Market Commentary

The API called crude oil stocks down 2.6 million barrels and the stocks of crude oil at Cushing, Ok were also down 100,000 barrels. Gasoline stocks were up 4.6 million barrels and distillates were up 2.8 million barrels.  For the DOE inventory update today here are the average estimates from […]

The market was under selling pressure yesterday as OPEC+ plans to ease back on production cuts, US rigs count goes up and with that the outlook for more production, and lingering concerns about the demand recovery due to Covid cases rising and mutant varieties.  Goldman Sachs forecast a larger rebound […]

Energy prices were up at the end of last week as the OPEC + meeting and positive economic reports continue to fuel buying. OPEC+ did agree to increase production, which was a surprise for the market, but the small gradual increases were ultimately seen as supportive to prices. OPEC+ will […]

The ship that was blocking the Suez Canal if finally, free and officials say it will take a few days to clear the back log of ships. It will take more time for supplies chains to get sorted out. The longer term challenge will be to figure out who pays […]

The ship is still stuck in the Suez Canal and the estimates of when it will be free are all over the place, as well as, the number of ships backlogged. Bloomberg reports that 300 ships are backlogged. At this point everyone realizes that getting the ship free will take […]

Propane stocks were up 240,000 barrels putting total stocks at 41.269 million and last year at this time there were 59.424 million barrels. The build in this week’s report is the first build reported since late October 2020. This maybe the signal that the decline season for propane is over […]

The American Petroleum Institute report had crude oil stocks up 2.9 million barrels and the estimates for today’s DOE report are for a decline of 300,00 barrels from the Reuters’ survey. Gasoline stocks on the API were down 3.7 million barrels and the estimates for today are for a build […]

Yesterday’s rebound in oil prices after the big decline seems to have disappointed the bulls and the loss of momentum now has more traders taking profits. Also helping the selloff is the news of more restrictions in Europe. One third of French citizens entered a month long lockdown on Saturday, […]

With oil prices falling by 7% on Thursday of last week, officials from several nation in OPEC saw proof that their caution in increasing output was justified. Analyst said it may reinforce Saudi Arabia’s cautious approach heading into the April meeting in two weeks. Baker Hughes reported that oil rigs […]

The energy markets got slammed in yesterday’s trading, falling for the fifth straight session, with both Brent crude oil and WTI crude oil losing more than 7% over those last five trading sessions. The rising cases of COVID-19 and the slow rollout of vaccines in Europe, increased tension between the […]

The API inventory report called crude oil stocks down 1.0 million barrels in the bit of a surprise. The average estimates for the DOE report today is for crude stocks to be up 3 million barrels. Gasoline stocked were down 926,000 barrels and the outlook for today is for them […]

The market continues to hang around as it appears to have lost its momentum. One of the biggest factors giving crude oil a pause is the reports that Iran’s crude oil production is making into the market. As of right now, most traders are looking at this a just a temporary […]