Market Commentary

OPEC looks to have agreed to cut output by an additional 1.5 million bpd for the second quarter of 2020. The meeting still has to take place and get the official announcement and Russia is still a wild card. It seems that they will go along with the plans, but […]

The inventory report from the API said that crude oil stocks were up 1.7 million barrels. The crude stocks at Cushing, Ok were down 1.4 million barrels. Gasoline stock were down 3.9 million barrels and distillates stocks were down 1.7 million barrels.  The average estimates form the Bloomberg survey are […]

OPEC  meets this week and members have begun to show up in Vienna and this event will be the news for the next couple days and headlines could help push prices. It was rumors of more cut by OPEC that have helped support the bullish buy back over the last […]

Crude oil and refined fuel product prices fell significantly on Friday near 13 month lows on increased fears that the coronavirus (COVID-19) will spill over into other countries besides China and reduce global economic growth. Coronavirus confirmed cases recently spiked in Italy, South Korea, and Iran. This caused the Dow […]

Saudi Arabia is reducing its crude supplies to China in March by at least 500,000 bpd due to slower refinery demand following the coronavirus outbreak. China normally imports 1.8 million bpd to 2 million bpd of Saudi crude. Saudi Arabia is asking for the OPEC+ group to cut an additional […]

The API inventory report showed that crude stocks were up 1.3 million barrels. This compares with the Reuters outlook for a build of 2 million and the Bloomberg estimate of a 1.815 million barrel build. Gasoline stocks on the API were up 74,000 barrels compared with Reuters calling for a […]

The market yesterday had a very strong sell off as the news of the spread of the coronavirus hit the news. The fear was back as the market worried about the spread impacting global economic growth. The DOW fell more than 1000 points in yesterday’s trading. The market is trying […]

The comments are pretty easy and straight forward this morning. Cases of coronavirus have spread, and the fears of a global pandemic are rising as new locations outside of China report cases. Of course, this news has energy markets selling off as trading opened Sunday night and are down currently […]

The DOE inventory report released yesterday had crude oil stocks up 420,000 barrels and the crude stocks at Cushing, Ok, the delivery point for the NYMEX futures complex, were down 133,000 barrels. Gasoline stocks were down 1.97 million barrels and distillates were down 640,000 barrels. Propane stocks were down 3.013 […]

Crude oil and refined fuels product prices closed much higher yesterday mainly driven by US sanctions imposed on a Russian oil company, more conflicts in Libya, and a lower number of confirmed coronavirus cases in China. Brent crude oil recorded the 7th straight positive day in prices. The API released […]

Good news from China on the coronavirus is helping to give energy a chance to trade higher here this morning. Good news seems to bring out buyers and bad news the sellers. China reported its fewest new infections of coronavirus since January and its fewest deaths for a week. However, […]

Energy market were closed yesterday and have opened lower to start this day. The downside in the energy market is being helped by reports that Apple said it will miss revenue guidance for the March quarter due to the coronavirus. This is just one on a growing list of companies […]