Market Commentary

Crude oil and refined fuel product prices closed lower yesterday after hitting the highest point since March 6.  Prices are under pressure this morning as trade tension put some uncertainty into the recovery of the global economy. Trade issues could derail the improvement of the U.S. and Chinese economies, which […]

The outlook remains positive and there’s data that continues to keep energy prices on track to move higher. The reports I’m seeing show supplies are tightening, but I still struggle with the numbers that show a glut of stocks in the United States. Price were higher yesterday as global oil […]

Baker Hughes reports oil rig counts are down 10, putting total oil rigs at 189. That’s 600 fewer than last year for this reporting week. The news on the energy front was quiet over the weekend and remains so as we start the new week. One of the themes I’m […]

Reports of COVID-19 rebounding in some states and countries hasn’t been enough to derail a bounce back in fuel demand. As countries and states emerge from lockdowns, demand is good and optimism abounds. Equities continue to trade higher and the energy market follows right along. Bullish Signals Bloomberg News reports […]

The propane inventory report showed that total stocks of propane were up 2.685 million barrels. The Midwest stocks were up 408,000 barrels with total Midwest stocks at 16.356 million barrels and last year at this time there were 19.113 million gallons. The Gulf Coast stocks were up 664,000 barrels putting […]

The API inventory report yesterday afternoon called crude up 3.9 million barrels with Cushing down 3.3 million barrels. Gasoline stock were up 4.3 million barrels and distillates were up 919,000. The market should trade on the DOE inventory report today. The products seem to be the focus as crude has […]

Genscape reported that crude oil stocks held in Cushing, Ok in the week ending Friday, June 5th fell by 1,016,752 barrels. Dallas Federal Reserve President, Robert Kaplan, said the US economy will experience a “significant, historic” contraction in the second quarter before it starts to increase, and unemployment will remain elevated […]

The Baker Hughes Rig Count for oil rigs was down 7 on Friday putting total rigs at 199. Last year at this time there were 788 oil rigs in operation and the five year average is 672 and the five year high is 863. Rigs have fallen substantially, and production has […]

Crude oil and refined fuel prices fell sharply yesterday by more than 7% along with the US stock market falling by 4% to 5% depending on the index. Prices were under selling pressure as new concerns of an uptick in coronavirus cases in some foreign countries along with Texas, California, […]

The DOE reports crude stocks are up 5.72 million barrels to a total of 538.065 million barrels. Last year for this week stocks were at 485.470 million barrels a difference of 52.595 million barrels. This is a record level for crude oil stocks. Gasoline stocks are up 866,000 barrels for […]

The API said the crude oil stocks were up 8.4 million barrels and the estimates for today’s DOE report are for crude to be down 1.7 million barrels. Stocks at Cushing, Ok were down 2.3 million barrels. Gasoline stocks were down 2.9 million barrels and the estimate for today is […]

It appears that the OPEC+ news of extending production cuts was a buy the rumor sell the news event. An extension to production cuts is bullish news but I think the market was disappointed it was only one month and the fact that those making additional voluntary cuts (Saudi Arabia, […]