Market Commentary

President Trumps spoke to the Economic Club of New York yesterday and said that the phase 1 deal with China could happen soon and was close but gave no other specific details. He did however threaten to substantially raise US tariffs on China if a trade deal was not reached. […]

Crude oil and refined fuels product prices closed lower yesterday after being down more in early trading. Price were down on negative data from China and President Trump saying that he had not agreed to reduce tariffs as part of the phase 1 deal. Price pared their losses after Genscape, […]

Crude oil and refined product prices closed higher on Friday mainly due to a large rise in China crude oil imports, a drop in US crude oil rigs this past week, and optimism on a US and China phase 1 trade deal. US equites reached record highs on Friday also […]

Crude oil and refined fuel product prices closed higher yesterday, which was mainly driven by news that the US and China have agreed to a framework for the phase 1 trade deal. The Chinese Commerce Ministry said yesterday that China and the US have agreed to cancel some tariffs in […]

Propane inventory was up 320,000 barrels. The Midwest showed a decline of 755,000 barrels and the gulf coast had a build of 520,000 barrels. Total stocks are currently at 100.168 million barrels. Midwest total stocks are 25.790 million barrels 1.544 million barrels less than last year at this time. Gulf […]

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 […]