Market Commentary

The energy market had a volatile day on Friday as the daily range for RBOB and ULSD was roughly ten cents per gallon. The Baker Hughes Rig Count was down 1 crude oil rigs to a total of 372 rigs and last year there were 188 rigs at this time. […]

Energy prices closed higher in yesterday’s trading, with WTI crude oil trading at the highest level since October 2018. Energy prices continue to rally as the data shows that the crude oil supply is much lower than rising demand in the United States, China, and Europe.   OPEC+ at its meeting […]

The API inventory report called crude oil stocks down 7.2 million barrels. Cushing, Ok crude oil stocks were down 2.6 million barrels. Gasoline stocks were up 960,000 barrel and distillates were up 990,000 barrels. The average estimates for today’s DOE inventory report from Bloomberg. Crude down 4.386, gas up 1.255 […]

Wells Fargo Investment Institute said oil prices are likely to increase as demand recovers to 2019 levels with the pandemic coming to an end. It stated that considering the amount of money being pumped into global economies these days by central banks, it is reasonable to expect that fuel demand […]

Energy price sold off yesterday as the US dollar strengthened after the Federal Reserve indicated it might raise interest rates as soon as 2023. Financial investors who bought commodities as a hedge against inflation took some profits. The US dollar has rallied roughly 1.6% in the last couple days on […]

Crude oil prices closed slightly higher while refined fuels product prices closed slightly lower for the nearby futures month in yesterday’s trading. This has again compressed the ULSD and RBOB crack spreads. Prices rose after the DOE reported a big drop in total US crude oil stocks and large increases […]

Crude oil prices closed slightly higher while refined fuels product prices closed slightly lower for the nearby futures month in yesterday’s trading. This has again compressed the ULSD and RBOB crack spreads. Prices rose after the DOE reported a big drop in total US crude oil stocks and large increases […]

From the AP. The monthly gain in the producer price index, which measure inflation pressure before it reaches consumers, following a 0.6% increase in April and a 1% jump in March, the Labor Department reported on Tuesday. Food prices jumped a sizable 2.6% with the cost of beef and veal […]

Crude oil and refined product prices closed mixed yesterday. Supporting crude oil prices yesterday was news of significant maintenance of oil production in Canada and in the North Sea off the Coast of Great Britain. Bearish for prices is an EIA reporting showing more US shale oil production and news […]

Crude oil prices closed higher on Friday reaching 2-year highs which was mainly driven by a bullish International Energy Agency monthly report stating that demand will return to pre-pandemic levels by the end of 2022. IEA said that in 2022, OPEC+ needs to ramp up crude oil output by 1.4 […]

The market sold off hard midday as the news was reported that the US had lifted the sanctions on Iranian oil. The selloff was very brief as it was clarified that only one Iranian oil official had been removed from the sanctions list.  Crude oil and refined fuels products recovered […]

The API inventory report had crude down 2.1 million barrels and the estimates for today’s DOE inventory report from the Bloomberg survey are calling for a draw of 2.892 million barrels. Cushing, OK crude stocks in the API report were down 420,000 barrels. The API had gasoline stocks up 2.4 […]