Market Commentary

The weekly jobless numbers will come out this morning and this has become a very watch indicator in  the last few weeks and the number of people filing for unemployment has skyrocketed. The estimates for today’s claims number is again in the multi millions and will give an indication how […]

The API inventory report had some big numbers as crude appears to finally be getting stored at a fast pace. Crude stocks as reported by the API were up 11.9 million barrels and the crude oil stocks at Cushing, Ok were up 6.8 million barrels. Gasoline stocks were up 9.4 […]

There are a lot of headline and reports about OPEC members and other talking a good story about working together to stabilize prices. Saudi Arabia and Russia are both saying they will not participate unless the US does as well. The US’s part in this is tricky and it will […]

The OPEC + meeting that was supposed to take place today has been pushed back and expected to take place on Thursday. There are many headlines and comments about who is to blame and why, which just tells us all of the complexity of this situation. The pressure surrounding  all […]

The energy markets have been extremely volatile over the last couple days. Yesterday when the tweet from President Trump went out that Saudi Arabia and Russia were going to work to limit production by  10 million barrels or more crude oil rallied over 40% in just a few minutes. The […]

The inventory report put out by the private firm API yesterday late afternoon called crude oil stocks up 10.5 million barrels as refineries cut run rates as demand has plummeted. Gasoline stock  were up 6.1 million barrels and distillate stocks were down 4.5 million barrels. Average estimated for today’s DOE […]

Genscape reported that US crude oil stocks held in Cushing, Oklahoma in the week ending Friday March 27th, increased by 4,040,949 million barrels on the week. Goldman Sachs said demand this week is down an estimated 26 million bpd. It said it is impossible to shut down that much demand […]

With the unprecedented fall in demand due to the virus and over 3 billion people on lock down Saudi Arabia is finding it hard to find buyers to sell their extra crude oil into the market. Freight rates for tankers have increase in recent weeks due to many companies looking […]

The weekly initial jobless claims number came out this morning and claims were substantially higher than expectations. Estimate were for 1.5 million new claims, but the number came in at 3.28 million which is a new record. With all the people that have been displaced by the virus that has […]

Many traders and analysts, as well as, others are talking a lot about the bottom in the stock market as well as many other markets. Yes, everyone wants to buy a low which will all know is very hard to do. I think that these markets will continue with high […]

The news about the possible coronavirus stimulus bill and the Saudi Arabia and US oil alliance has the stock futures trading limit up and energy market trading higher this morning as traders are trying to get in front of the above mentioned stimulus package that we keep getting told is […]

Bloomberg reports the Trump administration is planning to send a special energy envoy to Saudi Arabi later this week to work with the kingdom to stabilize the global oil market. This will be a challenge as prices have fallen so far that regulators in Texas are considering cutting production there […]