Market Commentary

The DOE inventory report released yesterday had crude oil stocks up 420,000 barrels and the crude stocks at Cushing, Ok, the delivery point for the NYMEX futures complex, were down 133,000 barrels. Gasoline stocks were down 1.97 million barrels and distillates were down 640,000 barrels. Propane stocks were down 3.013 […]

Crude oil and refined fuels product prices closed much higher yesterday mainly driven by US sanctions imposed on a Russian oil company, more conflicts in Libya, and a lower number of confirmed coronavirus cases in China. Brent crude oil recorded the 7th straight positive day in prices. The API released […]

Good news from China on the coronavirus is helping to give energy a chance to trade higher here this morning. Good news seems to bring out buyers and bad news the sellers. China reported its fewest new infections of coronavirus since January and its fewest deaths for a week. However, […]

Energy market were closed yesterday and have opened lower to start this day. The downside in the energy market is being helped by reports that Apple said it will miss revenue guidance for the March quarter due to the coronavirus. This is just one on a growing list of companies […]

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 […]