Market Commentary

The energy market has been supported by the US and China phase one trade deal  and the larger production cuts by OPEC. Also, yesterday’s draw on crude stocks was another point of support for energy prices. These factors continue to support and push prices higher. Today is likely to see […]

New reports that just came out about 7:30 am this morning are saying the US and China are planning for a delay to tariffs that start December 15th.  Stock futures turned positive after the news and energy price rallied into positive territory after the news hit the wires as well. […]

The DOE inventory report showed that crude oil stocks were down 1.09 million barrels putting total stocks at 446.833 million barrels. Last year at this time total stocks were 441.457 so we are 5.376 million barrels ahead of last year. Cushing, the NYMEX WTI Crude Oil Futures contract delivery point, stocks […]

The inventory reports out last night from the API called crude oil stock were up 4.7 million barrels. This compares with the outlook for today’s DOE report to call crude stocks down 1.3 million barrels. Cushing crude stocks were down 357,000 barrels. Gasoline stock were up 5.6 million barrels, and […]

JP Morgan revised their 2020 price forecast up on the new OPEC + production cuts. In an update JP Morgan said that lower supplies along with stronger revised economic growth in emerging markets have prompted them to tighten their forecast of 2020 oil balances by 200,00 bpd compared to a […]

Baker Hughes reported that the number of rigs looking for oil increased for the first time in eight weeks  as producers added 4 oil rigs bringing the total oil rigs to 667. Last year at this time the number of rigs was 873. Canadian producers added 9 rigs drilling for […]

The China and US trade deal has been a very volatile situation over the last couple months with a lot of comments that progress is being made, a deal is close etc. Here we are again as it is being reported that a phase one deal is again done, and […]

The DOE report said that crude oil stocks we  up 820,000 barrels. This was a big surprise as the market was looking for a draw of over 2 million barrels. Crude stocks as Cushing, Ok were down a big 3.39 million barrels. Crude sold off after the release of the […]

The inventory report from the API called crude stocks up 1.4 million barrels, this was a bit of a surprise as the outlook for today’s DOE is that crude stock will decline 2.8 million barrels. The crude stocks at Cushing, Ok were down 3.5 million barrels, which was a big […]

The energy market did close higher yesterday. Crude was up on the day but off its early highs and RBOB and ULSD but put in solid up days. Most of the upside today was due to the news that OPEC+ is going to cut an additional 500,000 bpd to the […]

The energy market closed up strong yesterday  as the inventory update reported the first major drop in US crude oil stocks in the past 6 weeks and growing anticipation that OPEC+ will agree to make more crude oil production cuts and extend the time frame of the agreement. OPEC is […]

The API inventory update from yesterday called crude oil stocks down 3.7 million barrels. The crude stocks at Cushing, Ok the NYMEX WTI crude oil contract delivery point were down 251,000 barrels. Gasoline stocks were up 2.9 million barrels and distillate stocks were up 794,000 barrels. The average estimates for […]