Market Commentary

Crude and refined fuel product prices rose slightly on Friday for nearby futures trading month. Prices rose Friday with analysts reiterating that higher vaccinations rates would limit the need for harsh lockdowns, especially in the US. Now there is a lot of debate on this matter and the weekend was […]

The bullish inventory report this week and the falling dollar helped energy prices continue their run to the upside. It appears traders still believe that demand will remain strong despite the increase in COVID-19 cases. The outlook remains that demand will outpace supply at the end of the year keeping […]

The DOE inventory report had crude down 4.09 million barrels with Cushing, Ok crude stocks down 1.268 million. Gasoline stocks were down 2.25 million and distillates were down 3.209 million. These numbers were a bullish report. The market traded mixed for most of the day with HO closing up over […]

The API inventory report had crude stocks down big with a draw of 4.73 million barrels. Gasoline stocks were down a big 6.226 million barrels and distillates were down 2.2 million barrels. Bloomberg estimates for today’s DOE inventory report are looking for crude oil to be down 2.371 million barrels, […]

The API inventory report had crude stocks up by 806,000 barrels. The estimate for today’s DOE government update is a decline of 3.790 million barrels. Gasoline stocks were up 3.3 million barrels and the estimate for today is down 1.441 million barrels. The distillates stocks on the API were down […]

Crude oil and refined fuel product prices crashed yesterday by more than 6% which was mainly driven by the OPEC+ decision to raise baseline oil output production levels and add 400,000 bpd on top of these new levels from August through December 2021. The rising delta COVID-19 cases around the […]

The big news over the weekend is that OPEC+ agreed to a deal that will ultimately offer more barrels to the market. These additional barrels and concern about the increasing delta variant are causing the market to sell off as some traders reduce risks and take profits.  OPEC+ will raise […]

The DOE inventory report said that crude oil stocks were down 7.9 million barrels putting total stocks at 437.58 and last year there were 531.688 million barrels a 94.108 barrel difference. Cushing, Ok crude oil stocks were down 1.589 million barrels putting total stocks at 38.058 million barrels and last […]

Saudi Arabia and the UAE have reached a deal that will allow the UAE to increase its baseline by 480,000 barrels to 3.65 million barrels per day starting in May 2022. The market moved lower when the news first hit the wire but has rebounded slightly as the increase is […]

The Baker Hughes Rig Count said that the US added 2 crude oil rigs for the week up to a total of 378 rigs. Last year the US had only 197 crude oil rigs online. US oil rigs have risen by a total of 206 rigs since August 21, 2020. […]

The DOE inventory report had crude stocks down 6.72 million barrels and stocks at Cushing, Ok were down 1.46 million barrels. Gasoline stocks were up 1.52 million barrels and distillates were down 870,000 barrels. Overall, this was seen as a supportive report to higher prices as the crude declines have […]

Energy prices sold off yesterday as the market is getting a little dose of reality on the economic recovery as rising cases of the COVID-19 Delta variant in Europe, Southeast Asia and Australia are bringing back lockdowns. Also helping the downside yesterday is the overall outlook that OPEC+ will ease […]