Market Commentary

President Donald Trump spoke with Saudi Arabia’s Crown Price Mohammed bin Salman on Monday to discuss global energy market , among other issues. The US Department of Energy reported that it has suspended a sale of up to 12 million barrels of oil from the Strategic Petroleum Reserve due to […]

Yesterday saw most all markets take massive losses and energy was no exception with crude oil down 20% the biggest one day down since 1991. This was all the reaction to the fear surrounding the coronavirus and Saudi Arabia saying they would increase production after the OPEC+ group couldn’t come […]

The price war is on and it didn’t take long for the energy markets to feel the pain. Russia’s noncooperation with OPEC has not set well with Saudi Arabia and the Kingdom went on the aggressive to gain market share and wreck the market. Saudi Arabia offered Asian and European […]

The news for today is pretty much the same two things that the market has been watching for a while now; coronavirus and OPEC+. The market is down hard again today as it seems Russia is still not on board with the OPEC cuts. This news has seen energy prices […]

OPEC looks to have agreed to cut output by an additional 1.5 million bpd for the second quarter of 2020. The meeting still has to take place and get the official announcement and Russia is still a wild card. It seems that they will go along with the plans, but […]

The inventory report from the API said that crude oil stocks were up 1.7 million barrels. The crude stocks at Cushing, Ok were down 1.4 million barrels. Gasoline stock were down 3.9 million barrels and distillates stocks were down 1.7 million barrels.  The average estimates form the Bloomberg survey are […]

OPEC  meets this week and members have begun to show up in Vienna and this event will be the news for the next couple days and headlines could help push prices. It was rumors of more cut by OPEC that have helped support the bullish buy back over the last […]

Crude oil and refined fuel product prices fell significantly on Friday near 13 month lows on increased fears that the coronavirus (COVID-19) will spill over into other countries besides China and reduce global economic growth. Coronavirus confirmed cases recently spiked in Italy, South Korea, and Iran. This caused the Dow […]

Saudi Arabia is reducing its crude supplies to China in March by at least 500,000 bpd due to slower refinery demand following the coronavirus outbreak. China normally imports 1.8 million bpd to 2 million bpd of Saudi crude. Saudi Arabia is asking for the OPEC+ group to cut an additional […]

The API inventory report showed that crude stocks were up 1.3 million barrels. This compares with the Reuters outlook for a build of 2 million and the Bloomberg estimate of a 1.815 million barrel build. Gasoline stocks on the API were up 74,000 barrels compared with Reuters calling for a […]

The market yesterday had a very strong sell off as the news of the spread of the coronavirus hit the news. The fear was back as the market worried about the spread impacting global economic growth. The DOW fell more than 1000 points in yesterday’s trading. The market is trying […]

The comments are pretty easy and straight forward this morning. Cases of coronavirus have spread, and the fears of a global pandemic are rising as new locations outside of China report cases. Of course, this news has energy markets selling off as trading opened Sunday night and are down currently […]