Market Commentary

The Baker Hughes Rig Count report from Friday said that oil rigs were down 1 to a total of 180 oil rigs. Total US all rigs types there are 251 rigs and last year at this time there were 942 total rigs. The market is trading slightly higher this morning currently […]

Crude oil prices were higher yesterday as the biggest weekly decline in stocks this year was reported by the DOE. Crude stock were down 10.61 million barrels putting total stocks at 525.97 million barrels. Cushing stocks were up 1.309 million barrels and as stocks here have increase in the last […]

The inventory report from the API said that crude oil stocks were down 6.8 million barrels and the stocks at Cushing, Ok were up 1.1 million barrels. Gasoline stocks were up 1.1 million barrels and distillates were up 187,000 barrels.  The average estimates from the Bloomberg survey are calling for […]

The market continues to trade in a range as it moves on the COVID-19 news, the next round of stimulus measures and China and US tensions. Again, there is no clear direction and a ton of uncertainty and at this point a congested sideways trading market it what we get.  […]

The virus continues to top the news and the threat of lockdowns and the economic implications doesn’t seem to be damping the equities markets efforts to trade higher. Bloomberg reports that cases are rising in China and Spain again showing the difficulty to stamp it out. In India the epidemic […]

Crude stock were up 4.89 million barrels in the DOE inventory report issued yesterday. Cushing, Ok crude stocks were also up 1.38 million barrels. Gasoline stocks were down 1.80 million barrels and distillate stocks were down 1.07 million barrels.   Total crude stocks are  now at 536.580 million barrels and last […]

The inventory report put out by the API called crude oil stocks up 7.5 million barrels and the stock at Cushing, Ok were up 716,000 barrels. Gasoline stock were down 2.0 million barrels and distillate were down 1.4 million barrels .  WTI crude oil finally broke out of its sideways […]

As we start a new week the news is the same as the concerns about the increasing cases of the virus continue to keep energy price stuck in a trading range. The current sentiment seems to be negative as the COVID-19 news is front and center. The US and European […]

Crude prices closed lower in yesterday’s trading and was driven lower by a decline in equities, poor retail sales from China and the rising cases of COVID-19 and the OPEC+ plan to ease back production cuts.   The rising cases of the coronavirus continue to raise concerns among traders that another […]

The DOE inventory report called crude oil down a big 7.49 million barrels and the stocks at Cushing, Ok were up 949,000 barrels. Gasoline supplies were down big also at 3.147 million barrels  and distillates were down 453,000 barrels. Oil prices rallied on the bullish inventory report but were capped […]

The API inventory report called crude oil stocks down a surprising 8.3 million barrels compared to the average estimate for today’s DOE report for stocks to be down 2.1 million barrels. The crude oil stocks at Cushing, Ok were up 548,000 barrels. Gasoline stocks were down 3.6 million barrels and […]

The news started out yesterday about the potential for a vaccine for the virus and this had equities higher and energy along with it. Any news about a vaccine is seen as a positive but I think the hard reality is that in a best case scenario it is likely […]