Market Commentary

The energy markets closed higher in yesterday’s trading and was mainly driven by reports that shale oil producers in Texas could take up to 2 weeks to fully restart normal output. The recovery of the estimated between 2 to 4 million bpd of lost production now appears will ramp up […]

On Friday, Texas energy firms began to prepare for oil and gas production after days of frozen shutdowns as electric power and water services slowly resumed at oilfields and refineries. It will take several days for il field crews to deice valves, restart systems, and begin oil and gas production. […]

On Friday, Texas energy firms began to prepare for oil and gas production after days of frozen shutdowns as electric power and water services slowly resumed at oilfields and refineries. It will take several days for il field crews to deice valves, restart systems, and begin oil and gas production. […]

The DOE inventory report called crude oil stock down 7.26 million barrels putting total stocks at 461.76 which is 18.874 million more barrels than last year at this time and 22.466 million more than the three-year average. Cushing crude stocks were down 3.028 million barrels putting crude stocks at Cushing, […]

I forgot about President’s Day on Monday, so API inventory data came out last night and today we get the DOE numbers. API called crude down 5.8 million with Cushing down 3 million barrels. The estimated for today’s DOE are for crude stocks to have a draw of 2.4 million. […]

Estimates for today DOE inventory report are for crude to be down 2.440 million barrels. Gasoline up 1.260 million barrels and distillates down 1.876 million barrels. OPEC sources are suggesting that supply curbs will likely ease after April given the price recovery. But Saudi Arabia’s Abdulaziz bin Salman cautioned that […]

The following is from an article by John Kemp a Reuters reporter. Hedge funds purchased more petroleum last week but buying was almost entirely concentrated in WTI crude oil, which suggest it was driven by the prospect of freezing weather temporarily hitting US oil production. Hedge funds and other money […]

The Energy Markets are closed today for the President’ Day holiday so there is no forward contracting available. Baker Hughes Rig Count was up 7 oil rigs in the report released Friday. Total rigs are now at 306 compared to last year when there were 678 oil rigs in operation. […]

The International Energy Agency said global oil supply still outstrips demand due to persistent COVID-19 lockdowns and the spread of variants, but vaccines should help demand recover and soon enable producer to produce more. It said the rebound in oil demand has been delayed by a slow rollout of coronavirus […]

Propane stocks declined 4.508 million barrels, putting total reserves at 51.545 million barrels, and last year at this time, total stocks were 71.822 million barrels, a difference of 20.277 million barrels. Midwest stocks were done 1.070 million barrels putting total Midwest stocks at 13.351 million barrels compared with last years […]

The EIA reported in its Short Term Energy Outlook that it cut its 2021 world oil demand growth forecast by 180,000 barrels per day to 5.38 million bpd. It raised its oil demand growth estimates for 2022 by 190,000 bpd to 3.5 million bpd. World oil demand in 2021 is […]

The Baker Hughes Rig Count on Friday had oil rigs up 4 to 299 rigs. Last year at this time there were 676 oil rigs a difference of 377 rigs. Oil rigs have risen by 119 rigs since August of 2020.  Crude oil and refined fuels products closed at 1 year […]