Market Commentary

The energy market had a strong reaction to the upside on the Pfizer news about their coronavirus vaccine. A vaccine is something very critical to energy as it will allow demand to come back. Despite yesterday’s news nothing has change in the current outlook for supply and demand. Energy still […]

The Baker Hughes Rig Count said that crude oil rigs were up five to a total of 262 rigs. Last year at this time total rigs were at 684 a difference of 458 rigs. The rig count has been inching up slightly the last eight weeks as producers appear to […]

Crude oil and refined fuel products prices closed lower yesterday for the first time in four trading session due to rising world coronavirus cases causing lockdowns that will reduce oil and fuel demand. Prices were in a very small trading range as there is a lot of uncertainty about the […]

The DOE inventory report said that crude oil stocks were down 8.0 million barrels and the stocks at Cushing, Ok were up 940,000 barrels. Gasoline stocks were up 1.54 million barrels and distillates were down 1.58 million barrels. Inventories excluding the Strategic Petroleum Reserve are 8% above the five year […]

The API report  said crude stocks were down 8 million barrels and the crude stocks at Cushing, Ok were up 981,000 barrels. Gasoline stock were up 2.5 million barrels and distillate were down 577,000 barrels. The average estimate for today propane report is that stocks we be down by 1.23 […]

Yesterday started out early with a big sell off but prices recovered as  the day went on and eventually traded positive. There were some big ranges to yesterday’s trading. RBOB and ULSD highs to lows was roughly $0.06 cents per gallon. It was an impressive day, but I think we […]

The Baker Hughes Rig Count said oil rigs were up 10 to a total of 221. The rig count has been going up slightly the last few weeks adding to the speculation that US production would increase. The market was down big early this morning with RBOB and ULSD down […]

The big news from yesterday was the report that US GDP grew at its fastest pace ever in the third quarter. Third quarter gross domestic product, a measure of the total goods and services produced in the July to September time frame , expanded at a 33.1% annualized rate, according to […]

German Chancellor Angela Merkel said the country’s federal and state governments had agreed to a one-month shut down of restaurants, bars, fitness centers, concert halls, and theaters starting November 2. French President Emmanuel Macron announced a nationwide lockdown to being Friday and last one month. These actions have confirmed the […]

Yesterday the API said crude oil stocks were up 4.577 million barrels, gasoline stocks were up 2.252 million barrels and distillates had a draw of 5.333 million barrels. The DOE inventory report just released this morning had crude stocks were up 4.32 million barrels, gasoline stocks down 892,000 barrels and […]

EIA reported on 10/21/2020 that total US gasoline product supplied (implied demand) fell last week by 287,000 bpd down to a total of 8.289 million bpd for the week ending October 16th. US gasoline implied demand is down by 8.07% over the past 4-weeks versus last year and down by […]

The propane inventory report had stocks down 1.572 million barrels putting total stocks at 98.325 million barrels. Last year at this time total stocks were 95.282 million putting the market 3.043 million ahead of last year.  Midwest stocks were up 132,000 barrels putting total stocks at 25.790 million barrels and last […]