Market Commentary

The DOE inventory report called crude stocks up 450,000 barrels and the stocks at Cushing, Ok were up 910,000  barrels. Gasoline stocks  were down 2.69 million barrels and distillates were down 2.12 million barrels. US production stayed strong at 13 million bpd. The news of the coronavirus spreading continues and […]

Crude oil closed higher on Friday, which was mainly driven by news that Chinese refineries went on a buying spree which alleviated some concerns that the coronavirus now called COVID-19 would dampen world oil consumption dramatically. Baker Hughes reported that US Energy firms added 2 oil rigs in this reporting […]

Crude oil prices closed higher today , which was mainly driven by less fear of world demand destruction by the coronavirus (COVID-19). Confirmed cases of the coronavirus (COVID-19) spiked in China’s Hubei province due to a change in the methodology for diagnosing rather than in increase in transmission. There have […]

Propane stocks declined by 6.172 million barrels and this was a shock for the market. The report was a bit of a head scratcher any many market watchers are looking for something to be changed net wee or at the end of the month on the adjustment. Midwest stocks were […]

The inventory report put out by the API was released yesterday late afternoon and it called crude oil stocks up a huge 6.0 million barrels compared to the estimates for today’s DOE number of up 3 million. Stocks of crude oil at Cushing, Ok were also up big at 1.3 […]

People in China started returning to work yesterday after an extended Lunar New Year holiday as the government eased restrictions imposed to counter the coronavirus. China’s President Xi Jinping warned top official that the efforts to contain the new virus had gone too far, threatening the county’s economy, according to […]

Baker Hughes reported the US energy firms increased the number of oil rigs for the third time in four weeks. The US oil drillers added 1 oilrigs , bringing the total number of rigs to 676. The OPEC+ meeting that was supposed to be moved up is now in question. […]

Energy prices were up in early trading yesterday but eased off those highs after the news hit of mixed signals from OPEC and Russia about whether or not the OPEC+ group would be cutting production. The Joint technical Committee made the recommendation for an immediate 600,000 bpd cut that last […]

The OPEC+ Joint Technical Committee extended their meeting another day. It appears that this group will make a recommendation to cut an additional 600,000 bpd. It appeared that many were on board for additional cuts, but Russia offered some push back. But they came to the recommendation mentioned above and […]

The energy markets are up this morning with a pretty strong bounce. The indications are that markets are reacting to news that advances being made about a vaccine being produced. Now reports have come out and said this is a bit overdone, but I guess it just goes to show […]

The news for the energy market is still all about coronavirus. BP’s Chief Financial Officer, Brian Gilvary said that the global economic slowdown in the wake of China’s coronavirus outbreak is set to reduce global oil demand in 2020 by up to 0.5%. It was suggested yesterday that I go […]

The Baker Hughes Rig Count showed US crude oil rigs down to a total of 675 rigs. Last year at this time there were 847 rigs, so rigs are 172 lower. In Canada rigs were up 3 putting total rigs at 157 , two less than last year.  The coronavirus […]