Market Commentary

The DOE inventory report had crude oil inventories up 3.45 million barrels, putting total stocks at 441.830 million and last year they were 457.020. Gasoline supplies were down 1.02 million putting total stocks t 224.706 and last year there were 227.767. Distillates were down 3.16 million putting total supplies at […]

The energy markets are a bit softer this morning after yesterday’s strong rebound that has run into some technical resistance and created a bit of a pullback. The API inventory report had crude oil up 4.3 million barrels, gasoline down 1.4 million and distillates down 3.7 million. The average estimates […]

The energy markets had a strong rebound on positive China and the US trade talk news. The reaction in the markets was on the headline news that they had agreed to lower tariffs for 90 days. I still think we need to see how the details shake out. I have […]

Energy markets are up strong this morning on the news that trade tension between the US and China have deescalated and a 90-day reduction of US tariffs on China from 145% to 30% will take place and China tariffs on US goods will come down from 125% to 10%. The […]

The Baker Hughes Rig Count had oil rigs down 4 to a total of 479 and last year at this time there were 499 oil rigs in operations. I saw a couple reports calling US oil production down as the result of low crude oil prices. I am not sure […]

The US GDP for Quarter 1 was a disappointment and helped to push energy prices lower. Q1 GDP was down 0.3% and was estimated at up 0.3%. The final economy reading for Q4 2024 was 2.4%, which was a significant drop. This report put pressure on prices and then it […]

The energy markets pulled back in yesterday’s trading, and this is encouraging for the bears, but they need to do more and take out support levels if these markets are going to test lower levels. The API had crude oil supplied up 3.76 million barrels, gasoline down 3.14 million barrels […]

Crude oil and refined fuel prices remain under some selling pressure here this morning. The trade war between China and the US is one of the main items putting pressure on prices because this is seen as impacting demand growth negatively. One of the other items is OPEC+ saying they […]

There appeared to be very little conviction in the market on Friday. The energy markets all traded in very tight ranges. Baker Hughes reported the oil rigs increased by 1 to a total of 481 rigs. Last year at this time there were 511 oil rigs. US natural gas drilling […]

China’s government could be suspending some of its 125% tariffs on some US imports, including ethane and possibly propane. There could be additional exceptions as well and this news is being seen as encouraging this morning and has put a bit of softness in prices. Energy prices have bounced off […]

The DOE inventory report had crude oil stocks down 240,000 barrels, gasoline stocks down 4.48 million, and distillates down 2.35 million. Total crude oil stocks were at 443.104 million and last year they were 453.625. Inventories are sitting right now in the middle of the three range. Total gasoline inventories […]

The API inventory estimates called crude oil inventories down 4.6 million barrels, gasoline inventories down 1.6 million barrels, and distillate inventories down 2.2 million barrels. The US issued fresh sanctions targeting an Iranian LNG and crude oil shipping baron and his corporate network. This is despite progress in talks with […]