Market Commentary

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 […]

OPEC’s Secretary General Mohammad Barkindo, said OPEC and its allies expect oil inventories to fall further in the coming months, suggesting efforts by the producers to support the market are succeeding. He said oil stocks in the developed world nations fell by 6.9 million barrels in April, 160 million barrels […]

The DOE said that crude oil stocks were down 5.08 million barrels a bigger decline than the market expected, but Cushing stocks were up 784,000 barrels helping to offset some of the bullish sentiment of the bigger than expected decline. Gasoline stocks were up 1.5 million barrels and distillates were […]

The API had crude oil supplies down 5.36 million barrels, gasoline supplies up 2.5 million barrels, and distillates up 1.56 million barrels. The average estimates from the Bloomberg survey for today’s DOE inventory update are crude down 2.341 million barrels, gasoline down 1.710 million and distillates down 1.980 million. Average […]

OPEC+ agreed to continue the existing pace of gradually easing oil supply cuts, as producers balanced expectations of a recovery in demand against a possible increase in Iranian supply. OPEC+ confirmed their plan to return 2.1 million bpd of oil output from May to July, while Saudi Arabia gradually adds […]

The market has rallied up hard here this morning as the biggest news is that it appears that OPEC+, which is meeting virtually today, will increase output but not as much as the market expected. OPEC+’s thought is that more Iranian oil is coming back to the market. But that looks […]

The API had crude stocks down 439,000 barrels. Gasoline stocks down 2 million barrels and distillate stocks were down 5.1 million barrels. The average estimates for today DOE inventory report from the Bloomberg survey are calling for crude supplies to be down 751,000 barrels and gasoline supplies down 1.361 million […]

Energy prices traded higher yesterday mainly the result of increased skepticism that Iran and the US will come to an agreement concerning the Iran nuclear accord. Also supportive is the ongoing outlook for more people to get vaccinated which will increase demand for airlines and gasoline as more and more […]

There are a lot of differing views about the status of Colonial Pipeline and when it will return to service. But the most prominent one is that service will be restore by the weekend. Right now, all this is talk and until we make it through this and actually see […]

The news of the weekend has been the shutdown of the Colonial Pipeline. Last Thursday hackers stole data and locked computer with ransomware which lead to the shutdown of the pipeline on Friday. Most traders are hoping for a short time frame before the pipeline returns to operation. Colonial reported […]

The unexpected rise in gasoline stocks this week and lower implied demand for gas, as well as, maybe a slight shift in focus on India’s rising COVID cases gave the market some pause yesterday, and prices were lower. India reported a record 412,262 new COVID-19 cases and 3,980 deaths in […]