough for them to reduce output at this time. There are several OPEC members that are struggling to produce […]

The Baker Hughes Rig Count had oil rigs unchanged at a total of 480 and last year there were 267 oil rigs. Despite some of us not working on Friday the market was open so there was some trading. Prices were lower with crude down roughly 2.2% and refined fuel […]