Market Commentary

The Bloomberg estimates for today’s DOE inventory report are for crude supplies to be down 2.750 million barrels. Gasoline supplies are estimated to be down 967,000 barrels and distillates are estimated down 467,000 barrels.  The API data released yesterday afternoon called crude stocks down 4 million barrels, gasoline stocks up […]

Hurricane Ida hit Louisiana with record-tying winds speeds of 150 miles per hour. New Orleans lost power and the storm surge caused the Mississippi River to reverse as massive amounts of seawater were forced ashore. The market’s initial reaction when Sunday night trading opened up was higher. Gasoline futures opened […]

Energy prices closed lower in yesterday’s trading session for the first time in a week. The softness in the market was on the back of oil demand concerns over rising COVID-19 cases, the US dollar bouncing from support, and Mexico restoring some of its recent lost production.  Offering support to […]

Crude oil stocks were down 2.98 million barrels putting total stocks at 432.564 million, and last year there were 507.763 million barrels. The crude oil stocks at Cushing, Ok were up 70,000 barrels putting total Cushing stocks at 33.665 million barrels, and last year there were 52.403 million barrels. US […]

The API inventory report called crude oil supplies down 1.6 million barrels and the Cushing, Ok crude oil supplies were down 485,000 barrels. Gasoline supplies were down 985,000 barrels and distillates were down 245,000 barrels. The estimates for today’s DOE inventory report from the Bloomberg survey are for crude to […]

The energy market had a strong rebound in yesterday’s trading and took back the losses from the prior three trading days. There were a host of reasons given for the rebound, with the US dollar trading lower as the most prominent one. Also supporting the bounce was an oversold market […]

The Baker Hughes Rig Count had crude oil rigs up 8 to a total of 405 rigs. The last few weeks have brought the addition of several crude oil rigs and US production was up in last week’s inventory report so maybe the market does get a few extra barrels […]

The energy markets continue to sell off as the bearish sentiment grows, mainly due to rising coronavirus cases. With these rising cases is the threat of lower oil demand. Speculators were long in this oil market because there has been optimism that demand would return to normal. The return of […]

The energy market was lower in yesterday’s trading as the rising case of COVID-19 continues to concern the market. China also reported weak economic data and that added to selling pressure. China reported retails sales increased by only 8.5% versus July of 2020, which was well below the 11.5% forecast […]

The IEA report from last week was a bit negative on demand but there continues to be a supply deficit. The market is trying to determine if the new cases of COVID-19 will impact energy demand enough to ease the supply concerns or if demand remains strong and the tightness […]

Energy prices settled higher in yesterday’s trading. Prices originally fell in the morning after the White House stated that the Biden administration had urged OPEC+ oil producers to increase production. Prices rebounded later in the day after the White House said it would not call on US producers to increase […]

Fears of rising COVID-19 Delta variant cases have the market selling off this morning. China has imposed new restrictions and the concerns that energy demand will be impacted has traders taking profits and more adding to short positions.  JPMorgan Chase & Co, and Goldman Sachs Group Inc., both downgraded their […]