Market Commentary

The inventory report put out by the private firm API said that crude oil stocks were up 584,000 barrels and the stocks at Cushing, Oklahoma were up 1.2 million barrels. Gasoline stocks were down 1.6 million barrels and distillates had a big 6 million barrels decline.  The estimates for today’s […]

The market was off most of the trading day yesterday as it appears the fear of more COVID cases and demand destruction put pressure on the markets. OPEC seems keenly aware of the market’s  concerns as they were talking about not adding additional barrels to the market starting in January […]

The market was off most of the trading day yesterday as it appears the fear of more COVID cases and demand destruction put pressure on the markets. OPEC seems keenly aware of the market’s  concerns as they were talking about not adding additional barrels to the market starting in January […]

Crude oil and refined fuel products prices fell slightly on Friday, which was mainly driven by rising Libya oil output, US crude oil rigs coming back online, and news of spikes in COVID-19 cases in Europe and the US that could limit or reduce oil demand in the future. However, […]

OPEC sources stated that OPEC+ made little progress in September in compensating for overproduction in previous months. The volume of compensatory cuts stood at 2.33 million bpd in September, down from 2.38 million bpd in August. The EIA this week estimated US shale production should drop by 121,000 bpd to […]

Monday of this week was Columbus Day, so the inventory reports are pushed back one day. The API came out last night and it said crude oil stocks were down 5.4 million barrels. Gasoline stocks were down 1.5 million and distillates were down 3.9 million barrels.  Bloomberg estimates for today’s […]

The energy markets continue to tread water as they try to figure out if they should respond to global inventories that are declining and move higher or trade lower as the cases of COVID-19 increase and demand is going down. These and other issues continue to puzzle the market and […]

“Renewed post hurricane production in the Gulf of Mexico, an apparent restart over the weekend of Libya’s largest oil field and today’s strength in the US dollar increase the possibility of a WTI downswing back to early October lows,” said Jim Ritterbusch, of Ritterbusch and Associates. The thought that the […]

The market continues with a lot of questions and uncertainty as it marks time and trades in a range. Prices are down this morning as the oil workers’ strike in Norway has been resolved and production fears ease. Also, Libya continues to increase their production which is being estimated at […]

Crude oil is set for its biggest weekly gain since June being helped by approaching Hurricane Delta which has shut in roughly 90% of crude production in the Gulf of Mexico and 61% of natural gas output. Hurricane Delta is expected to make land fall in Louisiana later today currently […]

The energy markets are higher this morning as concerns about Hurricane Delta shutting production down, and the Norwegian oil workers’ strike impacting production are the currently the concerns. Hurricane Delta has now shutdown roughly 1.5 million bpd of daily output. The largest oilfield in the North Sea, Johan Sverdrup will […]

The API released their inventory update yesterday afternoon and it said that crude oil stocks were up 951,000 barrels and the average estimates for today’s DOE number is a build of 294,000 barrels.  Cushing, Ok crude stocks were up 749,000 barrels. API gasoline stocks were called down 867,000 barrels and […]