Market Commentary

The Baker Hughes rig count was down one oil rig on Friday. The total number of rigs looking for crude oil now stands at 188, down from 793 at this time last year. Bearish Signals The Labor Department reported last Thursday that 1.5 million Americans filed jobless claims. This brings […]

Occidental Petroleum is preparing to write down up to $9 billion of its oil and gas properties this quarter. The move will allow Occidental Petroleum to restructure its debt and avoid default. The purchase of Anadarko Petroleum required Occidental Petroleum to take on additional debt. Sable Petroleum Resources has filed […]

The energy market is juggling information about declining supplies and rising COVID-19 cases. Traders are trying to decipher how do these issues will play out and the outlook for energy supply and demand. Mercuria’s Chief Executive, Marco Dunand, sees the oil market in deficit by July with stock draws reaching […]

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, […]