Market Commentary

This morning the energy markets are higher with two large storms approaching the US Gulf Coast being the news driving price higher. This will be the biggest market news over the next few days. Hurricane Marco is expected to make landfall this evening in Louisiana and tropical storm Laura could […]

Some members of OPEC have been asked to increase production cuts in August and September to make up for past over production. Reuters reports that the OPEC+ document says that some members would need to cut an extra 2.31 million barrels per day for a month to make up for […]

The US Energy Information Administration said US crude oil stockpiles fell last week even as net imports increased sharply, while fuel demand fell as well. Crude inventories fell by 1.6 million barrels in the week to August 14th to 512.5 million barrels. Net US crude imports increased by 1.1 million bpd […]

The inventory report from the API had crude oil stocks down 4.3 million barrels. The Reuters estimate for today’s EIA number is that stocks will be down 2.7 million barrels. Crude stocks at Cushing, Ok were down 599,000 barrels. API called gasoline stocks up 5  million barrels compared with today’s […]

The market has been pretty uneventful and stuck in a tight range with high intraday volatility. RBOB futures appear that they still might have one more pop higher left before expiration at the end of this month. ULSD and WTI crude oil seems really stuck in their ranges and any […]

The United States and China postponed talks there were to review the progress made after six-months of the phase-one trade deal. This is not a positive for US and China relations. Despite these concerns Reuters reports that China’s state-owned oil companies have tentatively booked tankers to transport at least 20 […]

Crude oil stocks in the EIA inventory report were down 4.51 million barrels putting total stocks at 514.038 million barrels and last year at this time there were 440.510 million barrels 73.574 more barrels than last year. Cushing, Oklahoma, the delivery point for the NYMEX WTI crude oil futures contract, […]

The API inventory report was bullish with draw across the board and in most cases bigger than expectations. Crude was down 4.4 million barrels and the crude stocks at Cushing, Ok were up 1.1 million barrels. Gasoline stocks were down 1.3 million barrels and distillates were down 2.9 million barrels. […]

The current virus stimulus package being debated in congress has made little progress. This is the next thing that will provide some more momentum to energy prices if it can get passed. The energy markets continue to trade in a very tight range with very high intraday volatility, as the […]

The DOE inventory report called crude oil stocks down a big 7.37 million barrels putting total stocks at 518.596 million barrels compared with 438.930 million last year a difference of 79.666 million barrels. There have been many reports about the big draws to crude stocks the last few weeks offering […]

The API inventory report called crude oil stocks down 8.6 million barrels and the estimates for today’s DOE report from the Reuter’s survey is looking for a decline of 3 million barrels.  Crude stocks at Cushing, Ok were up 1.6 million barrels on the API report. Gasoline stocks were down […]

The energy markets closed higher yesterday on good manufacturing data from the US, Europe, and Asia. It also was supported by the falling dollar which is near a two year low. Keeping a lid on prices is the increased production from OPEC+ and the rising cases of COVID-19.  US manufacturing […]