Market Commentary

The OPEC+ Joint Technical Committee extended their meeting another day. It appears that this group will make a recommendation to cut an additional 600,000 bpd. It appeared that many were on board for additional cuts, but Russia offered some push back. But they came to the recommendation mentioned above and […]

The energy markets are up this morning with a pretty strong bounce. The indications are that markets are reacting to news that advances being made about a vaccine being produced. Now reports have come out and said this is a bit overdone, but I guess it just goes to show […]

The news for the energy market is still all about coronavirus. BP’s Chief Financial Officer, Brian Gilvary said that the global economic slowdown in the wake of China’s coronavirus outbreak is set to reduce global oil demand in 2020 by up to 0.5%. It was suggested yesterday that I go […]

The Baker Hughes Rig Count showed US crude oil rigs down to a total of 675 rigs. Last year at this time there were 847 rigs, so rigs are 172 lower. In Canada rigs were up 3 putting total rigs at 157 , two less than last year.  The coronavirus […]

The World Health Organization(WHO) declared yesterday that the coronavirus is public health emergency of international concern, which added to the selling and risk off for the markets. Flight cancellations have reached about 30% in some parts of China, according to experts at S&P Global Platts. The cancellations can result in […]

Coronavirus is still the big news for the energy markets I hate to say. More people in China infected, and the spread continues which drivers the concern for economic impact and energy demand destruction. With these growing fears it puts selling pressure on energy prices. Market participants are also moving […]

The API put out their weekly inventory update and it showed that crude oil stocks were down 4.3 million barrels and the crude stocks at Cushing, Ok were up 1.0 million barrels. Gasoline stocks were up 3.3 million barrels and distillates were down 141,000 barrels. The estimates from the Reuters […]

The energy market moved lower for the 5th straight day to a 3-month low as the death toll grows and the spread of the China’s deadly coronavirus increased over the weekend. This situation is increasing the fears of much lower fuel demand due to less travel and possibly more quarantines. […]

The spread and fear of the coronavirus has gotten to the point where it has put a panic in the markets. Traders are worried that the spread of the virus and more than 50 million people now essential under quarantine traders worry the demand for crude oil and base metals […]

The news for the coronavirus continues to move in a bad direction. China restricted more travel from more cities and has cancelled some public events in the hope of stopping the spread of the virus. Currently 40 million people are in the ban so the impact to energy demand will […]

The energy market continues to feel selling pressure and the news of China banning travel from the City where the coronavirus started has added to the concerns and fears. The thought is the demand will be impacted negatively and allow supplies to grow more from their current levels. This will […]

Crude oil and refined product prices fell slightly yesterday despite a major crude oil supply disruption in Libya over the weekend. The market continues to be pressured by downgrades to world economic growth, good inventory levels in spots around the world, high spare capacity for OPEC, and record high US […]