Market Commentary

Energy prices traded higher yesterday with crude oil hitting the highest level in seven years, on the back of tight global supplies amid rising demand as economies recover from the pandemic across the globe. RBOB and ULSD closed higher and WTI crude oil closed flat after some profit-taking. The overall […]

Energy prices rose on Friday, except for ULSD which fell slightly for the nearby futures trading month. WTI crude oil rose for the 9th straight week which is a new record going back to 1983. Prices continue to rally due to low crude oil stocks globally, US fracking staying low, and […]

China’s intervention in the coal market sent the price down 11% in yesterday’s trading. Natural gas prices in China also were under selling pressure. This spilled over into the other energy markets. Also helping the selling in the US was a warmer weather outlook. The US National Weather Service winter […]

Energy prices closed mixed in yesterday’s trading after being significantly higher in the early morning trading hours. Negative news out of China that their economic growth slowed to a GDP of just 4.9% in Q3 down from 7.9% in Q2 due to a slowdown in construction activity and factory output […]

The Baker Hughes Rig Count was up 12 crude oil rigs to a total of 445 and last year at this time there were 205 oil rigs in operation. Crude oil futures hit fresh three-year highs on Friday. Brent crude oil traded above $85 per barrel and WTI traded back […]

The DOE inventory report said that crude oil stocks were up 6.09 million barrels to a total of 426.975 and last year there were 489.109 million barrels and a 62.134 deficit. Cushing, Okla., crude stocks were down 1.968 million barrels to a total of 33.551 million and last year there […]

The API report came out a day late and said that crude oil stocks were up 5.2 million barrels, gasoline stocks were down 4.6 million barrels and distillates were down 2.7. Cushing crude oil stocks were down 2.8 million barrels. UBS in a research note to clients said they have […]

The API and DOE inventory reports are both delayed one day due to the Columbus Day Holiday on Monday. The EIA in a bulletin put out last week on propane and said that conditions were ripe for a supply squeeze this winter given low inventories. Flattish supply and resilient demand […]

The energy markets rallied and closed higher on Friday driven mainly by the news that a deal was reached in Congress to raise the debt ceiling through early December. Also, supporting prices on Friday was the Department of Energy saying they had no plans to release barrels from the SPR […]

Equities markets rebounded yesterday when the news hit that a deal was reached in Congress to raise the debt ceiling through December. This was also supportive of energy prices which rallied as well.  The news that the US would release barrels from the SPR has been a whirlwind of back […]

Propane inventories had a draw of 633,000 barrels putting total stocks at 72.288 million barrels. Total inventories are 29% less than last year. Inventories have not been this low at this time of year at any point in the last 8 years. There could still be some builds to inventories […]

The energy markets continue to run higher in yesterday’s trading and WTI crude oil traded to its highest level in 7 years and natural gas prices reached a 13 year high. There is speculation that natural gas shortages in Europe could spill over into the US with winter weather heating […]