Market Commentary

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 […]

These are very interesting times as Wednesday some energy market put in 18 year lows and crude oil has been down over 50% this month and then Thursday a huge rally back to the upside to establish the best day every for energy. In two days, that show the extremes […]

The DOE inventory report called crude oil stocks up 1.954 million barrels and the crude stocks at Cushing, Ok were up 563,000 barrels. Gasoline stocks are down 6.18 million barrels and distillates were down 2.94 million barrels. Refinery runs were unchanged at 86.4% and this number will go down in […]

Crude  oil prices fell to new 4 year lows in yesterday’s trading but RBOB gasoline futures price rose by 3.1 % mainly due to the massive drop the prior day of 23%. RBOB price has been substantially sold off as last week price fell by 35%. The main driver pushing […]

The impact of the current situation has finally shown up in the Baker Hughes Rig Count as Friday’s report showed 40 wells were taken offline – dropping the total to 642 – the fastest weekly decline since April of 2015. Market watchers say that the drop two weeks ago of […]

The OPEC and non-OPEC technical meeting planned for today in Vienna has been called off. The IEA and OPEC said in a rare joint statement that developing nations’ oil and gas income will fall by 50% to 85% this year to a more than two-decade low if current market conditions […]

Things in this world are continuing to get very interesting and all of us are dealing with some unprecedented time in my opinion. The Federal Reserve in a very surprising announcement on a Sunday took emergency action and cut the benchmark interest rate another 100 basis points to bring it […]

Yesterday was a very big down day in the energy markets as the spread of the coronavirus caused many closures that are unprecedented. Every major sporting event or league in the world either canceled or suspended all activities for the rest of the season or until further notice. The big […]