Market Commentary

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 […]

The market is trading lower after President Trump said there may be delays in the trade deal with China. President Trump said the legislation supporting protesters in Hong Kong did not make trade negotiations with China easier but added that he believes China still wants a deal with the US. […]

On a short trading day with limited traders on the job Friday the market sold off hard. Crude was down $2.99 per barrel, RBOB futures down $0.0855 and ULSD was down $0.0668 on the day. The market has opened higher overnight and in early trading this morning has taken back […]

Propane inventories had a big draw of 3.433 million barrels putting total stocks at 94.210 million barrels. Last year at this time total stocks were at 81.776 million barrels putting us 12.434 million barrels ahead of last year at this time. The propane stocks in the Midwest drew by 1.455 […]

Crude oil and refined product prices closed lower yesterday mainly due to continued uncertainty over the US and China trade deal and concerns of excess world crude oil supplies. News that Russia is unlikely to agree to deepen crude oil output cuts at the next OPEC+ meeting in Vienna on […]

The Baker Hughes Rig Count said that 10 crude oil rigs came offline last week. The total number of rigs looking for oil is down to 674 rigs compared with 888 rigs last year at this time. Despite the record US crude oil production last week in the DOE report, […]

Propane inventories drew by 2.515 million barrels putting total stocks at 97.653 million barrels. The Midwest had stocks down 949,000 barrels and the Gulf had stocks down 873,000 barrels. Total stocks in the Midwest are now at 24.841 million barrels 1.980 million barrels less than last year. Gulf Coast stocks […]

The API inventory report said that crude oil stocks were down 541,000 barrels and the stocks of crude oil at Cushing, Ok were down 1.2 million barrels. The outlook for crude stocks in today’s DOE report from the Reuters survey is for stocks to be up 1.6 million barrels. Gasoline […]