Market Commentary

The inventory report put out by the API said that crude stocks were up 4.3 million barrels and the outlook for today’s DOE inventory report is for crude to be up 1.5 million barrels. Crude oil stocks at Cushing, Ok were called up 1.3 million barrels. Gasoline stocks were reported […]

A spokesman for the US Pipeline and Hazardous Materials Safety Administration said on Monday the precise source of the leak on TC Energy’s Keystone oil pipeline has not been identified yet. There remains no estimated timeline for a restart of the 590,000 bpd crude oil pipeline which was shut down […]

The number of rigs drilling for oil fell by 5 putting the total oil crude oil rigs to 691 compared to 874 last year as reported by Baker Hughes. This is the lowest US oil rig count since 04-21-2017. The market is trading higher to start the week as there […]

In the last week I have had several questions asked about IMO 2020. This new rule which takes effect January 1, 2020 has been talked about for some time now. Despite the industry coverage of this over the last couple years many still seem unaware as the January 1, 2020 […]

The DOE inventory report released yesterday said the crude oil stocks were up 5.7 million barrels. Stocks of crude oil at Cushing, Oklahoma were up 1.57 million barrels. Refinery runs have been low as refineries are in maintenance season so that is helping crude stocks to build and if they […]

Crude oil and refined products prices closed slightly higher on Friday with WTI crude oil up 5% on the week. Helping to support prices on Friday was the large drop in US crude oil rig count, continued optimism of a US and China trade agreement, falling use crude oil and […]

Propane inventories had a second consecutive draw this week, down 500,000 barrels putting total stocks just a bit below 100 million barrels. Midwest stocks were down 377,000 barrels and the Gulf Coast stocks were down 684,000 barrels. Total Midwest stocks are at 26.789 million barrels which is 985,000 less than […]

The API reported yesterday that crude stocks were up 4.5 million barrels and the crude stocks at Cushing, Oklahoma were up 2.0 million barrels. Gasoline stocks were down 702,000 barrels and distillate stocks were down 3.5 million barrels. The average estimates for today’s DOE inventory update from the Bloomberg survey […]

President Donald Trump continued to speak optimistically about the possibility of a deal to end the US trade war with China. He told reports that the trade deal is coming along great. Last week, he stated that he hopes the first phase of the deal will be signed by the […]

Baker Hughes reported that in the US 1 crude oil rig came online putting total crude rigs at 713. This was the second consecutive week that the rig count went up, but it is also the lowest total since May of 2017 and last year at this time were 873 […]

Propane inventories were down 328,000 barrels in yesterday’s inventory update. Midwest stocks were down 309,000 barrels and Gulf Coast stocks were down 766,00 barrels. Total stocks are still at 100.445 million barrels. Midwest stocks are 773,000 barrels less than last year at this time. Gulf Coast stocks are 18.689 million […]

The API inventory report out yesterday said that crude oil stocks were up 10.5 million barrels. Gasoline stocks were down 934,000 barrels and distillate stocks were down 2.9 million barrels. Estimates for today’s DOE inventory are for crude to be up 2.495 million barrels, gasoline down 1.369 million barrels and […]