Market Commentary

The inventory report put out by the private firm API was released yesterday afternoon and it called crude oil stocks up 13.1 million barrels. This compares with the estimates for today DOE report to showed crude stocks up 11.7 million barrels. The API called gasoline stocks up 2.2 million barrels […]

Despite the news of a historic OPEC+ production cut that with the help of other G20 nations is being promoted to have a production impact of near 20 million bpd the energy market had a pretty uneventful day as the headlines about COVID-19 still leave many unanswered questions and the […]

Over the weekend OPEC+ did get to a historic 9.7 million bpd production cut. The length of the agreement is longer than originally expected according to Nigeria. 9.7 million bpd from May 2020 through June 2020. 8 million bpd July 2020 through December 2020. 6 million bpd January 2021 thru […]

Just a reminder that the energy markets are CLOSED today for Good Friday and there are no forward contracts available. Well all day yesterday everyone heard about the OPEC+ cut. 10 million, 15 million maybe even 20 million all the headlines read. At the very last minute late in the […]

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 […]